The Kenya Bankers Association (KBA) revealed top spots which were preferred destinations for Kenyans looking for houses.
As detailed in the Housing Price Index for quarter four of 2023, Thika Road estates including Kasarani, Roysambu and Ruaraka were the top spots that saw increased activity in the last three months of 2023.
Other Nairobi estates and satellite towns were Athi River, Mlolongo, Mavoko, Ngong, Ruaka, Syokimau, Embakasi, Kahawa Wendani, Thika, Kitengela and Ruiru.
Additionally, various states within the Coast were also earmarked to have registered increased activity. They included; Mtwapa, Utange, Likoni, Kiembeni and Kilifi.
Other preferred towns were Nakuru, Nyeri, Eldoret, Meru and Bungoma.
"Activity in the low-market segment, remained dominant, rising to account for 62.26 per cent in the fourth quarter from 47.83 per cent in the third quarter of 2023," read the report in part.
Factors that Favoured the 24 Areas
According to the report, the 24 areas were mostly favoured because of the house prices and spacious houses in the market.
Most importantly, the bankers noted that the search for affordable housing was the driving factor for Kenyans seeking homes in the latter months of 2023.
This was occasioned by the economy which was characterised by the depreciation of the shilling that caused a decline in consumer purchasing power and increased prices of construction materials.
Therefore, the 24 regions offered Kenyans much cheaper options in comparison to other top destinations.
For instance, the bankers noted that the average price for houses in the 24 areas was Ksh10.97 million.
"Looking at the low-market segment, apartments have an average property value of approximately Ksh11.78 million, whereas bungalows and maisonettes have values of about Ksh10.10 million and Ksh14.46 million respectively.
"Meanwhile, the plinth areas vary significantly, with bungalows having the largest area (approximately 3,547.02 square feet),
followed by maisonettes (3,263.91 square feet) and apartments (2,306.43 square feet)," read the report in part.
