Sitting on a Goldmine : Exploring Institutional Enablement for Real Estate Market Data Accessibility in Ghana.

Abstract: The Ghanaian real estate market, though thriving, grapples with insufficient market data. The lack of data renders the market nontransparent and increases transaction costs. Considering the market performance over the past few years, great potential lies for even more growth if this problem is addressed. This research aims to provide an understanding of the data needs of the market and the effects of data paucity on the market. It also explores the potential that state institutions provide to ameliorate the problem. The data for this study is collected from interviews with real estate valuers and data aggregation firms that operate in the Ghanaian market. Data is also collected from acts of parliament. The research outlines the perspectives of valuers regarding the problem and the provisions that legal documents make for improving access to market data. This is conducted through qualitative methods. The research finds that the problems with data inaccessibility do not only affect market transactions but also the training of valuers and research about the market. The results indicate that government legislation makes provisions that should enable the collection of data by different agencies to be made publicly available; however, it appears the lack of incentives and a lack of enforcement of these institutions has resulted in the status quo: stakeholders in the market seem to be sitting on a goldmine.  Therefore, relevant stakeholders in the market need to drive change in data provision for a more transparent and efficient market.