Determining House Prices in Data-Poor Countries: Evidence from Ghana
Author
Start Page / End Page
Volume
Issue Number
Year
Publication
Kingsley Tetteh Baako
571 / 595
22
4
2019
International Real Estate Review
Abstract
In many developing countries, house price index construction is sparse, leaving decisions which hinge on housing performance data with little corroboratory evidence. Thus, the purpose of this research is to ascertain the micro-level determinants of house prices in Ghana. Using a qualitative approach, data are collected through semi-structured interviews with twenty expert property practitioners including valuers, academics, property developers, mortgage providers and housing agents.
This research uncovers interesting findings including the relevance of unexpired lease terms, and the impacts of market dynamics such as the physical heterogeneity of properties and hearsay. The study also reveals that an index needs to be created and managed through a collaborative effort between the government and industry to ensure wide acceptability. This study lends guidance to housing policy decisions at the local and national levels, and provides a much-needed source of data for further academic inquiry into the housing dynamics in Ghana.
Keywords
House Price Determinants, Ghana, Residential Valuation, Automated Valuation, House Price Modelling