The price of prime residential houses in the city are reported to have dropped significantly in 12 months than ever been recorded before.
The reduction has highly been attributed to many new real estate projects coming into the market, hence the oversupply.
According to the latest report by Knight Frank Prime Global Cities Index (PGCI), the residentials recorded a 6.5 percent decrease in 12 months to March 2019.
The report indicates that the number of houses being brought up increased tremendously, affecting the prices, which fell by half a percentage point.
The drop saw the city drop in ranking to 42nd out of the 45 locations which had been in the global index list.
In the year 2016, the prices of prime houses in the country were on an upward thrust but later fell by 9.2 percent in three years.
“Data tends to lag the market, and we believe we will see further drops in the coming months as the market has continued to soften. Owing to the high values of the properties tracked and the current supply levels, plus the ongoing credit crunch, transactions will remain few and staggered unless vendors become realistic on pricing,” said Anthony Havelock, Head of Agency at Knight Frank Kenya.
Further reduction of prices should be expected as also the Government initiated the Housing Agenda, which will enable a middle-income earner to own a house once the project is completed.
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