Apartment prices in Westlands register biggest dip ahead of Kilimani
Published on: May 11, 2021 08:50 (EAT)
Apartment prices in Westlands registered the biggest dip at 3.3 per cent ahead of Kilimani which shed 2.4 per cent of costs in the quarter. According to a HassConsult report, Kilimani area saw the sharpest drop in rental prices at 2.8 per cent behind Kiambu which saw rental prices shed 5.3 percentage points in the period. “Working and schooling from home has shed light on the importance of more space, leading to increased demand for homes with compounds. However, since most household incomes declined or were affected, semi-detached houses have become a more favorable housing option as they offer more space than apartments but at a less expensive price than detached houses,” said Ms. Sakina Hassanali, Head of Development Consulting and Research at HassConsult. Prices of semi-detached houses have risen by 0.5 per cent offsetting a general slide in house costs. Nevertheless, apartments remain as the most dominant units available at the market place taking up a 62.2 per cent share as of December 2020. New home buyers have ditched apartments for semi-detached housing units in a quest for space and affordability according to a new industry report. Apartments and detached housing units have meanwhile posted a 0.6 and 1.2 per cent drop in prices in the period. Semi-detached houses represent a 27.5 per cent market share with detached units taking a lesser 10.3 per cent. On average all properties shed 0.7 per cent in asking prices in the quarter but marked a 1.2 per cent growth in rental prices. Apartment rental costs were down 2.3 per cent while detached and semi-detached units registered an appreciation rate of 3.2 and 1.2 per cent respectively. Overall land prices meanwhile rose by 0.2 per cent supported largely by growth in satellite towns. Prices in Nairobi commercial zones were meanwhile dampened as a low office space demand exacerbated woes for the subs-sector which also faces an extended glut. Land costs in the Riverside area marked the biggest quarterly drop at 1.7 per cent among the suburbs. On the flip side, Ngong posted the largest growth in land costs among the satellite town as at 6.1 per cent.