Prices of Nairobi’s Posh Apartments Decline
The Hass Consult Property Index report for the third quarter of 2018 has revealed a price drop for apartments in Lavingtone, Kilimani, and Kileleshwa. According to the index, these leafy suburbs of Nairobi recorded a decline of 3.0, 5.2 and 0.6 respectively.
Hass Consult’s Sakina Hassanali, who is the head of development consulting and research has pointed to the changing face of the area as the reason behind the decline.
‘The changing faces of these areas has made them unattractive to families,” she says.
Even as the areas grow to include offices and mix use facilities, demands for three- and four-bedroom units, which are familiar with big families, have been dropped.
Miss Hassanmali, however, notes that there has been a surge in demands for one- and two-bedroom apartments which are common among young and single professionals. This group of individuals is drawn to the area due to available amenities as well as proximity to their workplaces.
She adds that fears over the ongoing demolitions have also affected property ownership in the areas as buyers get more worried about the authenticity of the documents issued to them.
“We had a lot of nervousness when it comes to buying new property as buyers are not sure whether the documents will stand up to scrutiny in future, “said Hassanali.
Her sentiments come just when the National Environment Management Authority (NEMA) Water Resource Management Authority this week issued occupants of Seefar Apartments at Nyayo Highrise estate with a 14- day demolition notice.
The authorities claimed that the 12- storey apartment had encroached on the Nairobi dam embankment.
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