Sources and reliability of property market information for property valuation practice in Ghana

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

doi:10.1108/pm-05-2016-0019

Cited by 7 publications

(15 citation statements)

References 18 publications

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“…This corroborates the results of Weistroffer and Sebastian (2015) that reported that the 2005/2006 German open-end fund crisis that resulted in the fall of rental values of commercial properties in Germany could be attributed to the inaccuracy of property valuations. This is similar to the findings of Baffour-Awuah et al (2017) that reported that incomplete market data, non-disclosure of property transactions details and the lack of data integrity could result in the extensive time and resources used by valuers, leading to a severe effect on the economic growth and development of a country.…”

Section: Resultssupporting

confidence: 88%

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An updated survey of factors influencing property valuation accuracy in Australia

Abidoye

Huang

Amidu

et al. 2021

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PurposeThis study updates and extends the current work on the issue of accuracy of property valuation. The paper investigates the factors that contribute to property valuation inaccuracy and examines different strategies to achieve greater accuracy in practice.Design/methodology/approachAn online questionnaire was designed and administered on the Australian Property Institute (API) registered valuers, attempting to examine their perceptions on the current state of valuation accuracy in Australia. The variables/statements from responses are ranked overall and compared for differences by the characteristics of respondents.FindingsUsing mean rating point, the survey ranked three factors; inexperience valuers, the selection, interpretation and use of comparable evidence in property valuation exercise and the complexity of the subject property in terms of design, age, material specification and state of repairs as the most significant factors currently affecting valuation inaccuracy. The results of a Chi-square test did not, however, show a significant statistical relationship between respondents' profile and the perception on the comparative importance of the factors identified. Except for valuers' age and inexperience valuers and valuers' educational qualification and inexperience valuers and the selection, interpretation and use of comparable evidence in property valuation exercise. Also, the three highly ranked strategies for reducing the level of inaccuracy are: developing a global mindset, use of advanced methodology and training valuers on market forecasting skills.Practical implicationsIn order for valuers to provide state-of-the-art service to the public and to remain relevant, there is a need to accurately and reliably estimate valuation figures. Hence, the strategies highlighted in this study could be considered in a bid to reduce property valuation inaccuracy in practice.Originality/valueThis study provides an updated overview of the issue of property valuation inaccuracy in the Australia valuation practice and examines the strategies to reduce it.

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Section: Resultssupporting

confidence: 88%

“…Baffour-Awuah et al (2017) conducted a study on the sources and reliability of property market information for the property valuation practice in Ghana. The findings revealed that the key challenge and major barrier to improving property valuation accuracy is the unavailability of a robust and reliable property market information.…”

Section: Literature Reviewmentioning

confidence: 99%

An updated survey of factors influencing property valuation accuracy in Australia

Abidoye

Huang

Amidu

et al. 2021

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“…Generally, data generated from Likert scales are analysed using measures such as a weighted mean or weighted standard deviation. However, such methods have been noted to be fraught with errors and present interpretation challenges particularly because Likert scales are ordinal measures (Baffour Awuah et al, 2017). Two methodsthe relative importance index (RII) and the consensus/agreement analytical framework (Agr (Xj5) measure were, therefore, used to analyse the data to accommodate the ordinal nature of the Likert scale.…”

Section: Strategic Corporate Real Estate Managementmentioning

confidence: 99%

Challenges of strategic corporate real estate management in Ghana

Boakye-Agyeman

Bugri

Gyamfi-Yeboah

2021

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PurposeResearch shows that strategic corporate real estate management (SCREM) practice contributes to organizational performance. However, globally, SCREM practice is hindered by numerous challenges especially in developing countries such as Ghana. This study examines the challenges of SCREM practice in Ghana from business and corporate real estate managers’ perspectives.Design/methodology/approachA mixed-method design was adopted for the study. The largely quantitative study was supported with qualitative data. The multi-stage sampling technique was used to select respondents from 35 institutions in five sectors. The relative importance index, consensus/agreement framework and Mann–Whitney U test were used for analysis.FindingsAnalysis revealed that there is latent resistance to the provision of CRE policy, adequate authority and resources as well as resistance to change in organizational culture for the adoption of SCREM practice. The CRE management function is thus not well integrated into corporate activities. It is seen as a non-core organizational function merely providing physical space and support services.Practical implicationsThe research has identified the challenges of SCREM and how these could be addressed to ensure that CRE is managed strategically to contribute effectively to organizational performance.Originality/valueThe paper is the first to identify the challenges of SCREM practice from business and CRE managers’ perspective in five sectors in Ghana, thus contributing to the limited literature on the subject globally.

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“…There are no public property market databases available to valuers. In the absence of reliable and accessible property transactions data banks, valuers in Ghana rely on various other sources of market data which have concerns regarding their credibility and reliability (Mends, 2006;Mahama and Antwi, 2006;Baffour Awuah et al, 2017). The study by Baffour Awuah et al (2017), which investigated and analysed the reliability of the information provided by the existing sources of property market data for valuation practice in Ghana highlighted the need for the establishment of a property market data bank.…”

Section: Introductionmentioning

confidence: 99%

“…In the absence of reliable and accessible property transactions data banks, valuers in Ghana rely on various other sources of market data which have concerns regarding their credibility and reliability (Mends, 2006;Mahama and Antwi, 2006;Baffour Awuah et al, 2017). The study by Baffour Awuah et al (2017), which investigated and analysed the reliability of the information provided by the existing sources of property market data for valuation practice in Ghana highlighted the need for the establishment of a property market data bank. It recommended that the Ghana Institution of Surveyors (GhIS) [1] should facilitate the establishment of a property market data bank in liaison with other relevant stakeholders in the real property industry.…”

Section: Introductionmentioning

confidence: 99%

Establishing and maintaining property transactions data banks in Ghana through partnerships and participatory means

Simpson¹,

Simpson²

2021

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PurposeThe credibility of valuation is enhanced by the use of quality and reliable property market data. Nonetheless, the availability of quality and reliable market data remains a problem for valuers in Ghana, as current market data sources are tainted with issues of reliability. The purpose of this study is to examine the possibility of establishing property market data banks in Ghana, to help solve the market data problem faced by valuers.Design/methodology/approachThis study adopted a mixed-method approach consisting of the identification and review of literature, interviews with officials from the Lands Valuation Division of the Lands Commission and a questionnaire survey of property valuers.FindingsThe study finds that it is possible for property market data banks to be established, and in the absence of facilitating legislation, partnerships among various stakeholders are the best way of achieving this. The study identifies the lack of initiative and the lack of partnerships among the various stakeholders inter alia as the major factors limiting the establishment of property market data banks. The findings imply a need for stakeholders to take initiative to establish a property market data bank aimed at improving the quality and reliability of market data to enhance the valuation practice.Originality/valueThe study asserts the possibility of creating a property market data bank in Ghana, notwithstanding the limiting factors. The findings will provide a basis for relevant institutions and agencies to take cooperative action for the establishment of property market data banks, towards enhancing the valuation practice in Ghana as well as in other developing countries. The study will also prompt research into various tools and mechanisms to be adopted towards the establishment of property market data banks through participatory means.

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Sources and reliability of property market information for property valuation practice in Ghana

Cited by 7 publications

References 18 publications

An updated survey of factors influencing property valuation accuracy in Australia

An updated survey of factors influencing property valuation accuracy in Australia

Challenges of strategic corporate real estate management in Ghana

Establishing and maintaining property transactions data banks in Ghana through partnerships and participatory means

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