Flipping through the Hass Consult first quarter report on the Kenyan property scene, a lot of things definitely pop at you. Below is a summary of what we consider the 12 most useful, important, quirky, interesting and insightful things from the Hass Consult first quarter 1 2012 report.
#1. “There was a renewed push in asking prices, across all sectors of the market, up by 1.3% overall.”
#2. “The strongest push for higher prices was for town houses and maisonettes, with asking prices rising 3.8% on the previous quarter.”
#3. “Asking rentals went up across the board, with a 5% increase on end-2011 for stand-alone house rentals, which had remained flat for all of last year.”
#4. “Almost all developers have slowed building, postponed phases, or reduced the number of homes they are currently constructing.”
#5. “But as buyers have stalled or hesitated, in the belief that prices may fall, or waiting for lower interest rates, so the pent-up demand is now fuelling renewed rent rises, after some years of flat rental pricing across the middle and upper-end market.”
#6. “With most of our housing market still being bought by cash buyers, in a profound situation of under-supply, buy and sales closures remain steady, through recession and any setbacks in mortgage pricing.”
#7. “Property values have increased 3.1 times since 2000.”
#8. “The average annual property has gone from KES 7.1 million in December 2000 to KES 22.3 million in March 2012.”
#9. “The average value for a 1-3 bedroom property is currently KES 10.9 million.”
#10. “In 2001, apartments took up 23.5% of the market, town houses took up 24.5% of the market and stand-alone houses took up 52% of the market.”
#11. “In 2012 however, apartments took up 43.6% of the market, town houses took up 26.9% of the market and stand-alone houses took up 29.5% of the market.”
#12. “The gap between asking prices and closure prices remains wider than it was before the real estate stabilization.”
Based on the Hass Consult Q1 Property Report. Read it here.