A majority of Kenyans are expected to relocate to cheaper rental houses, or sell their homes to buy cheaper ones in 2021.
A report released by independent real estate consultancy, Knight Frank in December 2020, stated that the Covid-19 pandemic has given buyers time to reflect on how they live and use their space, influencing their future buying plans.
The demand for apartments also declined, with 50 percent of respondents indicating that they are less likely to want to live in an apartment in the future.
“Buyers are prioritising greater privacy, outdoor space and a home office. But we also see that close to a third of respondents are more likely to move in the next 12 months, and 50 percent expect the value of their property to fall over the same period, as a result of the pandemic,” the Knight Frank Kenya Buyer’s Survey 2020 stated.
Of the respondents who answered that they are more likely to move over the next 12 months, most (72 percent) are looking to stay in the same location that they currently live, but move to a different property.
“Their preference to stay in the same location suggests that buyers are happy with the area they reside in, but not the homes or environment they live in.
“People choose where they live based on factors that include housing prices, disposable incomes, proximity to work and access to schools, among others. The desire to remain in the same location suggests that for these buyers the reasons that drew them to the area will continue to hold true over the next 12 months,” the report revealed.
54 percent of respondents said that they were more likely to buy a detached family home than they were prior to Covid-19, with 50 percent in favour of waterfront homes.
Over three-quarters of respondents stated that they are more likely to work from home in the future as a result of Covid-19, with only 1 percent of respondents indicating that they intended to work less from home.
“Over the course of the pandemic, we have seen reduced sales pricing and discounted rents, a trend we anticipate to continue into next year.
“As businesses continue to reopen, however, we expect to see a gradual recovery so buyers may need to act quickly to capitalise on the present price levels,” Knight Frank Managing Director Ben Woodhams stated.
