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An evaluation of property valuation practice in Sub-Saharan Africa

Awuah, Kwasi Gyau Baffour; Proverbs, David; Lamond, Jessica; Gyamfi-Yeboah, Frank

Authors

Kwasi Gyau Baffour Awuah

David Proverbs

Jessica Lamond Jessica.Lamond@uwe.ac.uk
College Dean for Research & Enterprise

Frank Gyamfi-Yeboah



Abstract

Real estate markets in Sub-Saharan Africa (SSA) are beginning to mature partly due to increased business and investment activities in the last decade and partly due to initiatives to improve transparency in market operations. Professional and ethical property valuation services are vital to the sustenance of the current real estate business and investment activities in the region as they promote transparency and support efficient operation of property markets.

Serious concerns

However, there are serious concerns over the standard of property valuations produced in the region. These concerns relate to valuation errors, in particular, wide variation in valuations.

Ghana is one country in the region where real estate business and investment activities continue to increase, and there are growing concerns over high variation in valuations expressed both among real estate valuers/valuation surveyors and within the wider real estate sector. Like the rest of the Sub-Saharan Africa (SSA) region, these concerns are largely based on anecdotal evidence, and speculation that paucity of property market data is one of the main causes.

Using empirical evidence from Accra, Ghana, as a case study, the aim of the research was to evaluate property valuation practice in SSA. It sought specifically to:
◾estimate the extent of variations in valuations undertaken by Ghanaian valuers/valuation surveyors
◾identify appropriate property market data sources in Ghana
◾develop a property data collection template to support property market data collection for valuations
◾outline guidelines for effective property market data collection to improve valuation practice

Report Type Project Report
Publication Date Feb 1, 2016
Deposit Date Mar 8, 2017
Peer Reviewed Peer Reviewed
Keywords evaluation, property, valuation, practice, Sub-Saharan Africa
Public URL https://uwe-repository.worktribe.com/output/914575
Publisher URL https://www.rics.org/globalassets/rics-website/media/knowledge/research/research-reports/an-evaluation-of-property-valuation-practice-in-sub-saharan-africa-a-case-study-of-ghana-rics.pdf
Contract Date Apr 17, 2019