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The Pricing of the Emergent Leasehold (Possessory) Estates of Ghana

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  • Paul K. Asabere

Abstract

The paper develops hedonic analyses of the pricing of leasehold versus freehold estates in Ghana. The motivation of the paper is the passage of Act 267(5) in 1992 that effectively abolished outright sale of stool lands in Ghana. Stool lands are lands controlled by tribal "chiefs." Act 267(5) prohibits the sale of freehold estates for stool lands. There are two important findings in this study. The first is that freeholds tend to attract premium prices relative to leaseholds. This supports the bundle-of-rights argument. The second is that the effect of the 1992 Act is indeed capitalized into land prices because of the relative increase in the supply of leaseholds vis-à-vis freeholds. Specifically, the price of freeholds increased relative to the price of leaseholds after the constitutional event. The study also finds that transactions involving stools and individuals, usually perceived to be associated with litigation risk (or title insecurity) relative to government lands, are sold at a discount. Transactions noted to have a history of litigation are also associated with price discounts. The estimated coefficients on all the variables representing services to the site like water, electricity and access roads are significantly positive, indicating a high demand for such essential services. Copyright 2004 by the American Real Estate and Urban Economics Association

Suggested Citation

  • Paul K. Asabere, 2004. "The Pricing of the Emergent Leasehold (Possessory) Estates of Ghana," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(4), pages 673-694, December.
  • Handle: RePEc:bla:reesec:v:32:y:2004:i:4:p:673-694
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    References listed on IDEAS

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    1. Fama, Eugene F., 1976. "Forward rates as predictors of future spot rates," Journal of Financial Economics, Elsevier, vol. 3(4), pages 361-377, October.
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    Cited by:

    1. Bracke, Philippe & Pinchbeck, Ted & Wyatt, James, 2014. "The time value of housing: historical evidence from London residential leases," LSE Research Online Documents on Economics 64504, London School of Economics and Political Science, LSE Library.
    2. Choumert, Johanna & Stage, Jesper & Uwera, Claudine, 2014. "Access to water as determinant of rental values: A housing hedonic analysis in Rwanda," Journal of Housing Economics, Elsevier, vol. 26(C), pages 48-54.
    3. Johanna CHOUMERT & Jesper STAGE & Claudine UWERA, 2014. "Access to water as a determinant of rental values: A hedonic analysis in Rwanda," Working Papers 201401, CERDI.
    4. Shinichiro Iwata & Hisaki Yamaga, 2009. "Land Tenure Security and Home Maintenance: Evidence from Japan," Land Economics, University of Wisconsin Press, pages 429-441.
    5. Johanna Choumert & N. Eric Kéré & Amandine Loyal Laré-Dondarini, 2016. "A Multi-Level Housing Hedonic Analysis of Water and Sanitation Access," Economics Bulletin, AccessEcon, vol. 36(2), pages 1010-1037.
    6. Eric Nazindigouba KERE & Johanna CHOUMERT & Amandine Loyal LARÉ-DONDARINI, 2014. "The impact of water and sanitation access on housing values: The case of Dapaong, Togo," Working Papers 201403, CERDI.

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