Analysing the Implication Digitization Would Have On Property Pricing In Kenya

Abstract

The main purpose of this research is to analyse how digitization would affect Kenya’s property prices in different regions. In order to achieve the main goal, the following research questions were set; what are the factors that affect property pricing; what are the factors that affect digitization; and how and to what extent does digitization affect the Kenyan property prices. The research used the explanatory research design. Quantitative Research will be used to quantify the problem by way of generating numerical data or data that can be transformed into useable statistics. Attitudes, opinions, behaviors, and other defined variables will be quantified and generalized results from a larger sample population will be considered. Data will be represented in Tables and Figures. Data will be collected using structured questionnaires. SPSS will be used to aid in the data analysis. Major findings on the research objectives indicate that factors influencing property prices cut across all markets. The same economic, physical and political considerations to be made are similar in most geographical jurisdictions. This points to the fact that similar practices exist and can be borrowed from one jurisdiction to another to enhance best practices in the real estate industry. Further, digitization is seen to be an industry disruptor and can benefit various industries across the world opening up trade barriers. Developed countries are reaping the benefits of taking advantage of the digital space and advancements. Developing countries would be keen on having a substantial reliance to digitization if they are to be considered developed. Digitization in the real estate industry is observed to impact the industry in a positive way in developed countries. Best practices can best be achieved through learning from jurisdictions that have championed this concept not only from a business perspective but also on sustainability of the industry. Constant advancements that can only be achieved through digitization should be enough to build a case for any developing country to substantially invest in digitization. On the conclusion, factors influencing property pricing can only be reinforced through proper regulation. Digitization is a sure win for any business that is looking to transcend the future. Once incorporated in real estate, digitization can standardize best practices across all spheres particularly pricing. The government bodies need to be at the forefront in regulating property pricing. Without substantial investments in digitization, this cannot be achieved. Best practices and standardization of pricing cannot be achieved without reliance on digitization.