Kenyan Property Market Maturing

The property market in Kenya was "exceptional" last year in global terms, with home values surging forward, one consultancy agency has claimed. Real estate values in Kenya increased by 5.8 per cent over the course of 2010, HassConsult Ltd has said....

The property market in Kenya was "exceptional" last year in global terms, with home values surging forward, one consultancy agency has claimed.

Real estate values in Kenya increased by 5.8 per cent over the course of 2010, HassConsult Ltd has said.

According to the firm, this means that the average price of a stand-alone house climbed by 9.7 per cent to 29.01 shillings (USD 357,000). In addition, the average price for an apartment also saw yearly gains of 4.8 per cent to 10.7 million shillings.

However, the company said that it did not expect the "exponential" growth seen in 2007 to 2008 to continue at the same rate, although the market was now moving into a more mature and sophisticated state.

"The Kenyan property market was absolutely exceptional in global terms in not experiencing sharply falling property prices in 2008," HassConsult said. "The western and Asian markets all suffered sharp drops in houses through 2008 during the global recession."

- Thursday 03 February 2011

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