This archive report was first published on 8 July 2019.
Published on July 8, 2019, a survey by Sagaci Research and McKinsey, commissioned by Actis and Shapoorji Pallonji Real Estate, found that 75% of 400 Nairobians interviewed were interested in buying a ready-to-occupy apartment.
According to the survey, 70% of respondents planned to use their personal savings to finance their purchase, while only 30% would obtain a mortgage.
The survey also revealed that 60% of respondents would not buy off-plan, citing concerns over the lack of information on the final product and developer reliability.
The findings come at a time when several developers have missed completion deadlines, blamed on diminished development loans and unfriendly mortgage terms.
Chris Coulson, the chief executive of Garden City Housing, attributed the higher sales of off-plan homes to deep-pocketed house development companies selling affordable products in prime areas.
“Kenyan companies must re-affirm confidence among prospective house buyers by providing built houses that are of high quality for Nairobians to buy at affordable prices,” he said.
