FIG Peer Review Journal


The Nascent Real Estate Investment Market in Ghana (3830)

Wilfred Anim-Odame (Ghana), Tony Key and Simon Stevenson (United Kingdom)
Dr. Wilfred Kwabena Anim-Odame
Deputy Chief Valuer
Land Valuation Division, Lands Commission
Accra, Ghana
P. O. Box CT 1290
Corresponding author Dr. Wilfred Kwabena Anim-Odame (email: animodame[at], tel.: + 233 20 8121 770)

[ abstract ] [ paper ] [ handouts ]

Published on the web 2010-01-14
Received 2009-11-19 / Accepted 2010-01-14
This paper is one of selection of papers published for the FIG Congress 2010 in Sydney, Australia and has undergone the FIG Peer Review Process.

FIG Congress 2010
ISBN 978-87-90907-87-7 ISSN 2308-3441


For the first time, residential price and rent series are developed from hedonic models. These are, in turn, used to generate other performance indicators – measures of yields and total returns – in a well-established residential real estate market in Ghana, using transaction-based data from Accra and Tema. Having established overall performance for the aggregate market, this paper also conducts further analysis of tests for robustness. These take the form of estimating results for different sub-samples representing the various residential submarkets in the country. Overall, residential total returns have run at annualised rate made up of a relatively stable income return and highly volatile capital growth between 1992 and 2007. Across submarkets, the differences in long-run returns have been in large part driven by variation in rates of rental value growth.
Keywords: Real estate development; residential real estate investment; emerging real estate markets