A recent report released by Cytonn highlighted estates across Nairobi City often preferred by residents trying to live through the hard times.
In Satellite towns, apartments recorded a slight decline in price appreciation which came in at (0.1%) owing to decline in asking prices in areas such as Kikuyu and Syokimau.
Divided into three segments, Upper Mid-End Segment, Lower Mid-End Suburbs and Lower Mid-End Satelite towns, the uptake of those estates were influenced by house rates which decreased due to the pandemic.
Westlands led the Upper Mid-End section with an uptake of 23.9% followed by Kilimani 20%, Kileleshwa 17.6%, Parklands 17.1% and Loresho 13.9%.
In the Lower Mid-End Suburbs section, Ngong Road led the pack with 23.3 per cent followed by Upper Kabete 23.2%, South C 22.7%, Dagoretti 21.9% and Lang’ata 21.3%.
Ruaka was the most preferred section by apartment seekers in the Lower Mid-End Satelite towns section with a rating of 22.6% followed by Thindigua, 22.0%, Ruiru 19.7%, Kitengela 19.4% and Kikuyu 18.2%.
In terms of prices, the report indicated that an average price per square meter in the Upper Mid-End was Ksh 601 with Lower Mid-End Suburbs recording Ksh526 and Lower Mid-End Satelite towns at Ksh426.
The demand for the residential properties were shaped by three factors including housing deficit since the need for affordable housing is currently at an all-time high.
Other factors included population that currently stands at 47.6 million and access to credit due to the repeal of the interest cap regime in November 2019.
According to HassConsult Real Estate, in a report released in 2020, identified Gigiri as the most expensive neighbourhood with house prices going as high as 119.3 million.
Nyari estate was ranked as the second most expensive neighbourhood with houses going for as high as Ksh103.6 million followed by Runda (Ksh92.1 million), Karen (Ksh88 million) and Kitisuru (Ksh84.3 million).
The same report report ranked Kitengela as the cheapest place to purchase a house.
Source: KENYAGIST.COM
