House prices and rents in Nairobi dropped marginally for the year 2019, a new study by realtor HassConsult has revealed.
According to the study, rents dipped by 2.1 per cent in Nairobi while those in surrounding areas fell by 2.3 per cent, attributed to oversupply of housing units.
“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 .
In terms of property put up for sale, the firm found that Karen, Runda and Lavington suburbs had the highest number of properties (land) put up for sale at 31 percent.
Runda alone accounted for 13.3 percent of properties put on sale, as high end residents changed preferences.
“Standalone houses are expensive to run with gardeners, cooks, security guards and utilities. They now prefer shared facilities that give them a benefit of shared costs and a sense of community,” she said.
Land prices in Kitengela grew at 19.4 percent owing to ongoing investments in infrastructure and private industrial investments.
In the Upmarket Riverside, land prices dipped by 9.24 percent drop,with Limuru and Ngong recording a 9.5 percent and 18.6 percent rise respectively.
Upper Hill remained the most expensive location at Ksh539 million an acre despite a 2.3 percent drop.
Land at Karen was selling at Ksh62.4 million while Lang’ata’s asking price stood at Ksh65.7 million for an acre.
Generally, there was a 3.5 per cent drop in the prices of all property in 2019.