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Demand for apartments down 63 percent as buyers opt for maisonnettes

By Estate Cloud - over 2 years ago - Kenya

Demand for apartments down 63 percent as buyers opt for maisonnettes

The apartments accounted for approximately 43 per cent of transaction activity in the third quarter of 2020 according to the latest KBA house price index.

Maisonettes and bungalows accounted for 21 per cent and 33 per cent respectively, while townhouses accounted for 2 per cent of the concluded sales in the third quarter.

However, the overall demand for apartments shrank by 63 per cent, while demand for bungalows and maisonettes expanded by 9 per cent and 72 per cent, respectively. Region Two which consists of Thindigua (Kiambu Road), Kiambu, South B, South C, Kabete, Komarock, Imara Daima, Membley, Buruburu, Rongai, Waiyaki Way (Uthiru, Regen, Kinoo, Kikuyu), Mbagathi road, Ngong Road, Langata, accounted for the most housing activity during the period at 53 percent.

Transactions are still happening in low volumes reinforcing the earlier observations of buyers’ search for affordability.

The KBA-HPI index based on the moving base, stood at 117.11 in quarter three compared to 117.20 in the prior period, indicating a slowing down of the drop which began in the fourth quarter of 2018 when the index stood at 127.0, its highest since its inception in 2013.

KBA said that house price growth is flattening off, a sign that the market is now characterized by stability albeit still in the negative territory. Housing price fundamentals, just like prices of non-house goods, substantially depend on the state of the economy.

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