Better Credit Access Drives Up Real Estate Sales

Posted :
July 1, 2022
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Realtors have reported increased sales of standalone homes within Nairobi and its suburbs, largely driven by improved access to credit and lower property prices.

A survey of several real estate sellers in the city has revealed that January property sales were much higher than the average monthly transactions reported in 2021.

Realtors said high-end properties in Westlands as well as the Gigiri diplomatic blue zone performed well last month, with several off-plan deals.

Kenyans appear to be enjoying better access to capital as many property buyers and tenant had paid all their installments that lagged behind last year. We have seen higher demand in developments in Ruiru and Kitengela, mostly from investor-buyers from the diaspora market.

There is hope as Kenya’s population is rising and new well-paying jobs are fast emerging within the digital space. 2022 is shaping up to be different from 2021 as banks are now willing to lend to would-be homeowners.

Good infrastructure has supported new sales of upcoming residential development in areas such as Kangundo Road while Kitengela serviced plots sold under a buy and build basis have witnessed heightened interest among young couples.

Releasing their fourth quarter housing property index, Kenya Bankers Association reported a seven percentage point jump in maisonette and bungalow sales within Nairobi and its suburbs.

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