英文文献：Real Estate Investment Market in Africa: The case of Ghana
英文文献作者：Wilfred Anim-Odame
英文文献摘要：
With different characteristics, real estate markets in Africa are products of dissimilar economic regimes that determine their attractiveness to local and foreign investors. Each market is unique and therefore finds itself in both regional and global competition. This paper analyses real estate performance indicators in Ghana, one of the fastest growing economy in Africa to demonstrate the market’s competitiveness as an investment vehicle in the continent. Additional analysis by using the real estate performance indicators in Ghana shows the market’s good qualities in comparison with other global asset classes.The results show abundant investment potentials in favour of real estate market in Ghana, one of the two “lions” of Africa. The paper argues that availability of credible real estate data and their quantitative analysis are critical interventions to stimulate the market’s development. Not only will such performance indicators attract investors but also support the development of the market. Overall, real estate total returns have run at annualised rate made up of a relatively stable income return and highly volatile capital growth. Across submarkets, the differences in long-run returns have been in large part driven by variation in rates of rental value growth. Sufficient evidence is shown in this paper to make real estate investment market attractive in Africa using results from Ghana as a case study.