Grim outlook for real estate amid falling incomes

AAK report shows developers holding back on projects, as tenants seek easier rent terms.

Property prices and rents are projected to decline further, as the effects of the coronavirus pandemic continue to be felt in the real estate sector.

This drop will particularly be felt in the high-end residential and commercial segments, with landlords now giving discounts to tenants, according to a report by the Architectural Association of Kenya (AAK) released on Tuesday in Nairobi.