Nyeri Commercial Real Estate Development Outperforms Major Towns
Nyeri commercial real estate development outperformed major towns like Mombasa, Nakuru, Kisumu and Nairobi.
According to the new report by Cytonn Real Estate, investors are enjoying more returns in the county than the other towns.
“Our outlook for the performance of the real estate sector in Nyeri is positive, with the investment opportunity being mainly in the land sector in site and service schemes, which recorded a relatively high capital appreciation of 19.1 per cent per annum…,” said Johnson Denge, the senior manager for regional markets at Cytonn Real Estate.
The average residential returns have gone up from 4.1 per cent recorded in 2017 to 5.1 per cent in 2019. However, the commercial sector has recorded a slight decline recording 12.1 per cent from the previous 13.5 per cent recorded in 2017.
The county has majored on attracting private investors, and government institutions hence the rise of demand for offices, retail spaces and residential units. Devolution has also played a vital role in the recorded improvement with the county ranking 12 richest in terms of GDP.
The county’s residential sector recorded improved performance, with an average rental yield of 5.1 per cent, compared to the 4.1 per cent in 2017, attributed to an increase in demand, with the occupancy growing by eight per cent from 82 per cent in 2017 to 90 per cent in 2019.
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