Residential Property Update

The last two months of the past year were not particularly interesting times for reals estate sales. The two months since November, apartments, houses and townhouses saw a huge decline in the total ask prices for 3-bedroom listings across the market.

According to DataFintech, in the two months since November, apartments, houses and townhouses saw a decline in the average rental revenue for 3-bedroom listings across the market. Apartments featured the least decline with 0.2%.

Houses suffered the largest decline of 25% while townhouses only saw a 2% decline in rental revenue during the period. Thus, apartments units remained higher than townhouses and houses over the past two months.

In a nutshell, all property types took a dip in the last month of 2017.

The total market value of all three property types by asking price increased for the month of December 2017 compared to the previous year with apartments having the highest increase while townhouses the least. The total value of apartments listed in the online market increased by Ksh. 2.1 billion more than the previous year.

The average rental price for 3-bedroom apartments in the year 2017 had a 5% increase compared to 2016. However, this was not the case with the average rental price for both townhouses and houses as they both saw a decline in the year 2017 as compared to the previous year.

Houses suffered the largest decline at 27% with townhouses suffering a 16% decline in rent, the market telling in no uncertain terms the items on demand.

The data was composed of more than 11,024 real estate units listed in online real estate platforms over the collection period.

 

 

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