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Real Estate
- Developers targeting Kenya’s wealthy are now pricing the units in foreign currencies such as the US dollar.
- The continued upward trend in prime residential rents can be partly attributed to the appreciation of the dollar against the Kenyan shilling.
- Real estate investors are mitigating the emerging risks by deploying their capital in projects that have dollar-denominated returns where possible and in green-rated building.
High-end real estate developers targeting Kenya’s wealthy are now pricing the units in foreign currencies such as the US dollar to cushion them from losses that the devaluation of the Kenyan shilling may occasion.
New revelations contained in a report by property tracker and real estate management firm Knight Frank show that the trend gained traction in the second half of 2023 as foreigners residing and working in Kenya continued playing a pivotal role in driving the country’s upscale real estate market.
Despite economic headwinds, the prime …
- Housing demand in Kenya is estimated at 250,000 units annually.
- With a supply of only 50,000 new houses annually, there is an 80 per cent annual housing deficit.
- President William Ruto has detailed his plan to deliver 200,000 housing units annually.
Kenya has had an ambitious plan to address the housing shortage in the country, with the two past regimes placing affordable housing as one of the key priorities.
Housing demand in Kenya is estimated at 250,000 units annually. With a supply of only 50,000 new houses annually, there is an 80 per cent annual housing deficit.
The previous government led by former President Uhuru Kenyatta had an Affordable Housing Programme that had targeted to deliver at least 500,000 units by last year, but failed way below with less than 10 percent of intended units being delivered by 2022.
President William Ruto has detailed his plan to deliver 200,000 housing …
Jenga Leo is a coworking space based in Nairobi and offers workers several benefits, including high-speed Wi-Fi and air condition. The company offers several facilities, including a Skype and podcasting room and a childcare centre. Others are a yoga studio and gym room.
The administrator said the company’s innovative concept capitalises on that trend by bringing health and work together in one accessible place.
“The name itself plays by creating ‘building blocks’ as part of an organisation’s desire, with Jenga meaning ‘build’, ‘leo’ meaning today.
Hence, the concept takes building today to create the foundation of a workplace dynamic that allows for one’s mind, body, and soul to flourish.…
A new report by Knight Frank shows that whilst still declining, prime residential rents declined at a slower rate of 6.02 percent over the past 12 months to June, compared to a 7.62 percent decline in a comparable period in 2020.
The company’s First Half 2021 Kenya Market Update says the change was mainly attributed to the reopening of the economy, roll out of vaccinations and landlords adjusting rental terms to accept lower rental prices.
The report adds that the continued oversupply of residential developments in certain locations such as Kilimani coupled with the current economic state still makes the prime residential rents sector a buyers’ and tenants’ market.
Prime residential sale prices in Nairobi marginally improved by 0.1 percent over the past 12 months to June 2021, compared to a 5.1 percent decline in a comparable period in 2020 providing signs the market is stabilizing.
This is mainly attributed …
Kenya’s construction industry is projected to grow by up to 3.9 percent this year, according to a new report by the Architectural Association of Kenya (AAK).
The report, dubbed Status of the Built Environment report, AAK however cautions that the growth can only happen if there is no repeat of the strict lock down that were implemented in the country last year after the emergence of the coronavirus pandemic.
The report says growth will be driven by several factors among them a sharp recovery in output levels compared to periods when works were not permitted or were severely restricted in 2020.
“In 2021, the construction industry is expected to improve, assuming a slowdown in COVID-19 cases and recovery in the global economy,” the report notes.
Kenya to start construction of double decker highway as World Bank consents to funding
The report notes that the second quarter of the year, for …
Listed real estate is also expected to continue performing poorly in 2021 with the Fahari I-Reit having opened the year at a relatively low trading price of Sh5.8 per share.
This is coupled with the expected negative performance of the office sector and lack of investor appetite in the instrument due to negative investor sentiments.…
The firm has undertaken assignments in 50 of the 54 African countries and employs more than 500 people in its network of over 20 local offices.
This latest partnership comes at a time when the firm’s latest London sales and lettings reports show that June was a record-breaking month for sales transactions, lettings, viewings and new prospective tenants registering.…
Real Estate developer Superior Homes Kenya is putting up a Sh7 billion ($68.8 million) residential development in Kenya’s coastal town of Kilifi, as it moves to expand its real estate portfolio in the country.
Dubbed ‘Pazuri at Vipingo’, the master-planned site will consist of 372 houses and associated infrastructure and amenities covering more than 100 acres.
READ ALSO:Property developer superior homes announces Sh30 billion investment
The development, which commenced early this year, consists of 2, 3 and 4 bedrooms with phase One of the project comprising of 63 units expected to be ready for occupation in June 2020.
“Pazuri at Vipingo has been designed so that every house enjoys an ocean view. Large plot sizes, spacious bedrooms and open plan lounges, generous window sizes and rooftop entertainment space all combine to provide a wonderful home whether it is for a residence or a holiday home,” Superior Homes …
Cytonn Investments has filed an application with the Capital Markets Authority (CMA) to register a Development Real Estate Investment Trust, (DREIT), seeking to raise Ksh2.0 billion(US$19.3million) of capital.
The DREIT, which is innovatively structured to pay a coupon over the life of the development, will be deployed for the first phases of two of the firm’s real estate projects, The Ridge in Ridgeways, and RiverRun Estates in Ruiru.
READ ALSO:Cytonn granted REITs manager license ahead of NSE launch
This capital raise is envisioned to help Cytonn diversify funding sources for their real estate development pipeline, which has a project value of over Ksh82.0 billion (US$269.9million).
The leading alternative investment management firm in the East African Region (Cytonn) has traditionally relied on private sector funding, which while easier to access, has been more expensive.
This has thus necessitated the development of alternative sources of funding, allowing development of institutional-grade real …
