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The Social Costs of Real Estate Market Information Gaps in Ghana1

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Abstract:

Real estate markets function efficiently when driven by information regimes in which legitimate information corresponds with information that must count in market decisions. Where there are mismatches between legitimate information and information that must count, gaps naturally emerge in the information order. If the conditions for the creation and widening of such gaps are not removed, tenure insecurity, real estate transaction constraints and social costs tend to be heightened. This article presents a view of the conditions that have created information gaps in the Ghanaian real estate economy together with their allied tenure insecurity and social costs. Propositions for alleviating these information gaps are consequently proffered.

Keywords: Africa; Ghana; Real estate; information asymmetry; land registration; land titling; markets; social costs

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/08111140600877040

Affiliations: School of Engineering and the Built Environment, University of Wolverhampton, UK

Publication date: September 1, 2006

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