The HassConsult property index has announced estates in Kenya where house and apartment prices have decreased in a year.
With the reduction in prices, Kenyans can afford to buy houses and apartments despite the skyrocketing cost of living.
Some of these suburb estates where house prices have dropped in the year are Kilimani, Lavington, Muthangari, Parklands, Riverside and Upperhill.
Apartment prices in Westlands, Spring Valley, Runda and Kitisuru also recorded a drop in price.
Additionally, houses and apartments from satellite areas also recorded a decline in prices. They include Limuru for houses and Kitengela for apartments.
Per the report, the price of houses and apartments in the said estates recorded a significant decrease compared to the last quarter of 2022.
The estates with the highest decrease from 2022 were Upperhill with an annual change of 9.2 per cent, Riverside with an annual change of 5.6 per cent, Kitisuru at 4.6 per cent, Westlands at 3.6 per cent, and Runda at 3.2 per cent.
Additionally, regions like Lavington had an annual change of 2.9 per cent, Parklands at 1.5 per cent, Spring Valley at 0.8 per cent and Kilimani recorded an annual change of 0.5 per cent.
On the other hand, houses in Limuru recorded an annual price change of 3.4 per cent while Kitengela apartments had an annual price change of 5.9 per cent.
According to the report, the price of buying a house has increased by 4.87 times since 2000. The price of houses in some estates has continued to skyrocket due to development projects and improved infrastructure.
"The index shows a property price rise of 1.48 per cent in the last month, a rise of 4.09 per cent in the last quarter and a 2.50 per cent rise in the last year," read part of the report.
On average, the value of property has gone from Ksh7.1 million in December 2000 to Ksh34.9 million in December 2023.
Per the report, a 4-6 bedroom property costs an average of Ksh38.7 million while a 1-3 bedroom property goes for an average price of Ksh12.9 million.
