Real Estate Demand and Supply Issues in Ghana: A Critical Survey

Abstract

The study sought to determine land availability, pricing of property, economic situation of a country and the demographic profile of an area as factors that influence demand and supply of real estate property and the extent to which these factors influence demand and supply of real estate property. Purposive and convenience sampling methods were employed in selecting the population sample of 70 for the study. The study employed descriptive and inferential statistics to obtain the stated objectives. The data collected using a questionnaire was coded and analysed using SPSS version 25 and Microsoft excel. The study relies on the multiple regression theory to establish the linear relationship between the factors that influence demand and supply of real estate property. Specifically, the study evaluates influence of Ghana economic situation, land availability, demographic profile and pricing of property on the demand and supply of real estate property. The finding emanating from study revealed that land availability and price significantly affect demand and supply of real estate. The study concluded that the price of property and land availability of an area are key determinants of supply and demand of realty property in Ghana. The study recommended Government enact a policy that sets the threshold for property pricing. The pricing policy will be regulated by stakeholders in the real estate industry rather than the individuals pricing by discretion. It was recommended Government set up regulations that will limit the mass use of land in developing self-compound houses, whereas lesser size of land can serve a large population at a cheaper rate.