The Factors that affect commercial property prices in Nairobi County: a case of real estate players in Nairobi

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dc.contributor.authorKiura, P. M.
dc.date.accessioned2024-07-19T11:01:05Z
dc.date.available2024-07-19T11:01:05Z
dc.date.issued2024
dc.descriptionFull - text thesis
dc.description.abstractPricing is a key factor in achieving full occupancy and maximizing return on investment in the commercial property sector. To thrive in the competitive property market, it is essential for market players to identify the pricing factors that provide a competitive edge. This study aimed to establish the factors affecting commercial property prices in Nairobi County, the economic hub of the region. The broad objective was to determine the overall impact of various factors on commercial property prices, while the specific objectives focused on the effects of macroeconomic factors, property location, government policies, and competition. The study adopted a descriptive cross-sectional survey design to capture a snapshot of the current situation. The target population comprised real estate players registered with the Kenya Property Developer Agencies, active, highly ranked, and operating in Nairobi. A sample size of respondents was selected through a judgmental sampling method and stratified according to the type of firms. Primary data were collected using structured questionnaires. Data analysis was conducted using the Statistical Package for Social Sciences (SPSS). Quantitative data were analyzed through descriptive statistics, including mean and standard deviation. Inferential statistical analysis involved Pearson correlation analysis and multiple linear regression analysis to test the association between the variables. The findings revealed that location significantly influenced the pricing of commercial properties, highlighting the need for transparent and corruption-free property valuation processes. Macroeconomic factors, such as inflation and interest rates, also played a significant role in property pricing, emphasizing the importance of monitoring economic conditions. Competition was identified as a critical determinant, suggesting the need for regulatory mechanisms to ensure fair competition within the real estate sector. The study was anchored on the Real Estate Market Theory and the Hedonic Pricing Model, providing a robust theoretical framework for understanding property pricing dynamics. The insights gained from this study are crucial for policymakers and practitioners in formulating strategies to enhance market stability and investor confidence. The study's limitations included the reliance on a descriptive cross-sectional survey design, which cannot establish causality or changes over time, and the focus on Nairobi County, limiting the generalizability of the findings. Future research should consider longitudinal designs and explore additional variables such as technological advancements, demographic shifts, and environmental factors to provide a more comprehensive understanding of commercial property pricing. The findings were presented using tables and graphs, providing a clear visualization of the data and facilitating the interpretation of results. This study contributes to the empirical evidence on commercial property pricing and offers actionable recommendations for improving property valuation and market regulation.
dc.identifier.citationKiura, P. M. (2024). The Factors that affect commercial property prices in Nairobi County: A case of real estate players in Nairobi [Strathmore University]. http://hdl.handle.net/11071/15493
dc.identifier.urihttp://hdl.handle.net/11071/15493
dc.language.isoen
dc.publisherStrathmore University
dc.titleThe Factors that affect commercial property prices in Nairobi County: a case of real estate players in Nairobi
dc.typeThesis
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