Investors endured an average 16 months in 2023 to dispose of residential properties, with two and three-bedroom apartments taking an even longer time-over 18 months-to sell.
- The Kenya National Bureau of Statistics in 2023/2024 Real Estate Survey indicates that two-bedroom town houses and three bedroomed bungalows took the least time at 6 months and 8 months, respectively.
- On the other hand, three- and two-bedroom apartments took the longest time at 19 months and 18 months, respectively.
- A longer off-take time tends to reduce the actual sale price of the property with, for example, properties whose off-take time was a year or more fetching lower sale prices, except for one- and two-bedroom apartments.
One and two-bedroom apartments account for almost half the available rental residential properties in the market, followed by three-bedroom apartments (14.5%), studio apartments, and maisonettes with four bedrooms or more.
The price of residential property is informed by location, unique characteristics of properties such as number of bedrooms, gross floor areas, land size of standalone units, floor area of flats and apartments. Other attributes include environmental factors, safety levels and existing physical and social infrastructure, roads, public transport, health centers, education centers and other social services.
The average sale price of a two-bedroom bungalow was KSh 66.3 million in Nairobi Upper, KSh 16.7 million in Mombasa, KSh 11.2 million in Nairobi Middle and lowest in Kajiado at KSh 2.9 million. Similarly, the price of a three-bedroom bungalow was highest in Nairobi Upper at KSh. 89.8 million followed by Nairobi Upper Middle region at KSh. 34.4 million and lowest in Machakos at KSh 6.0 million.
On the other hand, the price of a four and above bedroom bungalow was highest in Nairobi Upper region at KSh 91.4 million and lowest in Nairobi Lower at KSh 8.1 million
Apartments and Maisonettes
The survey findings indicate that the average prices of flats and apartment units vary significantly based on their location and the number of bedrooms. The price of apartments is relatively lower compared to other types of properties with the same number of bedrooms and bathrooms.
The price for a four and above bedrooms apartment ranged between KSh 91.9 million in Nairobi Upper Region to KSh 7.6 million in Nairobi Lower. Among the regions in Nairobi, the price of a one-bedroom apartment ranged between KSh 5.9 million in Nairobi Lower to KSh 60.0 million in Nairobi Upper while the price for the same apartment was KSh 7.9 million, 4.2 million, 5.5 million and 2.2 million in Mombasa, Machakos, Kiambu and Kajiado respectively.
A three-bedroom apartment fetched Ksh20.4 million in Mombasa, KSh 11.4 in Kajiado and KSh14.9 million in Nairobi Middle region. The average sale price for a studio apartment was KSh 4.8 million in Nairobi Lower region, KSh 5.0 million in Kiambu and KSh 2.2 million in Machakos.
The price for three-bedroom maisonette ranged from KSh 11.2 million in Kajiado to KSh 88.0 million in Nairobi Upper region. On average, a four-bedroom and above maisonette was priced between KSh 6.5 million in Nairobi Lower region and KSh 121.2 million in Nairobi Upper region.
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