Variation in Property Valuation and Market Data Sources in Ghana

Gyau, Kwasi; Gyamfi, Frank

Abstract

This chapter examines two related issues that impinge on the quality of valuation produced for a variety of purposes. The chapter first examines the extent of variation in values among valuers in Ghana and then the sources and reliability of data used by valuers in the absence of formal organized databases. Valuation plays a key role in the responsible management of land and its uses include, but are not limited to, the determination of values for rental or sale arrangements, compensation, and taxation purposes. Therefore, inaccurate valuations can impede ongoing efforts at improving land management in Ghana. Consistent with anecdotal evidence, a relatively high level of variation in valuation is documented. The study also finds that valuers in Ghana most often rely on professional colleagues for data, followed by their own databases. It appears valuers have little faith in other data sources, such as estate agents and the media. Since one of the likely causes of the high level of variation is the lack of accurate and reliable data, it is important that urgent steps are taken to create a database that would allow for the gathering of transaction data in a systematic way and in line with the requirements for reliable market data.

• Online Publication Date: Jul 16, 2020
• Publication Date: Jul 16, 2020
• Deposit Date: Feb 8, 2025
• Peer Reviewed: Peer Reviewed
• Book Title: Responsible and Smart Land Management Interventions: An African Context
• DOI: https://doi.org/10.1201/9781003021636