Measures of real estate values from land reigstration and valuation systems in emerging economies : the case of Ghana
Anim-Odame, Wilfred K., Tony Key and Simon Stevenson
Real estate markets in emerging economies have been studied primarily from the perspectives of land rights, and the linkages between real estate cycles and financial crises in Asia. The evolution of real estate rental markets and investment markets in emerging economies (beyond the foundations of legal title and land resistration), the role they play in the process of broader economic development and their linkages to the financial system outside of crisis periods, are issues which have received surprisingly little attention. That lack of research is in part due to the absence of reliable indicators of trends in rental values, capital values and yields. This paper, which forms part of a wider investigation of Ghanaian real estate markets, being undertaken as a doctoral thesis at Cass Business School, investigates methods to create such measures from the state land registration and valuation systems. Hedonic model techniques have been applied using transaction-based data from 1998 to 2005 from the Ghana Land Valuation Board to empirically decompose actual sale (transaction) price; and also to contruct investment real estate index on a pilot basis for Ghana.
Event: XXIII International FIG Congress : Shaping the change
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