Prices of high-end houses in Loresho and Kileleshwa have dropped by over 10 percent between March and October due to low demand occasioned by tough economic times brought in by the Covid-19 pandemic.
According to Elizabeth Costabir – CEO of BuyrentKenya, an online marketplace for properties, the overall property prices in Nairobi have declined b between 10 to 15 percent over the same period.
“Developers are being forced to reduce the prices of houses because demand has gone down drastically,” she said as reported by Business Daily.
The costs of apartments, bungalow, and maisonette in both Kileleshwa and Loresho vary between Sh10 million and Sh100 million depending on the location and size.
“Developers are selling their properties at discounted prices in a bid to get money to offset their loans and not have vacant houses in the market,” Costabir said according to the publication.
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The Kenya Bankers Association – House Price Index (KBAHPI) shows that the overall house process has reduced by 0.08 percent in the third quarter – a marginal improvement from the 0.20 percent decline in the second quarter of 2020.
