The Ghanaian transaction‐based residential indices

Anim-Odame, Wilfred; Key, Tony; Stevenson, Simon

doi:10.1108/17538271011063889

Cited by 17 publications

(23 citation statements)

References 33 publications

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“…Previous studies suggested submarket existence based on several market segmentations (Schnare & Struyk 1976;Goodman 1978;Allen et al 1995;Fletcher et al 2000;Goodman & Thibodeau 2007;Anim-Odame et al 2010a;Anim-Odame et al 2010b;Wu & Sharma 2012;Wheeler et al 2014). The results suggest that submarkets exist for a structural segmentation of the market than for a full span of spatial segmentation.…”

Section: _______________________________________________________ 259mentioning

confidence: 72%

“…The 18 th AFRES ANNUAL CONFERENCE 2018 analysis and this is very useful in appreciating market dynamics and making market predictions (Wheeler et al 2014). Housing markets research continues to receive little attention from researchers and research in this area is characterised by data unavailability and asymmetries (Anim-Odame et al 2010a;Anim-Odame et al 2010b).…”

Section: _______________________________________________________ 236mentioning

confidence: 99%

“…There is the general agreement that housing sub-markets do exists (Anim-Odame et al 2010a;Anim-Odame et al 2010b;Jones & Watkins 2009:78).Submarket definition is an important aspect in housing market analysis and this is very useful in making market predictions (Wheeler et al 2014). A housing submarket can be defined as "an area where there are statistically significant and enduring price differences for some commodity or housing characteristic in relation to the overall market or other similarly defined areas within it (Maclennan & Tu 1996).…”

Section: _______________________________________________________ 241mentioning

confidence: 99%

“…There is the general agreement that housing sub-markets do exists (Anim-Odame et al 2010a;Anim-Odame et al 2010b;Jones & Watkins 2009:78) and there are standard acceptable statistical tests for the existence of such (Schnare & Struyk 1976). Submarket definition is an important aspect in housing market…”

Section: Introductionmentioning

confidence: 99%

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Residential Rental Market in Ghana – Empirical Examination of Submarket Existence

Gavu¹

2018

Integrating the African Real Estate Market – An Agenda: The 18th AfRES Conference

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Purpose-Rent (or rental value) can be defined as a periodic amount that is paid (by a tenant) or received (by a landlord or his assigns) for the occupation and or use of property. Residential rental values (RRVs) vary among rental markets; thus correctly identifying the drivers of these values underscores the need to understand how the market functions. The purpose of this research is to testfor submarket existence based on empirical examination of the residential rental housing market in Ghana. Approach-Based on literature review and market observations, we provide key concepts and an overview of the residential rental market in Ghana.Although there is a general consensus that submarket exists, empirical identification of same has employed varied methods. Based on real estate experts and stakeholder consultations, a priori delineations of submarket constructs are made based on spatial, structural and a nested approach. The existence of submarkets are tested usingthe Kruskal-Wallis H test and Hedonic modelling techniques. Findings-By using fieldwork data from Accra rental market, the analysis provides credence to the conceptualisation of submarkets and how to empirically test for same. It is argued that researchers should employ alternative methods to compare results in order to make far reaching conclusions. Research implicationsexamining the hypothesis that differential rental values exists for submarkets has implications for policy decisions to target submarket constructs differently to improve market maturity. Practical implicationsthe research provides stakeholder investors in the rental space an understanding of market dynamics for profit maximisation, and _______________________________________________________ 235 The 18 th AFRES ANNUAL CONFERENCE 2018 end-users to maximise utility in deciding where to liveand as such households could benefit from making informed investment decisions on housing. Originality / Value of work-This research is one of the first attempts to empirically identify submarkets in the residential rental market in Ghana.

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Section: _______________________________________________________ 259mentioning

confidence: 72%

Section: _______________________________________________________ 236mentioning

confidence: 99%

Section: _______________________________________________________ 241mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Residential Rental Market in Ghana – Empirical Examination of Submarket Existence

Gavu¹

2018

Integrating the African Real Estate Market – An Agenda: The 18th AfRES Conference

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“…Empirical work has mostly adopted the ETV model to construct hedonic indices largely because the model is easy and simple to use (Anim-Odame et al, 2010;Wilhelmsson, 2009). There is the need to empirically examine the accuracy of these two models, especially in thin markets where the number of transactions per period are typically small.…”

Section: Hedonic Price Indices For Developing Marketsmentioning

confidence: 99%

Producing hedonic price indices for developing markets

Owusu‐Ansah

Abdulai

2014

International Journal of Housing Markets and Analysis

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2014),"Nonlinearity of housing price structure: Assessment of three approaches to nonlinearity in the previously owned condominium market of If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to test the accuracy of the explicit time variable (ETV) and the strictly cross-sectional (SCS) hedonic models when constructing house price indices in developing markets using Ghana as a case study. Design/methodology/approach -The quantitative research methodology is adopted where the accuracy of the two hedonic models used in the construction of house price indices is examined using the mean squared error (MSE) and out-of-sample technique. Yearly indices are constructed for each of the models using 60 per cent of the sample data and 40 per cent is used to forecast house prices for each observations based on which the MSEs are calculated. Findings -The two models produce similar house price trend but the SCS model is more volatile. The ETV model produces the lower MSE, suggesting that it is better to pool data together and includes time dummies (ETV) to estimate indices rather than running separate regressions (SCS) to estimate the index. Using the Morgan-Granger-Newbold test, it is found that indeed the difference between the forecast errors of the two models are statistically significant on a 1 per cent level confirming the accuracy of the ETV model over the SCS model. Practical implications -This paper has produced convincing results recommending the use of the ETV hedonic model to construct house price indices which is of use to practitioners and academics. Originality/value -The introduction of financial products like the property derivatives and home equity insurances to the financial market calls for accurate and robust property price indices and the hedonic method is mostly used to construct these indices. While there have been a lot of test conducted as to which variant of the hedonic method to use in developed markets, little is known about the developing markets. This paper contributes to fill these gaps.

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Foundations of Machine Learning-Based Clinical Prediction Modeling: Part I—Introduction and General Principles

Kernbach

Staartjes

2021

Acta Neurochirurgica Supplement

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The Ghanaian transaction‐based residential indices

Cited by 17 publications

References 33 publications

Residential Rental Market in Ghana – Empirical Examination of Submarket Existence

Residential Rental Market in Ghana – Empirical Examination of Submarket Existence

Producing hedonic price indices for developing markets

Foundations of Machine Learning-Based Clinical Prediction Modeling: Part I—Introduction and General Principles

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