Rent as well as land prices in Nairobi, Kajiado, Kiambu, and Machakos counties have dropped in the first quota of the year following the impacts caused by the coronavirus pandemic.
According to HassConsult, a real estate company that conducts quarterly property pricing index in the country, says rent has dropped by 0.7 percent in the first three months of the year compared to 8.7 percent growth seen last year within a similar period.
Land prices in Nairobi have increased by an average of 0.28 percent compared to 1.4 percent growth seen last year in a similar period.
“As more companies scale down operations and send Kenyans home due to the ongoing pandemic, there will be pressure on landlords to give waivers or discounts,” said Sakina Hassanali, an executive at HassConsult.
Rents dropped in Kitusuru by 7.7 percent, Loresho by 7.3 percent, Spring Valley by 6.5 percent, and in Donholm by 0.2 percent.
Land prices have also dropped by a large margin. Gigiri and Riverside lands have the biggest drop of 7.2 percent. Lands in Kilimani fell by 2.3 percent, in Lavington by 2.7 percent, and those in Runda dropped by1.9 percent.
However, land prices have increased in Muthaiga by 6.3 percent, Karen by 2.5 percent, and in Kitusuru by 2.2 percent. In satellite towns of Ruiru, Kitengela, Juja, and Ruaka, an average of 6.5 percent rise have also been witnessed.