The real estate investment in Cameroon has been invaded by quacks in all the regions of the country and particularly in the economic and political capitals. Thus, its growth and expansion is yet to impact Cameroonians as charlatanists overrun almost all the sectors to the detriment of those looking for rental structure. Many continue to fall prey to fake promoters whose interest is more on commissions rather than offer real rentals to proposed homes. Their sites, or announcements posted at several spots in town, automatically translate features of every property into multiple languages, ensuring widest market, aided by the quick currency calculator. Properties like houses, units, flats, apartments, rural properties, land, commercial properties and relocatable homes are their primary concerns. The aim, they say, is to give property the widest possible exposure, in an effective and professional format for extremely competitive fee. But how efficient are their services when commissions, given by would be tenants, most of the times do not yield fruits?
It is against this backdrop that the Minister of Urban Development and Housing, Clobert Tchatat on February 10, 2011, instructed all Real Estate Promoters in Cameroon to come under one umbrella and save Cameroonians from extortions. On April 23 in Douala, the economic capital same year, the Cameroon Association of Authorised Real Estate Promoters was borne. On June 13, the Minister, signed a press release, inscribing 10 companies in the Centre, 11 in the Littoral, one in the North West and one in the South West Regions as authorised structures to operate in the country.
Cleansing this sector and rendering it glorious was therefore the raison d’être of a meeting between Clobert Tchatat and members of the new born association, headed by its president, Félix Désiré Mboum on November 29. Besides presenting the association to Clobert Tchatat, the over 10 promoters representing the national association, also discussed ways of implementing their road map which entails sensitising all stakeholders by January 2012 on the need to work in unison.
For over 30 minutes, both parties brainstormed on ways of uniting real estate promoters in the country while ensuring team spirit as means of improving the sector. For those who excel without authorisation, Félix Désiré Mboum said they will be cajoled to the association as they strive to get their companies legalised. “The real estate of today is no longer that of yesterday,” he said. To bring back the old glories, Félix Désiré Mboum explained that there was need to work in synergy though financial hurdles has have become the major setback to operators wishing to have authorisation.
