An Assessment of Factors Influencing Executive Apartment Prices in Nairobi Metropolitan Area of Kenya

Abstract

The objective of this study was to establish the factors that significantly influence executive apartment prices in Nairobi metropolitan area which includes parts some surrounding counties like Kiambu, Machakos and Kajiado. The factors studied related to attributes of the executive apartments including: proximity to shopping malls, proximity to Nairobi’s central business district, proximity to schools, proximity to slums, presence of swimming pool, presence of balcony, size of apartment, periodic rental income and land value. Both secondary and primary data sources were employed in the research and 30 executive apartments were selected as the study sample. Multiple regression analysis was employed for the secondary data and the findings indicated that size of the apartment, periodic rental income and land value where the apartment is located had significant influence on the price of the apartment. Descriptive statistical analysis was employed for primary data and the findings were consistent with those of secondary data in as far as the determinants of size of the apartment, periodic rental income and land value are concerned which were that the 3 attributes had significant influence on the price of the apartment.