House prices stall as lenders starve sector of financing

Apartment blocks in Nairobi’s Kasarni area. Developers now prefer low-end market segments such as apartments in the face of constrained credit access. [Photo: Moses Omusula, Standard]

House prices slowed in the second quarter of this year on the back of a dismal economic performance, a new report shows.

According to the latest Kenya Bankers Association-Housing Price Index, house prices increased by a marginal 0.98 per cent, the lowest price increase since the third quarter of last year.