Determinants of housing choices and affordability in the Ghanaian Real Estate Industry
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Date
2021-07-06
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Abstract
Housing affordability has become an issue in most countries worldwide. This has given
rise to lots of research into the issue. However, in Ghana, there are lots of property
overhangs despite the rise in private real estate development. Homebuyers have a
perception on the kind of building they want whiles developers are producing buildings
based on their perspectives. Most individuals have concluded on the fact that property
prices in Ghana are high without knowing the components that determine the final price
of real estate units. Most literatures in Ghana about housing affordability focus on
economic factors and policies, not taking into consideration the determinants that
influence the choice of homebuyers. This study seeks to add knowledge by identifying the
most influential factors that inform homebuyers’ decisions when they want to purchase a
house and also identify the factors that influence house prices in the real estate industry.
This will help bridge the gap between demand and supply of housing units whiles
providing real estate developers with a criteria to ascertain what homebuyer’s prefer and
incorporate them into their housing framework in order to address their needs. Seventeen
(17) choice determinants were used as the criteria to identify the determinants.
Convenience sampling technique was used to administer hundred (100) questionnaires to
middle and high income Ghanaians with a total of eighty-seven (87) returned to ascertain
the choice determinants whiles the price determinants were also achieved through the
administration of hundred (100) questionnaires to Real Estate firms with thirty-six (36)
retrieved. The determinants were analysed and ranked based on their level of importance
perceived by respondents.
Description
A thesis submitted to the Department of Construction Technology and Management,
Kwame Nkrumah University of Science and Technology, Kumasi in partial fulfilment of
the requirements for the Award of
Master of Science in Construction Management.
Keywords
Determinants of housing choice, Affordability of houses