英文文献：Residential market as an investment vehicle in Ghana-加纳住宅市场作为投资工具
英文文献作者：Wilfred Anim-Odame
英文文献摘要：
Globalization of all forms of real estate investment has increasingly demanded that performance benchmarks of high quality and international standards be made accessible to investors and fund managers. For the first time in Ghana, residential price and rent series are developed from hedonic models. These time series are, in turn, used to generate other performance indicators – measures of investment yields and total returns (nominal and real) – in a rapidly growing residential real estate market, using transaction-based data from Accra and Tema, the dominant markets. Having generated performance indicators for the real estate market, this paper also conducts a further quantitative and comparative analysis of real estate market against other investment vehicles in the country.The final section provides an international context for the performance of Ghanaian residential investment market, from the viewpoint of a US resident investor. Overall, residential total returns have run at annualised rate made up of a relatively stable income return and highly volatile capital growth between 1992 and 2007. Across investment markets, the differences in long-run returns have been in large part driven by variation in rates of rental value growth.

各种形式的房地产投资的全球化日益要求投资者和基金经理能够获得高质量和国际标准的业绩基准。在加纳，住宅价格和租金系列第一次从享乐模型发展。利用来自阿克拉和特马这两个主要市场的交易数据，这些时间序列又被用来生成快速增长的住宅房地产市场的其他表现指标——投资收益率和总回报(名义和实际)的衡量标准。在生成了房地产市场的绩效指标后，本文还对房地产市场与国内其他投资工具进行了进一步的定量比较分析。最后一节从一位美国居民投资者的角度，为加纳住宅投资市场的表现提供了一个国际背景。总体而言，在1992年至2007年期间，住宅总回报的年化增长率是相对稳定的收入回报和高度波动的资本增长。在整个投资市场，长期回报的差异在很大程度上是由租金价值增长率的差异所驱动的。