EMPIRICAL CONCEPTUALISATION OF RESIDENTIAL RENTAL VALUES IN GHANA – UNDERSTANDING LOCATION AND NEIGHBOURHOOD EFFECTS

Emmanuel K. Gavu

AfRES from African Real Estate Society (AfRES)

Abstract: Purpose – Based on empirical data, the purpose of this paper is to model the residential rental market in Ghana in order to examine the effects of location and neighbourhood attributes on rental values. Design/ Methodology/ Approach – To situate the research in its proper context, an overview of the residential rental market dynamics are provided. Empirical testing of submarkets are performed based on prior delineations. Based on hedonic modelling results, the effects of location and neighbourhood attributes on rental values are analysed. Findings – The data gives credence tot the fact that in Ghana’s residential rental housing market, structural attributes of properties have the greatest effect on rental value, than location and neighbourhood attributes. Research limitations/ implications – Provides a macro overview into the determinants of rental value based on empirical data and offers property investors a better understanding of the rental housing to ensure profit maximisation. Practical implications – The research provides property investors an overview of useful insights to maximise returns on their investments. This is achieved by providing an understanding of price movements based on submarket dynamics. More so the assumption of urban economic models that rental values decrease with increasing distance from the Central Business District (CBD) is tested. Originality/ value – This research is one of the first attempts to quantify the effects of location and neighbourhood attributes in Ghana’s residential rental housing market.

Keywords: Empirical; Ghana; housing market; Location; Neighbourhood; Rental value (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-09-01
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