KENYA REAL ESTATE NEWS
The real estate sector contributed almost 7% of Kenya's GDP in 2019. This is expected to fall in 2020-2021 due to the effects of the pandemic as it has ravaged the country and the world at large. Within Nairobi, the property prices have been affected. Kilimani recorded the highest price drop in rental spaces at 2.8% while Upper Hill and Westlands followed with drops of 2.2% and 1.2%. This drop could be attributed to the movement of many people out of affluent neighbourhoods to more affordable areas in response to the economic challenges of the pandemic. Apartments in Langa'ta registered the highest increase in rent prices at 3.6%, while rents in Parklands and Riverside also rose by 0.9% and 0.6% respectively. Among Nairobi satellites, housing units in Donholm posted the largest jump in rent prices for the period under review, rising 2.2%. House rents in the high-end suburbs of Nyari and Muthaiga on the other hand, also rose by 1.6% and 1.7% respectively. According to Hass Co