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The latest KBA house price index shows that apartments accounted for approximately 43 per cent of transaction activity in the third quarter of 2020. 

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&rsquo; search for affordability. 

The KBA-House price index which is 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 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. 

<a href="https://www.kba.co.ke/house_price.php" style="color: #000000;">Housing price fundamentals</a>, just like prices of non-house goods, substantially depend on the state of the economy according to the KBA-House price index.&nbsp;

The National Assembly has said the Central Bank of Kenya (CBK) does not have powers to approve the opening, relocation and closure of any branch of a mortgage refinance company.

Parliament <a style="color: #ff6600;" href="https://www.businessdailyafrica.com/economy/Parliament-clips-CBK-powers/3946234-5396400-o7tif3/index.html">nullified</a> sections 26(2) and 42 of the Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019.

The Central bank of Kenya published the draft regulations in May this year to govern the establishment of Mortgage Refinance Companies (MRCs).

The annulled regulations had given CBK unlimited control over the licensing and regulation of mortgage refinance companies.

“The bank may provide in guidelines other forms and the manner in which a place of business may be opened, relocated or closed,” the annulled section reads.

The committee on Delegated Legislation argued sections 26(2) and 42 of the regulations contravened section 13(m) of the Statutory Instruments Act as they inappropriately delegate legislative powers to the Central Bank of Kenya to issue guidelines. It approved adoption of the regulations subject to deletion of the two sections.

“Guidelines are statutory instruments within the meaning of Section 2 of the Statutory Instruments Act and if made by CBK, must be submitted to the National for Approval,” said Gladys Shollei, chairs of the committee, in a report adopted by the parliament before MPs went on recess.

Related; <a style="color: #ff6600;" href="https://estatecloud.co.ke/cbk-sets-stage-for-mortgage-refinancing-companies-in-kenya/">CBK sets stage for Mortgage Refinancing Companies in Kenya</a>

The growing popularity of solar energy world over was an inevitable reaction to the discovery of one of the cleanest, natural and most useful sources of energy. The applications of solar energy in households vary but solar water heating is one of the most popular uses for households, institutions and industries.

Not so long ago, solar water heaters were considered viable for households with no access to conventional electricity, now it is considered the only economically viable option even for those with connection to the electric grid.

According to chloride exide, a leading energy equipment provider, solar water heaters can lead to savings of up to 60% on the cost of electricity. That’s a saving of Sh. 600 for every Sh. 1000 spent.

In Sub-Saharan Africa, increasing adoption of solar water heating has been driven by the need to reduce operating expenditure. At chloride exide for instance, a 300 litre solar water heater for a family of 4-6 would go for a one-time purchase price of Sh. 131,000 and with a lifespan of over 20 years. Over the years, this is would result in a significant savings compared to the initial investment. Another factor is the high amount of sunlight energy received around the equator.

More recently, the need to move away from fossil fuels too has also been a big reason for its adoption so that in many places, charcoal and wood or oil products have been replaced by solar water heaters do the work. It’s easy to see why people increasingly prefer the efficiency of a solar heater to the bother of heating 300 litres using charcoal, wood or gas.

Studies have shown that heating water accounts for more than 40% of electric bills for households and commercial enterprises. Hotels for instance spend a lot of energy in heating water. In Kenya, where the unit cost of electricity is ever on the rise, this can result in high electric bills. This is why companies like chloride exide have come up with easy solar solutions 

Solar heating systems have many uses. Providers like chloride exide have products for domestic, industrial applications, hotels, gymnasiums, educational institutions, hospitals et cetera. In actual fact, the evolution of solar water heaters has ensured that beyond basic hot water requirements, they can be used to provide complex heating solutions.

There are two types of solar water heating systems. Passive solar water heaters depend entirely on the sun a source of energy and use gravity and natural water circulation to heat water. Active systems on the other hand require other equipment like pumps and controls to circulate the water. Passive systems are less expensive but less efficient in comparison to active systems.

<a name="_GoBack"></a>The factors to consider when installing a solar water heater include flexibility of installation, durability, economy, user friendliness, savings on electricity and environmental good. At chloride exide, the solar water heaters can be acquired for as low as Sh. 35,000 to Sh. 165,000 for more complex needs.

Regarding the return on investment, the payback period for investment in solar is approximately 1 year for use in households and about 4 to 6 years for commercial enterprises but the benefits continue for over several years thereafter. 

Solar water heaters can now supply up to 90% of the hot water demand if a good system is installed. This has been aided by modern research and development which has enabled solar manufacturers to carry out the transformation of solar water heaters to increase efficiency and cut on cost.

Recently the government too, in a bid to reduce dependence on the scarce energy resources has enacted regulations to fast track the adoption of solar energy. The Energy Regulations of 2012 require land lords and homeowners to install solar water heaters on buildings with hot water use exceeding 100 litres per day. New buildings must have the installation before use.

With the increasing consumption of electricity in especially in sectors that require high inputs such as manufacturing and limited sources, the country must subsidize use of energy by delegating secondary uses such as water heating to solar panels.

Solar, the new Way of Heating Water for Households

Parliament rolls back CBK’s powers over Mortgage Refinance Companies

This is a residential property strategically located in Karen. The property is in Hill Crest Court along Hill Crest Drive. It is approximately 800 Meters from Lang’ata Road. The land has a three-bedroom bungalow with well-maintained and beautified lawns, a large compound and a garden. It is ideal for redevelopment.

Contact Agent: +254787017149

High-end suburbs led by Muthaiga showed resilience despite the continued challenges in the property markets market. 

The latest data by Hass Property price indices for the third quarter of 2020 reveals that high-end suburbs, which are predominantly characterized by detached houses, bucked the trend led by Muthaiga which was the best performing suburb over the quarter with property prices posting a 1.4 per cent increase.

Loresho and Runda, other high-end suburbs, also displayed resilience with mild increases of 0.9 and 0.7 per cent increases, respectively. 

&ldquo;Most buyers of high-end houses are looking for properties that offer consistent or stable returns regardless of the state of the overall property market. Additionally, buyers who want that dream home in some of the exclusive neighbourhoods are prepared to pay a premium,&rdquo; said Ms. Sakina Hassanali, Head of Development Consulting and Research at HassConsult. 

Overall prices remained static with a 0.3 per cent increase over the quarter and 2.27 per cent on an annual basis. 

Loresho was the best performing suburb on an annual basis with house prices increasing by 7 per cent. 

In the satellite towns, Thika was the best performer with apartment prices increasing by 1.8 per cent. On the tail end was Riverside which saw apartments in the suburb post a 2 per cent quarterly drop and an 8.4 per cent drop in house prices year-to-date. 

House correction in Juja saw prices in the suburb drop by 4 and 8.8 per cent over the quarter and on an annual basis. 

On the rental front, HassConsult said that rents marginally improved over the quarter driven by Muthaiga and Ruiru housing markets which posted 2.9 per cent and 3.7 per cent respective increases. 

Overall rents increased by 2.5 per cent over the quarter 4.9 per cent on an annual basis. 

&ldquo;A few suburbs have backed the trend of falling rents which still continue as tenants are negotiating for discounts amid the tough economic environment,&rdquo; said Ms. Hassanali. 

Apartments in Langata recorded the highest asking rents over the quarter at 3.5 per cent while Kilimani recorded the lowest drop with apartment rents marginally reducing by 3.6 per cent.

High-end Property Remains Resilient Despite Market Challenges

Most East African countries experienced a real estate boom in the past decade which led to the current oversupply as most developers targeted high-end properties.

The resulting neglect of the lower-income groups has led governments in the region to reconsider strategies to provide affordable housing for low-income earners. Focus on affordable housing which began recently is expected to continue during the decade.

East Africa currently has a huge housing deficit of nearly 8 million units when estimates from individual countries are combined. According to Centre for Affordable Housing in Africa (CAHF) Kenya currently has an estimated deficit of 2million units, Tanzania (3 million units), Uganda (2.1 million units) and about 830k for Rwanda up to 2032.

Governments are expected to play a major role in bridging the current housing gap in order to reduce the spread of informal settlements which in Kenya for instance currently stand at 62 percent of the urban population.

The government’s intervention is especially required to create the appropriate incentives for developers and potential homeowners. In addition, there is need for job creation from both the private sector and government to boost income levels toward more affordability.

Speaking in a recent interview, Cytonn Real Estate Analyst Wacu Mbugua told CNBC in a recent interview that key challenges for developers include high construction costs across East African Countries and the high cost of capital.

Financiers have also had to weigh between the high cost of capital versus low short term returns in real estate relative to opportunities in other areas.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/acorn-list-first-green-bond-on-the-nse/">Acorn list first green bond on the NSE</a>

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Estate Cloud

Estate Cloud

KBA-House Price Index Shows Demand for Apartments Down 63 percent

By Estate Cloud - over 2 years ago - Kenya

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