This paper discusses property valuation and market data with some insights on the situation in Ghana to provide the context for the study.
Availability of property market data is critical to professional and ethical valuation practice. However, access to market data in Ghana for valuation purposes is a challenge. It is proposed that a well-designed property market data collection template could contribute to effective and efficient collection of market data and help to redress the data paucity problem.
Using a combination of stakeholder workshop and questionnaire survey, this study examines the perspectives of valuation and estate surveyors in Accra, Ghana’s capital city on the relevance of property market data collection template to address the market data challenges of valuation practitioners in the country. It is established that property/market data collection template is essential to collecting property market data for valuation practice in Ghana suggesting a need for a suitable template.
The study also identifies and provides the relative importance of the kind of information a property market data collection template should contain. These findings are significant to valuation practitioners for designing their own property market data collection template to collect data and to regulators such as the Ghana Institution of surveyors and Royal Institution of Chartered Surveyors for their continuing professional development programmes to improve valuation practice.
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