Kenya’s housing market is cooling rapidly, amidst falling demand caused by constrained credit access, coupled with the continued oversupply of high-end residential developments.
During the year to Q3 2019, the Hass Composite Property Sales Index, a measure of asking sales prices of residential properties, fell by 3.4%, in sharp contrast to a y-o-y rise of 8.1% during the same period last year, based on a report released by HassConsult Limited. It was the second consecutive quarter of y-o-y price declines after falling by 3.2% in Q2 2019.
Quarter-on-quarter, residential property prices increased slightly by 0.9% in Q3 2019.
By property type:
- For detached houses, prices fell by 7% y-o-y in Q3 2019, in sharp contrast to an 8.8% rise a year ago
- For semi-detached houses, prices rose by 6% y-o-y in Q3 2019, a deceleration from last year’s 11.8% growth
- For apartments, prices dropped 1.7% y-o-y in Q3 2019, in contrast to a 1.3% rise a year earlier
Source: globalpropertyguide.com