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Snatching Up Properties
On Tuesday, the Kenyan Bankers Association unleashed its Housing Price Index for quarter four of 2023 indicating that more Kenyans are decamping to the middle-class estates and outside the city for home ownership.
The report explained that most home buyers sought lower-segment houses in the year 2023 despite a decline in housing prices across the board
"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.
Reason for Popularity: The 24 areas were mostly favoured because of the house prices and spacious houses in the market.
Also, the search for affordable housing was the driving factor for Kenyans seeking homes in the latter months of 2023 making the houses in the region cheaper compared to other areas.
Average Cost for a House: The report noted that the average price of a home in the 24 areas was Ksh10.97 million with Ksh10.10 million for bungalows and Ksh14.46 million for maisonettes.
"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.
The 24 In-Demand Areas: Thika Road estates including Kasarani, Roysambu and Ruaraka were the top spots followed by Athi River, Mlolongo, Mavoko, Ngong, Ruaka, Syokimau, Embakasi, Kahawa Wendani, Thika, Kitengela and Ruiru in Nairobi and its environs.
At the Coast, Mtwapa, Utange, Likoni, Kiembeni and Kilifi saw increased activity while other towns of Nakuru, Nyeri, Eldoret, Meru and Bungoma attracted house hunters.
Catch Up Quick: The uptick in middle-class home ownership comes at a time when property auctions especially for the rich are in overdrive.
- In yesterday's edition of this newsletter, we reported on specific properties that were put on auction including the entire 7-storey Shelter Afrique House along Mamlaka Road and 78 2-bedroom units at Great Wall Gardens in Machakos County.
- Keysian Auctioneers is also overseeing the sale of two residential homes in Siaya and an apartment block in Kisumu owned by one tycoon.
- Another auctioneer announced that a macadamia factory belonging to Kiambu politician Kimani Wainaina popularly known as Jungle was on the chopping board.
- Auction notices have continued to dominate dailies topping seven pages per issue.
Fulfilling promises
On Monday last week, while taking a tour of Mathare Estate, President William Ruto promised that a deluge of affordable housing projects was about to hit lower cadre estate creating jobs in their wake.
True to his word, the Ministry of Lands on Tuesday floated tenders for affordable housing as well as mass floodlighting among other works.
In total, the Ministry is looking to fulfill 46 tenders; 8 for social housing construction, 23 for mass floodlighting projects, and 3 cabro pavements construction among others.
Zoom In: The housing projects are in Kibra, Mathare 1, Mathare 2, Kasarani, Kiambaa and Mariguini. Of note, one of the housing units will be constructed at Michinda Boys Primary School in Molo.
Nitty Gritties: The tenders are available at the State Department of Housing website and must be filled and submitted by May 31, 2024. The verification process will take 120 days.
Catch Up Quick: During his Mathare tour, Ruto promised to advertise for the construction of 20,000 affordable houses in the slum neighborhoods of Mathare, Kiamaiko, and Kibra before Friday giving the residents dignified living and job opportunities.
- "Before Friday, we are going to advertise for the construction of 20,000 housing units From Kibra, here in Kiamaiko to Mwiki so that we can begin the process of making these slum dwellers homeowners in Kenya."
- "The houses we are building, you the citizens will be paying Ksh3,000 and live in a house with water supply, power, and washrooms," the Head of State assured.
[DATA POINT] Recovering Assets
The Ethics and Anti-Corruption Commission (EACC) released its report of activities and financial statements for the 2022/23 financial year which showed that Ksh3.8 billion unexplained assets were recovered from individuals and entities.
By the Numbers: First up, the Commission recovered Ksh2.01 billion property from an individual tycoon which was restored to KeNHA while another Ksh440 million asset in Tigoni was returned to the Lands Limited, an ADC subsidiary.
Here is data showing the top 10 assets recovered from individuals and individual entities.
Here are five other stories we are keeping tabs on today,
- Interior CS Kithure Kindiki revokes a legal notice that mandated Private Security Companies to comply with the Ksh30,000 minimum wage policy.
- US celebrity and former America's Got Talent host Nick Cannon says he is recruiting new talent for his Wild 'n' Out show from Kenya and other African countries.
- DCI detectives have apprehended a 25-year-old university student after 19-year-old Faith Musembi was found dead inside her rented room.
- PSC begins hiring to fill over 500 job openings in the civil service, alongside an additional 203 positions advertised by the Kenya Medical Training College (KMTC).
- The United States Department of State hails President William Ruto for enacting the 2013 Public Benefits Organization Act after an 11-year wait.
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This newsletter was written by Derrick Kubasu and edited by Brian Muuo.
Washington Mito contributed to the content.
Graphics prepared by Sylvia Kalulu.
