The paper will first describe the construction of indices of prices, rentals, yields and total returns for residential investments in Ghana. The performance measures run from 1992 to 2007 and are the first indicators of real estate investment performance in Ghana. They result from hedonic modelling of 3,000 property transactions taken from the records of the Ghana Land Valuation Board. Second, the estimates of residential investment return will be compared with the returns achieved by investors in Ghanaian equities and fixed-income investments, to demonstrate the investment characteristics of real estate against competing asset classes. This research is an original and unique contribution to the understanding of real estate investment in Ghana, and also to the consideration of emergent formal real estate markets in developing African economies.