African Journal of Housing and Sustainable Development

Climate Risk Perception and Behavioural Biases in Real Estate Investment Markets: A Systematic Review

Pacify Dzidzornu Agorsor, Elvis Attakora-Amaniampong, Williams Miller Appau — Tue, 09 Jun 2026 19:27:11 +0000

Climate Change poses increasing physical and transitional risks to real estate markets, yet investment decisions continue to show systematic misperception of these hazards. This review synthesises recent empirical and theoretical literature on climate risk perception and behavioural biases in real estate investment markets, focusing on Ghana and comparative African economies. Following the PRISMA 2020 Protocol and based on over 2500 records identified from Scopus and Web of Science, 30 peer-reviewed studies between 2020 and 2025 were selected after screening and synthesised to address four research questions regarding how real estate investors perceive climate risk, what behavioural variables mediate their responses, whether market prices reflect these perceptions, and which theoretical lenses best explain observed behaviours. Three key findings emerged. One, climate risk perception is consistently distorted by cognitive biases, including availability heuristics, loss aversion, optimism bias, and herding. Two, climate risks are being capitalised into property prices, with flood-risk discounts of 12-18% documented in Accra and 6-15% in U.S. coastal markets. However, pricing remains reactive, incomplete and highly unequal across geographies. Three, developer adaptation is driven primarily by financial incentives and regulatory pressure rather than proactive, forward-looking risk management. Grounded in Prospect Theory (Kahneman, 1979) and the Adaptive Market Hypothesis (Lo, 2004), the review attributes these patterns to a structural market failure. The study recommends that policymakers in Ghana and comparable African economies prioritise investment in standardised, publicly accessible climate hazard data and mandatory climate risk disclosure frameworks as a foundational step towards closing the perception-reality gap in real estate climate risk pricing and fostering more resilient, climate-adaptive property markets

Digital Platform Adoption in Ghana’s Real Estate Sector: Extent, Opportunities and Challenges

Samson Akanvose Aziabah, Bismark Setsoafia Agorbortu, Pacify Dzidzornu Agorsor — Tue, 09 Jun 2026 19:51:34 +0000

Despite the evolving adoption of digital platforms in Africa's real estate markets, there has not been extensive research on the extent, opportunities and challenges of online real estate marketing in developing countries such as Ghana. This study addresses this gap by examining digital platform adoption among Ghanaian real estate developers using the Technology Acceptance Model (TAM) as the theoretical framework. Using survey data from 201 registered members of the Ghana Real Estate Developers Association, the analysis was conducted using t-tests and one-way ANOVA. The study found that residential properties dominated online transactions (35%), followed by commercial (21%) and retail (15%) properties. Platform-level analyses revealed that LinkedIn, Loop Ghana, Airbnb, Twitter, Jiji, and Facebook significantly drove completed property transactions, whereas Meqasa, Lamudi, Zillow, and Instagram did not. Key challenges include a lack of trust, an inability to verify transactions and infrastructure barriers. The findings extend TAM by demonstrating that perceived usefulness alone is insufficient to drive transaction success without credible trust and regulatory mechanisms. This study offers actionable insights for policymakers, platform developers and real estate practitioners seeking to optimise digital adoption in emerging African property markets.

Digital Transparency and Trust: Perspective of Stakeholder Social Media Behaviour on Public Perception of Construction Projects in Ghana

Andrews Tagoe, Teye Agmor, Bismark Setsoafia Agorbortu — Tue, 09 Jun 2026 21:00:14 +0000

In the construction industry, social media has been transforming stakeholderpublic communication, especially in developing contexts where trust and transparency are paramount. However, there is limited empirical data on how stakeholder social media behaviour influences public perception on construction projects in Ghana. This study focuses on how digital stakeholder communication influences public trust and perception of construction projects. The study adopted a quantitative cross-sectional study design, targeting adult social media users in urban and peri-urban Ghana exposed to construction works. Data were obtained through a structured online questionnaire and analysed through Multiple Linear Regression. The study evaluated the impact of five stakeholder social media behaviours, namely frequency of updates, transparency, responsiveness, engagement, and tone of messaging. The findings indicate that stakeholders’ social media behaviour explains about 67% of the variation in public perception. Transparency, responsiveness and tone of messaging show strong and statistically significant positive impacts on public perception, while frequency of updates and engagement metrics do not significantly predict perception. The study concludes that the quality and credibility of stakeholder communication, rather than posting frequently, is more critical in building public trust in construction projects. The results will help are useful in to advance digital communication approaches in Ghana and other developing settings.

Description and Assessment of an Innovative International Multi-University Construction Project Management Course

Tue, 09 Jun 2026 21:14:40 +0000

The irreversible effect of globalization is especially evident in the construction industry, where many design and construction management activities, including construction project management education, are witnessing transformation in terms of both process and outcome. Students who are majoring in construction engineering/management and related fields face a growing, complex and interconnected world and thus need to be prepared to meet multidimensional requirements when delivering construction projects in a global setting. The goal of this paper is to describe and assess an online, collaborative, international, multiuniversity graduate-level course, Global Construction Practices (GCP), which was developed at North Carolina State University to prepare professionals – engineers and construction project managers – for the international construction market. A case study was undertaken on the GCP course, complemented by a survey of students’ perceptions of the sixth offering, which happened during the global COVID-19 outbreak. The survey responses were subjected to statistical analysis. Students expressed satisfaction with the course contents and format and looked forward to the classes. The GCP course had elements of evidence-based educational practices and student engagement. Overall, the course design and delivery presented a unique opportunity for exposure and collaboration on international projects while allowing for the peculiarities of local contexts. Some challenges associated with offering such a course included language barriers, time zone differences, academic calendar differences, and technical issues. GCP lecture delivery can be improved by providing more stable Internet connectivity and allowing additional time for presentations. There were however, successful attempts to resolve such challenges and overcome barriers. This course has the potential to make positive changes in the ways that engineering and construction project management students are prepared for successful careers in the global construction market. Awareness of this course also may inspire other education researchers and practitioners to develop similar courses.

Adaptive Energy Behaviours of Thermal Comfort under Grid Instability among Shopping Malls in Ghana

Williams Miller Appau — Tue, 09 Jun 2026 21:22:15 +0000

Frequent grid instability in Ghanaian cities poses a substantial challenge to energy efficiency in commercial buildings, mostly shopping malls. Whereas technical remedies such as smart devices, energy-saving systems and backup generators have been widely adopted by consumers and examined in the literature, there is a critical gap in research on tenant or occupant perceptions and behaviours during grid instability. This study closes this gap by assessing the influence of thermal comfort, trust in technology and awareness of energy systems on tenant satisfaction and adaptive energy behaviour in shopping malls in Ghana. Grounded in the Unified Theory of Acceptance and Use of Technology, the study adopted a quantitative approach in surveying 202 tenants across four major shopping malls in Accra and Kumasi. Multiple linear regression and Binary Logistic regression models showed that thermal comfort is the strongest predictor of tenant satisfaction, whereas awareness is the strongest predictor of adaptive behaviour. Trust in adaptive technologies also recorded a positive effect on both outcomes. In particular, frequent grid instability reduced the likelihood of adaptive responses, indicating signs of resilience fatigue among tenants. Also, demographic variables such as age and education further shaped user engagement, while income had a marginal effect on adaptive behaviours. The study recommends a user-responsive energy approach such as energy awareness campaigns and transparent backup systems for shopping malls in Ghana.

The Impact of Adaptive Micro-zoning on Students’ Perception of Energy Efficiency and Comfort in Student Housing in Ghana

Samson Akanvose Aziabah — Tue, 09 Jun 2026 21:32:41 +0000

Adaptive micro-zoning has attracted attention as a strategy to improve thermal comfort. However, there remains a gap in assessing the perceived energy efficiency of student housing in tropical regions. Consequently, this study examines how adaptive micro-zoning influences students' perceived thermal comfort and energy efficiency in on-campus student housing in Ghana. The study used a cross-sectional survey design, in which a total of 923 students were selected from two on-campus student housing units and two micro-zoned housing units in the southern and northern parts of Ghana. Mann-Whitney U test, Spearman’s Rank Correlation, and ordinal logistic regression were used to assess group differences and identify predictors of perceived energy efficiency. The analysis revealed that students in micro-zoned housing reported considerably higher thermal comfort and more positive perceptions of energy efficiency, although the differences were moderate. Thermal comfort emerged as the strongest predictor of perceived energy efficiency, while zoning responsiveness and lighting quality contributed moderately. These results suggest that students do not perceive comfort solely through temperature control but also through environmental factors in multisensory, interactive ways. The study suggests that educating users, utilising adaptive lighting, accommodating temporal and cultural variations in occupancy behaviour, and simplifying the metering interface are significant factors for enhancing micro-zoning adaptation in tropical regions.

The Influence of ESG Ratings on Financing Decisions in Ghana’s PropTech Sector

Andrews Tagoe, Elvis Attakora-Amaniampong, Kannyiri Thadious Banyen — Tue, 09 Jun 2026 21:41:34 +0000

Although ESG metrics have been increasingly influencing investment decisions in global real estate sectors, its impact in emerging PropTech spheres has remained understudied. In Ghana, where PropTech adoption has been rising amid weak institutional frameworks, the effect of ESG ratings on financing decisions has not been properly investigated. Therefore, this quantitative cross-sectional study evaluates the impact of ESG on financing volume and access among PropTech firms in Ghana. Data was obtained from 120 PropTech firms operating in smart construction, energy monitoring, and digital real estate platforms. ESG performance was evaluated in its environmental, social and governance dimensions, as well as in terms of financing volume and access indicators. Multiple linear and binary logistic regression equations were used, controlling for firm attributes. The findings indicate that ESG ratings have a considerable impact on financing outcomes. The strongest positive impact on financing volume and access was observed in environmental performance, whereas a positive but less significant relationship was observed in the social and governance dimensions. The results show that ESG activity is an important indicator for investors in Ghana’s capital-constrained PropTech market to rely on. The study provides policy and investment insights for improving sustainable PropTech financing in emerging economies.