Real estate data is information relating to the housing market. It’s mostly used by real estate developers and investors in evaluating properties and identifying market trends. Data can provide new insights and approaches to how real estate is developed, priced, sold and bought. By utilizing data, developers can better gauge potential projects; agents can serve clients more efficiently; property sellers and buyers can receive a real estate experience free of clutter and redundancy.
The Kenya National Bureau of Statistics (KNBS) said it is collecting data that will be used to better measure the performance of the real estate sector and help inform decision-making processes for households. Kenya is looking to plug data gaps in the real estate market so investors and households can easily access information to identify investment opportunities and track prices of rents. Furthermore, real estate service providers can stay ahead of the curve by working with clients to develop and implement effective strategies to meet the supply and demand in the property market.
In the world of real estate, a growing number of deals rely on data analysis. From faster, more accurate appraisals to sophisticated forecasts, the use of analytics can lead to smarter decisions about property investment. Nowadays, more and more real estate investors are turning to a data-driven real estate market analysis to build wealth and improve their competitive advantage. KNBS said that currently, investors rely on informal data to identify potential opportunities in the housing market given the lack of access to reliable information for housing developers or tenants. The statistic agency said that the new index will help bridge the data gaps in the real estate market.
“The baseline survey will run between July and September 2020, while regular data collection will be conducted every quarter of the year. The survey is targeting establishments that engage in activities of selling and letting or leasing of their own property or on a fee or commission basis, and financial institutions,” said KNBS in a public notice. Real estate agents and affiliate companies are among those being targeted in the survey. The survey will cover residential, commercial and land properties in urban and peri-urban areas across the country. With data analysis, investors can objectively evaluate where and when to invest, as well as determine the accurate value of properties.