{"id":10281,"date":"2019-10-30T11:59:48","date_gmt":"2019-10-30T11:59:48","guid":{"rendered":"https:\/\/kenyahomes.co.ke\/blog\/?p=10281"},"modified":"2019-10-31T07:35:43","modified_gmt":"2019-10-31T07:35:43","slug":"why-buyers-are-turning-away-from-luxury-property","status":"publish","type":"post","link":"https:\/\/kenyahomes.co.ke\/blog\/why-buyers-are-turning-away-from-luxury-property\/","title":{"rendered":"Why buyers are turning away from luxury property"},"content":{"rendered":"\n<p>Recently, landlords in the upmarket residential luxury property segment are increasingly finding the business not viable. Due to tenants looking for cheaper options. <\/p>\n\n\n\n<p>According to new data from real estate firm<a href=\"http:\/\/hassconsult.co.ke\/real-estate\/index.php\/hass-index\/16-report-archives?typ=1&amp;layout=1\"> HassConsult<\/a> shows that building luxury property is becoming a \u201closing venture\u201d. As more Kenyans try to adjust to their thinning pockets.<\/p>\n\n\n\n<p>\u201cAsking rents for a modern apartment may cost as little as Sh23,400 and this bodes well for many tenants who are now preferring affordable units as they take caution to save in the wake of job losses across all sectors,\u201d said HassConsult Head of Research Sakina Hassanali.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Notably, as the cost of living soars, the lower middle class is opting to pay slightly more in transport but less in rents.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The company was releasing the <a href=\"http:\/\/hassconsult.co.ke\/real-estate\/images\/Q32019Residential.pdf\">Hass Property Index for the third quarter<\/a>. Ms Hassanali said owing to worsening economic prospects, many Kenyans were retreating to \u201cfar-flung\u201d areas in search of more affordable shelter.<\/p>\n\n\n\n<p>The report also states that satellite towns with newly finished modern units, but with more affordable asking prices are a favourite for bargain hunters. This has led to increased asking prices for rents in <a href=\"https:\/\/www.kenyahomes.co.ke\/\">Thika, Limuru, Mlolongo, Tigoni, Ongata Rongai, Kitengela and Ruaka<\/a> metropolis between July and September.<\/p>\n\n\n\n<p>Hassanali said high-end residential developments were losing business to the low-end ones due to price dynamics. The data shows the average value of a house in Nairobi went up from Sh7.1 million in December 2000 to Sh31.2 million in September 2019. <\/p>\n\n\n\n<p>The average value for a 4-6 bedroom luxury property is currently Sh39.1 million, while the average value for a 1-3 bedroom house is currently Sh14.4 million. The study further shows apartments are the most rented property. <\/p>\n\n\n\n<p style=\"color:#77c720;font-size:11px\" class=\"has-text-color\"><a href=\"http:\/\/hassconsult.co.ke\/real-estate\/images\/Q32019Residential.pdf\">See Also:  HOUSE PRICE INDEX QUARTER THREE REPORT 2019 <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, landlords in the upmarket residential luxury property segment are increasingly finding the business not viable. Due to tenants looking for cheaper options. According to new data from real estate firm HassConsult shows that building luxury property is becoming a \u201closing venture\u201d. As more Kenyans try to adjust to their thinning pockets. \u201cAsking rents for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-10281","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why buyers are turning away from luxury property - Kenya Homes<\/title>\n<meta name=\"description\" content=\"New data from HassConsult shows that building luxury property is becoming a \u201closing venture\u201d as more Kenyans try to adjust to thinning pockets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kenyahomes.co.ke\/blog\/why-buyers-are-turning-away-from-luxury-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why buyers are turning away from luxury property - 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