About one third of Kenyans or three out every 10 have indicated plans to change homes following the advent of the COVID-19 pandemic.
This is according to new findings contained in a new report by real estate consultancy Knight Frank which attributes the desired switch to changing lifestyles.
Nevertheless, most of the respondents indicated they will likely stick within their current neighbourhoods as other factors such as pricing, disposable income and proximity to social services persist.
“Their preference to stay in the same location suggests that buyers are happy with the area they reside in, but not the homes or environment they live in. The desire to remain in the same location suggests that for these buyers the reasons that drew them to the area will continue to hold true over the next 12 months,” the report states.
With homes becoming the new offices, gyms and even social joints, Kenyans state more living space has grown to become more essential than before.
As such, the report highlights a dipping demand for apartments over detached home units.
Three-quarters of respondents say they will more likely work from home over the longer term propelling a home office as the top desire in new home buyers ahead of more privacy and large garden spaces.
Kenyans however remain price sensitive as their desired home change aligns to expectations of lower house prices over the next 12 months.
50 per cent of respondents for instance expect house prices to come down in 2021.
The expectation matches up to Knight Frank own assumptions which anticipates softer prices as cash-strapped developers seek to turn their asset holdings into cash.
“The increased demand for liquidity has meant that sellers are more inclined to discount their prices and discounted offers of up to 15% of the asking prices have already been witnessed. Buyers may need to act quickly to capitalize on the softer prices, although it is anticipated that this trend will continue into 2021,” the report adds.
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