× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Nairobi house prices, rents drop

By Peter Theuri | January 31st 2020 at 09:00:00 GMT +0300

Sakina Hassanali, Head of Development Consulting and Research said Kitengela recorded the highest increase over the year at 10.71 percent while Ongata Rongai lead on a quarterly basis at 4.56 percent. [Wilberforce Okwiri/Standard]

House prices and rents dropped marginally last year in Nairobi and satellite towns.

A report by real estate firm HassConsult says rents dropped by 2.1 per cent while those in surrounding areas fell by 2.3 per cent over the course of 2019.

“Landlords are becoming less demanding, especially in areas where there is an oversupply of similar units,” said HassConsult Head of Development Consulting and Research Sakina Hassanali (pictured) while releasing the report yesterday.

However, if you owned a piece of land in Kitengela and chose to trade it off last year, then it is likely you raked in substantial profit.

The Hass Property Index report for the last quarter of 2019 indicates that land prices in Kitengela increased by 10.71 per cent.

Upmarket Riverside, on the other hand, recorded a 9.24 per cent drop in the same period.

House prices in Nairobi’s satellite towns recorded a drop of 0.5 per cent, the first dip recorded by the firm since 2008.

This was attributed to the tough economic times that the country experienced in the year as people were only able to buy at lower prices.

“The fall in prices in the satellite towns shows that investors are holding off buying decisions, which is a defensive strategy taken when there is economic uncertainty. This can change if the situation improves going forward,” said Ms Hassanali.

In spite of the 3.5 per cent drop in the prices of all property in 2019, Hassanali expressed optimism in the real estate market, citing more liquidity in 2020 and positive trends in the first weeks of January.

She said the perception that Kenya’s real estate sector was in a meltdown was exaggerated, with the slowdown experienced as a result of global recession that had affected every country.

House prices Rent HassConsult Real Estate
Share this story


Read More