Interest rate cap fails to trigger mortgage uptake, owning land

The recent capping of interest rates has failed to trigger an uptake of mortgages and ownership of land, real estate firm Hass Consult’s survey shows.

Hass Consult research and marketing manager Sakina Hassanali said the asking price for land in Nairobi increased by a marginal 0.8 per cent in the fourth quarter of last year and 5.1 per cent year-on-year.