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The purpose of this paper is to provide technically robust indicators of housing market performance from the records held by the Ghana Land Valuation Board, through the construction of the first ever residential price and rent indices for the aggregate and disaggregate markets.

The approach involved time series produced from hedonic models using 3,250 transaction‐based data, running from 1992 to 2007, and documents on movements in capital and rental values in Accra and Tema, the dominant commercial conurbations in the country.

The paper makes a major contribution to knowledge and understanding of housing market dynamics in Ghana. The results suggest that the derived price and rent indices look, at first sight, reasonably plausible with cyclical trends showing weak and strong patches.

The paper focuses on the development of formal housing markets through a detailed case study of Ghana, and provides findings and models of a wider application in other emerging economies.

There is a general consensus that residential submarkets exist, but the basis upon which these are specified remains the subject of debate. The purpose of this paper is to model data on different residential locations in Ghana to show how the submarkets have performed over the past 16 years.

The paper employs hedonic modelling based on 3,250 sale transactions and 1,130 rental transactions from 1992 to 2007.

The results demonstrate that five residential real estate characteristics – location, detached, landscaping quality, gross internal areas and plot size – predominate in the explanation of both rental and transactions prices across all submarkets. They also highlight points of variation between the submarkets. An understanding of the impact of these features on residential price and rent is important for capital and rental valuation.

This paper analyses historic performance of the residential market, both at the aggregate and disaggregate level to place the housing market in an investment context.