Housing: Government plans to cap amounts paid for security and damage deposits

Economic governance
Friday, 30 April 2021 16:28
Housing: Government plans to cap amounts paid for security and damage deposits

(Togo First) - To end speculation in the real estate sector, the Togolese government plans to regulate residential leases. In this framework, a draft decree was examined last Thursday at the Council of Ministers. 

Lomé in effect wants to set procedures relating to rental agreements, setting a price ceiling on both the security and damage deposits tenants must pay. According to the government, this measure is very necessary due to difficulties in getting housing as a result of low supply and abuses by owners and real estate agents. 

Moreover, multiple major real estate medium and high-standing projects have been developed in Togo in recent years - such as the Well City, Renaissance, Eldorado (on the outskirts of Lomé) - which target the middle class; Projects that were promoted by the National Social Security Fund and other private actors.

Regarding social and low-cost housing, the country plans to build 20,000 units by 2022. In line with this objective, a private-public partnership was signed in early March between the government and Shelter-Afrique, for the construction of 3,000 low-cost housing units in the capital, Lomé.

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