The building construction industry in Kenya is expected to record a Compounded Annual Growth Rate (CAGR) of 6.1% to reach Ksh. 604.3 billion by 2024 according to research.
A report by Research and Markets research estimates that the value of the commercial building construction market will record a CAGR of 6.5% over the forecast period. In addition, it estimates that the residential construction industry increased in value at a CAGR of 9.0% during the period from 2015 to 2019.
The data-centric report provides data and trend analyses on building construction industry in Kenya, with over 80 key performance indices (KPIs). It details market size & forecast, emerging trends, market opportunities, and investment risks in over 30 segments in residential, commercial, industrial and institutional construction sectors.
Kenyan property markets have in recent months undergone a lot of constraints ranging from unfavorable economic circumstances, demand-supply mismatch and credit issues pre-corona virus crisis.
With the prevailing negative market sentiments, and expected lay-offs that some companies have already set in motion, it is not yet clear when the coasts will clear but the short-term outlook remains dim for property markets in general.
With the persistent glut in high-end markets and a weakened purchasing power, property developers and other real estate market players will need to transition into more efficient operations namely the use of data and other available technologies going forward.
Beyond the COVID-19 cloud, the country’s massive affordable housing deficit still remains unmet, and demand from the lower-income market segment is expected to grow in the short-term.