Determinants of Apartment Prices within Housing Estates of Nairobi Metropolitan Area

The objective of this study is to establish the determinants that significantly influence apartment prices that are located within housing estates of Nairobi metropolitan area. The determinants comprise of apartments features 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 the apartment, periodic rental income and land value. Both secondary and primary data sources were employed in the research and 30 housing estates where apartment are located were selected for data collection purposes. Multiple regression analysis was employed for the secondary data and the findings indicated that: land value and size of the apartments had a significant influence on apartment pricing. Descriptive statistical analysis findings indicated that proximity to shopping malls, proximity to Nairobi¡¯s central business district, proximity to schools, presence of swimming pool, size of the apartments and land value had significant influence on apartment prices. Triangulation of secondary and primary data analysis results indicated a consistency rate of 50%. The recommendation of the study is that real estate stakeholders especially buyers should focus on size and land value of apartments as these significantly influence apartment pricing in Nairobi metropolitan area.