Purpose

This paper applies the hedonic pricing model (HPM) approach to identify critical determinants of apartment value and employs the technique to develop a valuation model that can accurately estimate the value of apartments.

Design/methodology/approach

The research employed a case study design that was limited to transaction sales and attribute data of apartments in Nyali estate, Mombasa County in Kenya. A sample of 120 sales of apartments obtained from registered real estate firms was analyzed using quantitative methods.

Findings

According to the study results, the hedonic valuation model developed comprises four critical determinants of apartment value, namely, number of parking lots, presence of swimming pool, age of apartment and provision of balcony. The hedonic model was tested and found to be accurate and reliable in estimating apartment value.

Research limitations/implications

The model will improve accuracy, reliability and efficiency in valuation. The application of the model in the valuation of apartments is, however, limited to the case study area where the data are obtained. The scope of application of the model may be improved by increasing the sample size to include apartment sales data from other estates in Mombasa County.

Originality/value

Previous studies that have used the HPM technique in analysis of apartment values have focused on the “explanatory” and “contributory” power of attributes on apartment values, rather than the development and use of the model to measure value. The present study is the first to develop a HPM equation for property value estimation in the apartment real estate sector in Kenya.

中文翻译：

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肯尼亚公寓的享乐价值评估

目的

本文采用享乐定价模型（HPM）方法来确定公寓价值的关键决定因素，并采用该技术来开发可以准确估算公寓价值的估价模型。

设计/方法/方法

该研究采用的案例研究设计仅限于肯尼亚蒙巴萨县Nyali房地产的交易销售和公寓的属性数据。使用定量方法分析了从注册房地产公司获得的120套公寓的销售样本。

发现

根据研究结果，开发的享乐价值评估模型包括四个重要的公寓价值决定因素，即停车场数量，游泳池的存在，公寓的使用年限和阳台的提供。对享乐模型进行了测试，发现它在估算公寓价值时是准确可靠的。

研究局限/意义

该模型将提高评估的准确性，可靠性和效率。但是，该模型在公寓估价中的应用仅限于获得数据的案例研究区域。该模型的应用范围可以通过增加样本数量来扩大，以包括蒙巴萨县其他房地产的公寓销售数据。

创意/价值

以前使用HPM技术分析公寓价值的研究都集中在属性对公寓价值的“解释性”和“贡献性”上，而不是模型的开发和使用来衡量价值。本研究是第一个开发HPM方程用于肯尼亚公寓房地产部门房地产价值估算的研究。