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Rents on a steady rise in Nairobi's housing market: survey

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A housing project in Nairobi: Rental prices in Nairobi’s upmarket residential areas rose 6.6 per cent in the first half of the year, helped by a tightening supply of new homes. Photo/File

A housing project in Nairobi: Rental prices in Nairobi’s upmarket residential areas rose 6.6 per cent in the first half of the year, helped by a tightening supply of new homes. Photo/File 

By MOSES MICHIRA

Posted  Wednesday, July 11  2012 at  13:21
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Rental prices in Nairobi’s upmarket residential areas rose 6.6 per cent in the first half of the year, helped by a tightening supply of new homes.

A survey by real estate firm Hass Consult has revealed that rents rose fastest in the first half of 2012, compared to any other of the six previous periods pointing to a strong recovery on the rental market segment.

The experts project that that home prices will rise steadily in the immediate future as the short supply of homes continues, as the cost of credit remains elevated discouraging the uptake of development finance.

AVERAGE PRICE IN QUARTER

INDEX Q1 2005 = 100  KShs Price Quarterly % Change
2005 Q115,682,819100.0
2005 Q215,672,25199.9
2005 Q315,210,30397.0
2005 Q415,004,46795.7
2006 Q115,070,01996.1
2006 Q215,214,63297.0
2006 Q315,284,62297.5
2006 Q415,669,34199.9
2007 Q116,282,188103.8
2007 Q216,345,741104.2
2007 Q316,684,129106.4
2007 Q417,527,830111.8
2008 Q118,201,965116.1
2008 Q218,522,041118.1
2008 Q319,414,782123.8
2008 Q420,248,165129.1
2009 Q120,725,803132.2
2009 Q220,433,480130.3
2009 Q319,996,447127.5
2009 Q420,080,317128.0
2010 Q120,433,762130.3
2010 Q220,536,326130.9
2010 Q320,427,711130.3
2010 Q421,250,266135.5
2011 Q121,630,035

137.9

2011 Q221,205,650

135.2

2011 Q321,375,295

136.3

2011 Q421,103,619

134.6

2012 Q120,952,745

133.6

2012 Q221,067,399134.3

Source: HassConsult