We dive in to have a snapshot of the Kenya real estate. The top-end properties have seen a decline in the first quarter of 2020 due to the impact of the Covid 19, coronavirus. It is a field season for tenants and buyers.
A rough patch for developers as the top end of the residential property market continues to cool off with both rent and prices on a general decline for the first quarter of 2020 according to the latest report from real estate company CommercialKe.
Prime property prices in Nairobi declined by 1.8% in the first half of 2020 compared to the 0.4 per cent drop reported in the same period in 2018. In the same period rent in the same segment of the market declined by 1.7 per cent compared to a 0.3% drop in the year-earlier. The top end of the residential property market is facing oversupply which is pushing rent and prices downwards.
The prices have also been affected a lot by many investors and homeowners who are holding money back. people are uncertain and are not sure of what will happen in the next few months. For this reason, the middle-income earners have opted to hold money except for the essential services only.
For a smart investor, however, this would be the best time to buy as the prices are at their lowers and the negotiation power could even push the prices lower. this means that someone could buy now and then sell back when the economy returns to normal. As they say, when the market hits low, the only way is up. Check out top projects on offer on select Real Estate Development websites like Commercialke, Commercial property Kenya where they keep the property prices updated.
You can also call 0784448888 and talk to Kenneth Ikiara the CEO of the company. He will give you a previous of the market and insights on the properties which are on offer at the moment.