MaxShimba
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- Apr 11, 2008
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By WINFRED KAGWEPosted
Thursday, October 1 2009
Prices of upper and middle income houses in Nairobi are falling after consistently rising in the last two years, this according to a property index issued by real estate agents, HassConsult.
The trend has been attributed to a high supply of houses in the market.
The prices of residential property reduced by 1.4 per cent and 2.2 per cent in the second and third quarter of 2009 respectively, compared to 2007 and 2008 when every quarter saw a 4 per cent or more increase.
Between 2007 and 2008 the overall prices went up by 30 per cent.
In recent months, despite the demand for housing, the financial strains on middle and upper income buyers have shown, bringing a slow down in the market, where so many new residential developments have come up.
This, however, gives a small picture of the overall trends in the property market as it only included actual residential places that could not be developed further in up-market suburbs.
This particular index is targeted purely at price changes in urban houses, villas and apartments where the only element driving the price is competition for that property, said Hamida Hassanali, director HassConsult.
This is Nairobis first property price index, which the company will be releasing every three months
Thursday, October 1 2009
Prices of upper and middle income houses in Nairobi are falling after consistently rising in the last two years, this according to a property index issued by real estate agents, HassConsult.
The trend has been attributed to a high supply of houses in the market.
The prices of residential property reduced by 1.4 per cent and 2.2 per cent in the second and third quarter of 2009 respectively, compared to 2007 and 2008 when every quarter saw a 4 per cent or more increase.
Between 2007 and 2008 the overall prices went up by 30 per cent.
In recent months, despite the demand for housing, the financial strains on middle and upper income buyers have shown, bringing a slow down in the market, where so many new residential developments have come up.
This, however, gives a small picture of the overall trends in the property market as it only included actual residential places that could not be developed further in up-market suburbs.
This particular index is targeted purely at price changes in urban houses, villas and apartments where the only element driving the price is competition for that property, said Hamida Hassanali, director HassConsult.
This is Nairobis first property price index, which the company will be releasing every three months
