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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

    IEBC picks Greek firm Lykos to print ballot papers

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Portugal settles on Kenya as its gateway for investments in Africa

    Portugal settles on Kenya as its gateway for investments in Africa

    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

  • Markets
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

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  • Tech
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    Africa Avant-Garde explores the art of filmmaking on the continent

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    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

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    Why Mercedes Benz is Recalling Their Old Models

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

    Netflix Stock Collapses After Losing 200,000 Subscribers

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

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Real estate on the decline despite key foreign investment

by Kenyan Business Feed
June 9, 2019
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Real estate on the decline despite key foreign investment

Sunday, June 9, 2019 18:00


By JAMES KARIUKI

Affordable Housing Programme
The construction site for the Affordable Housing Programme along Kinshasa Road in Ngara, Nairobi, on May 28, 2019. PHOTO | EVANS HABIL | NMG 

Nairobi has dominantly enjoyed foreign direct investments across all real estate segments in the past decade but that now appears to be fast ebbing away.

The launch of affordable housing by the government as part of its Big Four agenda has not helped the situation for companies that borrowed funds to put up structures.

Realtors are reporting poor sales, making them default on development loan repayments with their half-done houses being auctioned. Prospective house owners are demanding refunds.

Lenders have in turn mooted out-of-court settlement deals, hoping to give loanees time to settle them.

The demand is also falling for apartments, with Kenya Bankers Association (KBA) reporting a 13.7 per cent drop to 62.6 per cent in the first quarter of 2019, especially after the government launched an affordable housing programme with the first 300 units set for delivery in September.

This has seen prospective houseowners register with the State department of housing hoping to be allocated the rent-to-own units that will retail at between Sh900,000 for a studio apartment and Sh3 million for a three-bedroomed apartment.

“The housing market is predominantly in the middle-income segment that would potentially change upon implementation of the government-fronted Affordable Housing Programme,” says KBA.

Private buyers have also suffered immensely following the ‘Bomoa bomoa’ campaign where the government is restoring public spaces, road reserves and riparian lands. This has made many hopeful property owners go slow on purchases as they await clarification on property ownership papers.

HassConsult’s head of research Farhana Hassanali says there is an urgent need to reaffirm the authenticity of property ownership papers. He says most Kenyans prefer to rent than to own for fear of losing their money in case their houses are pulled down to make room for public utilities.

Analysts feel the market is deeply saturated, thanks to heavy local and foreign investments in real estate as investors target to make huge profits.

Various studies released by local firms indicate poor access to credit has hurt the market, with lenders unwilling to loan individuals on the strength of title deeds, the property or payslips. Lenders cite the property slump and shaky employment environment.

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Banks say Kenyans are not buying property as fast as they traditionally did, making them change tack in deciding who to give a loan based on the borrower’s financial history. They say payslips have lost their allure as companies kept up retrenchments as a cost-cutting measure.

Global property consultancy, Knight Frank, in their latest study, say falling demand has made Nairobi’s property prices decline by 6.5 per cent in the past 12 months and blamed it on oversupply of newly completed property.

This has seen realtors sustain last year’s rent prices. Others have reduced rent to retain ‘good’ paying tenants while allowing ‘bad’ ones to relocate.

“The situation has also witnessed less transactions being executed in the past year, with rental prices stagnating or softening by a half percentage in the past three months,” it says.

Knight Frank’s Prime Global Cities Index says this has made Nairobi’s position fall to 42 out of 45 global cities Knight Frank has a presence in.

Knight Frank’s Head of Agency Anthony Havelock says they anticipate a further fall as more property units come up across Nairobi’s suburbs.

The suburbs continue to attract heavy investments especially for gated communities where investor-developers have mooted new lifestyle ‘barometers’ that preach experiences based on greenery, water features and walkways as well as basement parking bays.

“The build-up in supplies has also resulted in high vacancy levels in rental houses, piling pressure on rents in the top end of the market, with further reductions expected,” he says.

Among the latest developments now selling off-plan is Applewood property in Karen by Cytonn Investments going for Sh180 million, Entim Sidai’s two-storeyed maisonettes in Karen — marketed by Pam Golding at Sh120 million and HassConsult’s Enaki in Gigiri, selling at Sh80 million.

Central Bank of Kenya has said holders of Sh5 million and above should report to them before effecting any changes, thereby creating a new hurdle in ease of cash movement.


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]

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