The outlook on the units offered reveals that in Quarter 2 of 2019, apartments’ dominance continued and was characterized by upsurge while that of Maisonette and Bungalows wither in relation to Quarter 1 of 2019. Apartments accounted for four-fifth (i.e. 81.2 per cent) of the total units in Quarter 2 compared to five-eights (62.6 per cent) in the first quarter of 2019 according to Kenya Bankers Asociation (KBA).
The continued dominance of the apartments in the housing market is a clear demonstration of the predominance of the middle-income segment of the population.
From a developer’s perspective, this outlook is one way of dealing with the pressure of land prices and hence the need to build further upwards. Maisonettes accounted for one-seventh of the market’s share though it registered a 10.5 per cent decline from 23.4 per cent in Quarter 1 to 12.9 per cent in Quarter 2.
The share of Bungalows also rammed down by 8.1 per cent from 14.0 per cent in Quarter 1 to 5.9 per cent in Quarter 2 0f 2019.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]