Real estate, just like many other investment ventures is always susceptible to trends in the market. We are always poised to see changes in the real estate market both globally as well as Kenya. Some trends usually lead to significant changes in the market while others are pretty minute and quite easy to miss out.
Here are some top trends this year in the Kenyan Real Estate market
Satellite Towns Still Hard to Ignore
Factors such as improved infrastructure, increased urbanization and population in Nairobi has made towns immediately out of Nairobi suitable places for people to own or rent homes. Places such Joska, Kamulu, Kitengela, Rongai, Utawala, Syokimau, Ruaka just to name a few have been doing extremely well in recent years and that trend is set to continue this year.
Satellite towns are offering a complete escape route out of the busy and congested Nairobi scene. Massive real estate investments like Savanna Green estate in Joska are setting high standards on matters housing in the country. Availability of all social amenities like schools, hospitals and entertainment joints are making places like Joska and the rest extremely difficult to ignore.
Growing Demand for Middle Income Housing
The periodic rise of the economy has played a significant role in the periodic increase of middle-income individuals who are hunting down homes that complement their newfound economic stature. This has led to an increase in demand for middle-income housing in the real estate market in Kenya.
With uptown areas like Kilimani and Lavington satisfying demand and exceeding surplus, its areas like Ruaka, Syokimau, Kitengela, Joska and the likes are making a killing regarding middle-income housing. Renting and buying homes and land has never been made simpler.
If there’s probably a trend that won’t cease being on the rise any time soon, it has to be the state of affordable housing in the real estate market in Kenya. This can largely allude to the fact that the deficit created in the market being too big to be settled overnight.
Both the government and the private sector are striving and working overtime to ensure that affordable housing, which is a key economic pillar and vision 2030 project. Both sectors share a key attribute of making homeownership in Kenya affordable and easy.
The above real estate trends in Kenya are surely poised to change anytime to accommodate ongoing factors that challenge the economy or buying and renting habits of Kenyans.