This archive report was first published on 21 August 2021.
NAIROBI, Kenya, August 21, 2021 - The Kenyan property market has witnessed a stagnant asking price performance in the second quarter of 2021, with a negligible 0.1% drop, according to new data from Hass Consult.
Despite the overall stagnation, the market has seen a boost in certain areas, particularly in Lang'ata, where house prices have increased by 4.1% in the quarter and 10.3% in the year. This is attributed to the current market trend of affordability, driven by economic stagnation and salary cuts.
Lang'ata has also seen a significant increase in rental prices, with detached houses experiencing a 3.4% increase in the quarter. This is largely due to the shift to remote work, which has enabled individuals to allocate more funds to housing.
However, the apartment rental market remains driven by affordability, with Lang'ata registering a 2.9% increase in apartment rents over the quarter and 12.9% over the year. In contrast, Riverside Drive, which has the highest apartment rents, saw a 2.8% decrease in rent prices in the quarter.
