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

Abstract

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.