Kenyan property prices rose 5.8% last year

01/02/2011 - Posted by Bob Brunskill
Kenyan property prices rose 5.8% last year

Property prices in Kenya rose by an average 5.8 per cent last year as investment in the sector grew.

According to data compiled by real estate agency HassConsult, which was obtained by Bloomberg, the average price of a stand-alone house in Kenya increased by 9.7 per cent to 29.01 million shillings (£222,000) in 2010.

Meanwhile, townhouse prices went up by 4.8 per cent to 16.8 million shillings.

Commenting on the figures, HassConsult said that the Kenyan property market "was absolutely exceptional in global terms in not experiencing sharply falling property prices in 2008".

Indeed, it compared this with western and Asian markets, which all experienced sharp drops on house prices in 2008 and during the global recession.

"Although we may not expect to see the exponential growth we saw in 2007 to 2008, it is a sign that the [Kenyan] property market is moving into a steady level of growth in an increasingly sophisticated market," added the agency.ADNFCR-2019-ID-800378877-ADNFCR

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