Browsing: Kenya’s real estate sector

  • Data from realtor HassConsult show the price of an average house within the city grew 10.5 per cent in the year to June compared to a reduction of 1.7 per cent in the same time a year earlier
  • This is the fastest growth seen in the property market since 2011, when the increase was at 15.7 per cent
  • Langata, Spring Valley, and Westlands experienced the greatest price increases during the period in which Ongata Rongai and Ngong experienced the greatest development among satellite towns outside the capital

Nairobi, the Kenyan Capital, has seen House prices rise this year.

Investors owning property in and its environs have seen the highest property price surge in 11 years based on revived demand from buyers who had slowed down their buying during the most challenging period of the Covid-19 economy.

Data from realtor HassConsult show the price of an average house within the city

Kenya’s construction industry is projected to grow by up to 3.9 percent this year, according to a new report by the Architectural Association of Kenya (AAK).

The report, dubbed Status of the Built Environment report, AAK however cautions that the growth can only happen if there is no repeat of the strict lock down that were implemented in the country last year after the emergence of the coronavirus pandemic.

The report says growth will be driven by several factors among them a sharp recovery in output levels compared to periods when works were not permitted or were severely restricted in 2020.

“In 2021, the construction industry is expected to improve, assuming a slowdown in COVID-19 cases and recovery in the global economy,” the report notes.

Kenya to start construction of double decker highway as World Bank consents to funding

The report notes that the second quarter of the year, for …

In filling Nairobi’s many top-end residential estates, the flight of international residents is now being felt in the real estate, a report has revealed.

According to the report released by Hass Consult, economic growth and consumer demand have also affected tax revenue growth and donor funding during the decade-long ‘great recession’ that has followed.

“This steady attrition in numbers was accelerated last year in the new government drive curbing work permits. This triggered a new uptick in international departures, which by the first quarter of 2019 had resulted in significant falls in the sales prices and rents of top-end detached houses, which fell by 4.4 per cent and 4 per cent respectively in the first 12 weeks of the year,” said Sakina Hassanali, Hass Consult’s Head of Development, Consulting and Research.

According to Ms Sakina, the firm foresees some continued downwards pressure in this segment until the international economy …