The latest survey has revealed that the country’s real estate sector registered a 33.7% growth in sector output from 2019 to 2023.
According to the 2023/2024 Real Estate Survey Report conducted by the Kenya National Bureau of Statistics (KNBS), most real estate firms (95.1%) are private businesses, with a significant portion offering housing finance through cooperatives and microfinance institutions.
The report also highlights the importance of the real estate market in driving Kenya’s economic growth, contributing significantly to the country’s GDP and influencing housing policies.
The survey gathered data from establishments that buy, sell, rent, and manage properties.
Which are common property types in Kenya
The report indicates that the residential market featured a variety of property types, with three-bedroom flats being the most common (23.3%).
Nairobi City County dominated the market, accounting for 66.7% of all available properties.
In addition, the market exhibited significant regional price variations, with properties in urban centres, particularly in Nairobi Upper, being far more expensive than those in peripheral areas.
The survey also revealed that properties with amenities such as parking spaces, CCTV surveillance, and backup generators were in high demand, with maisonettes having a higher proportion of domestic servant quarters compared to other types.
Moreover, the residential property market showed strong demand, with 76.2% of properties that were in the market having successfully sold in 2023.
However, the report highlights a gap in reliable data regarding housing supply, which hampers effective decision-making and policy formulation.
The KNBS emphasized the need for consistent and comprehensive data to inform future strategies aimed at improving the affordability, quality, and accessibility of housing in Kenya.
Key Takeaways from 2023/2024 Real Estate Survey Report:
- Kenya’s real estate sector experienced a 33.7% growth in sector output from 2019 to 2023.
- Most real estate firms (95.1%) are private businesses, with a significant portion offering housing finance through cooperatives and microfinance institutions.
- Nairobi City County dominated the residential market, accounting for 66.7% of all available properties.
- Properties with amenities such as parking spaces, CCTV surveillance, and backup generators were in high demand.
- The residential property market showed strong demand, with 76.2% of properties that were in the market having successfully sold in 2023.
