“Where the carcass is, there the eagles will be gathered”. Having smelt of investment opportunities
in Ghana, investors from Asia, especially China and Singapore, are swarming into Ghana to capitalize on the
investment opportunities in the country. Parcels of land in Accra are being bought by the Chinese as if the
parcels were “the bread of their lives”. In a country where real property data are hard to come by, a study based
on credible real property market data would be very useful to those who want to make informed real property
investment decisions. We employ residential property market data for Accra–Tema, the largest Conurbation
in the country from 1992 to 2007 to evaluate the relative performances of value and growth residential
property investment strategies. The data are sorted into value and growth portfolios on the basis of initial yield.
Econometric and stochastic dominance models are used to analyse the data to test the main hypothesis that
there is no difference between the performances of the value and growth portfolios over five, ten, thirteen-year
investment horizons. The results show that the growth portfolio outperformed the value portfolio and that the
superior performance is not a function of risk. The results, which could be of interest to residential property
investors in Ghana, add an emerging African market economy’s flavour to the scanty literature on value real
estate investment.