A recent report by Knight Frank indicates that Nairobians consider moving out of the country for a haven.
In the report, cases such as lockdowns, disease outbreaks and disasters play a crucial role in increasing inquiries to prime property from South Africa, the United States and Canada.
The current shift in preferences is highly attributed to covid19 shakeup in the country and might decline demand in residential properties within the Central Business District.
In a statement, Knight Frank, head of research Charles Macharia stated that investors are now placing far more emphasis on a home that offers space and tranquillity instead of proximity to work.
According to the report, 51 percent would buy a home with access to quality healthcare, whereas 48 percent considered accessibility to a major road. Internet connectivity, distance from the office, and air quality are key factors being considered.
With the new changes brought about by the pandemic, among them is working from home, many 54 percent of the respondents shown more preference for a detached family home.
“We anticipate that demand will continue to come under pressure in 2021. Landlords will therefore need to shift their strategies to preserve occupancy”.
The report further cited on the Governments Housing Agenda, saying the move will see mortgage levels shoot with time. In the Agenda, the government sought to construct 500,000 affordable homes across the 47 counties, which would reduce homeownership cost by 50%.
In the manifesto, the project was set to create 300,000 new jobs in the construction sector and further increase the construction sector contribution to GDP by 100%. The project is still ongoing, with over 200,000 houses being ready for occupation. What will life be like once the COVID-19 pandemic ends?
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