Elizabeth Costabir, the chief executive of BuyrentKenya, an online marketplace for properties, said overall housing property prices in the city have dropped by between 10 to 15 percent over the period.
The cost of a maisonette, bungalow or apartment in both Loresho and Kileleshwa ranges between Sh10 million up to Sh100 million, depending on location and size.
Prices of high-end houses in Kileleshwa and Loresho have dropped by more than 10 percent between March and October on lower demand tied to economic fallout of Covid-19, a review shows.
Elizabeth Costabir, the chief executive of BuyrentKenya, an online marketplace for properties, said overall housing property prices in the city have dropped by between 10 to 15 percent over the period.
“Developers are being forced to reduce the prices of houses because demand has gone down drastically,” she said.
The cost of a maisonette, bungalow or apartment in both Loresho and Kileleshwa ranges between Sh10 million up to Sh100 million, depending on location and size.
“Developers are selling their properties at discounted prices in a bid to get money to offset their loans and not have vacant houses in the market,” Ms Costabir said.
The Kenya Bankers Association- House Price Index (KBAHPI) showed that overall house prices contracted by 0.08 percent in the third quarter, a marginal improvement from the 0.20 per cent contraction in the second quarter of 2020.
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