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The purpose of this paper is to determine the most significant factors influencing apartment values in Nairobi Metropolitan Area (NMA), Kenya and develop a valuation model using the identified variables. The paper is thus promoting the adoption of advanced, more reliable and accurate valuation methods in developing economies such as Kenya. Therefore, the paper demonstrates the potential of the hedonic pricing method (HPM) in property valuation by making objective adjustments to comparable sales data.

The paper utilizes a case study design by analysing recent (January 2020 to December 2021) apartment sales and apartment attributes in NMA. A sample size of 264 transactions was analysed using the HPM.

The study identified six significant factors affecting apartment values in the study area: apartment size, location, floor finishes, provision of shopping facilities, swimming pool and gym. A valuation model has been developed using the six variables.

The paper is contributing to the ongoing global debate on the accuracy, reliability and validity of property valuations with particular emphasis on the developing economies to adopt the more accurate, efficient and reliable valuation approaches.

The findings are useful to property valuers and estate managers in determining the most statistically significant attributes affecting apartment values in the NMA hence enabling them to offer informed professional advice. However, the findings of the study are limited to the study area since real estate is heterogeneous.

Property investors, financiers and other stakeholders in the society will benefit from the findings of this study in their decision-making process. Additionally, wide adoption of the more reliable and accurate valuation approaches would foster public confidence in valuation and estate management professional services leading to enhanced consumption of these services by the society and promoting public care.

The paper is promoting valuation accuracy, efficiency and reliability in the developing economies by advocating for advanced valuation methods. It is the first attempt to develop a valuation model for apartments in the NMA, the capital city of Kenya and the business hub of East and Central Africa.

The purpose of this paper is to evaluate the practices for valuation for compensation purposes in Kenya.

A qualitative survey design was used to sample the registered valuers using questionnaire/telephone interviews, in addition to review of some policy and legal documents. Content analysis and descriptive statistics was used to analyse the data.

The study revealed that the most ignored asset losses in valuation for compensation purposes in Kenya are assets of persons without legally recognizable rights, common property resources and social capital, among others, due to the existing legal provisions. Additionally, valuers often fail to apply the appropriate valuation concepts and methods.

The findings of the study are specific to Kenya since valuations for compensation purposes are statutory in nature and hence the applicable legal frameworks are unique to a specific country, although professionalism issues cut across.

The study may help professional valuers to update their knowledge and apply the right valuation concepts and methods, and also help policymakers to review their policies appropriately to match the best practices.

The findings of the study, if implemented, are likely to enhance acceptability of compensation amounts hence improving the working relationships between the public project implementers and the project affected persons, to the benefit of the both parties.

The study is of value to professional valuers, policymakers and land acquiring agencies to be more vigilant and professional in the process of acquiring interests in land.