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 Consult, the situation was witnessed as more people intentionally sought out rooms with natural spaces and compounds during the pandemic. 

Working and schooling from home has shed light on the importance of more space, leading to increased demand for homes with compounds. 

At the same time, rent prices in the suburbs of Gigiri, Ridgeways and Spring Valley also fell by 2.5%, 1.6% and 0.8% respectively. 

According to the data, the changes came about as property owners adjusted rental prices to match reduced demand due to Covid-19.      

Affordable Housing:

The affordable housing project began by the current government as part of the Big Four agenda has kicked off in the country. These projects have begun in areas such as Park Road in Ngara. The State has raised Sh 536.5 million in deposits from the sale of its 1,370 low-cost houses on Park Road in Nairobi, which feature one, two- and three-bedroom units.

The ministry plans similar projects in Shauri Moyo and Starehe, which will bring in another 8,000 units. 

Residential & Commercial Property:

Residential and commercial property within Nairobi has had a slow uptake as people have been reluctant to purchase property due to the lasting effects of the Covid-19 pandemic. The buying ability of many people has reduced as more people have become unemployed. 

Office space uptake has also been on the decrease as more people have turned to virtual mode of operations. There has been boom in the number of available office spaces within Nairobi and its environs. This boom in available space is bound to continue as more companies are adopting working from home operations.  

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Location: Twiga Towers, Nairobi, Kenya

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