The Kenyan real estate market has experienced intense competition in both residential and commercial properties. The industry has grown diverse and innovative attracting a great number of homebuyers. In 2013, after the formation of counties, developers have been racing to explore construction opportunities.
Why the growth?
Notably residential and commercial properties in Nairobi attract higher prices. Due to the expansion and development of infrastructure such as roads. Moreover, the increased mortgage market has boosted competition in real estate.
Furthermore, there is capital growth and rental yields in counties such as Kiambu, Machakos and Kajiado due to stand alone houses, townhouses and apartments. Nairobi and its environs attract a pool of property investors due to its superior market in the high-end market. Kenyans are demanding for more houses in the high-end market due to the favourable mortgage options.
Let’s not forget that advancing technology leads to increasing competition in real estate. Hence, more property developers and real estate agents are improving their digital presences to draw in markets. Kenya Homes is among the real estate agents who are growing their digital footprint with their groundbreaking website.
One too many agents?
Due to the saturation of the realty market, consumers have a wide range to choose from while buying or selling homes. Therefore, the competition among real estate agents and brokers has never been higher.
Although as a home seller or buyer in the Kenyan real estate market, you are in the forefront when it comes to finding real estate services. Just remember its advisable to look for a real estate consultant and agent who will deliver the best service at the friendly cost.
Importantly, real estate agents are one of your valuable resources due to their real estate market awareness. Additionally, real estate agents help determine the best fitting house for you as well as the financing method.
Related: Why You need to Hire a Real Estate Agent
Noteworthy is Nairobi and Mombasa are ranked among Africa best performing real estate development markets. However, most Nairobi residents are relocating to other counties due to congestion and price hike.
Additionally, housing developments are coming up in places like Garden City mall, Tatu, Konza, Kitengela and Athi River. Hence, ‘Nairobians‘ are switching up to them. Moreover, the growing number of institutions has triggered increased demand for staff housing, hostels and business centres in almost all leading towns.
The bottom line: Kenyan real estate is growing and with it is the competition among developers and agents. Unfortunately, this has lead to the birth of real estate scams. However, Kenyans have not been disheartened by this trend of fraudsters. Kenya Homes can help you avoid the cons.
See also: The Con-Companies Wave in Kenya