Housing attributes and relative house prices in Ghana

De Graft Owusu-Manu, David John Edwards, Ken A. Donkor-Hyiaman, Richard Ohene Asiedu, M. Reza Hosseini, E. Obiri-Yeboah

Research output: Contribution to journalArticlepeer-review

11 Citations (Scopus)


Purpose: The study of house prices has become more relevant in recent times after the global financial crisis. Using a housing data set from three regions of Ghana (collated from real estate agents), the purpose of this paper is to estimate the relative importance of housing attributes to house prices. Design/methodology/approach: The hedonic regression analysis conducted indicates that location is the most powerful determinant of house prices. Other relevant factors are the number of bedrooms, the number of floors, the total floor area, land size, age of the house and luxury finishing. Findings: The implications of these results are many. Policy wise, the study provides an evidence-based empirical study that supports the need for better urban planning to improve communities, which in turn is associated with house price appreciations. Homeowners, investors and creditors, particularly mortgage lenders could be the immediate beneficiaries. Drawing on this, improved urban planning could mitigate strategic defaults that results from house prices falling below mortgage loan balances. This is important for financial market stability. Originality/value: The paper provides a comprehensive and unique understanding of the hedonic determinants of house prices in Ghana. Future studies could examine the effect of location upon mortgage lending in Ghana.

Original languageEnglish
Pages (from-to)733-746
Number of pages14
JournalInternational Journal of Building Pathology and Adaptation
Issue number5
Publication statusPublished - 5 Sept 2019
Externally publishedYes


  • Ghana
  • Hedonic modelling
  • House prices
  • Housing attributes
  • Location

ASJC Scopus subject areas

  • Civil and Structural Engineering
  • Building and Construction


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