- The real estate sector contributed 8.9% to the national GDP over the period, the survey revealed.
- Nairobi City County accounts for the highest number of residential properties, followed by Kiambu, Mombasa, and Kajiado.
- Nairobi Upper region has the most expensive residential properties as per the report.
- The report is the courtesy of the Kenya National Bureau of Statistics (2023/2024).
Kenya’s real estate sector has significantly expanded in the recent past, with the output growing by 33.7 percent from Ksh 946.7 million in 2019 to Ksh 1,265.4 million in 2023. In the same period, the sector’s real output grew from 6.7% to 7.3%
The sector also remains one of Kenya’s most vibrant economic contributors, registering an average of 8.9% to the GDP, according to the 2023/2024 real estate survey report. The report indicates that the growth was supported by infrastructural development such as roads, utility connections, and rapid urbanization.
Kenya aims to construct 200,000 housing units annually by 2030 in a bid to meet the growing housing needs. The vision is in line with the Affordable Housing Program, which also aims to construct 200,000 housing units annually to curb the housing deficit.
What are the Prices of Various Residential Properties in Kenya?
According to the real estate survey conducted by the Kenya National Bureau of Statistics over the 2023/2024 period, the prices of residential buildings vary depending on the regions and the type of property.
With most properties located in urban and peri-urban areas, the findings were subdivided into eleven regions based on the geographic locations, similar characteristics, and prices.
The regions included are Mombasa, Kilifi, other Coast, Machakos, Kiambu, Kajiado, Nairobi Upper, Nairobi Upper Middle, Nairobi Middle, and Nairobi Lower.
Nairobi City County accounts for the highest number of residential properties in distribution, closely followed by surrounding counties, including Kajiado and Kiambu.
The distribution of residential buildings is categorized based on type and size, which includes bungalows (two, three, four, and above bedrooms), maisonettes (two, three, four, and above bedrooms), flats/apartments (bedsitter/studio, one, two, three, four, and above bedrooms), and townhouses (one, two, three, four, and above bedrooms).
According to the survey findings, 23.3% of the residential properties on offer were flat/apartment three bedrooms, the highest, followed by two-bedroom flats/apartments at 18.1% and maisonette four and above bedrooms at 12.2%.
Similarly, Maisonnette two-bedroom, townhouse one-bedroom, and student hostel single rooms recorded the least share of residential properties on offer for sale in 2023, with each posting 0.0%. This was followed by two-bedroom townhouses at 0.1% and bedsitter/studio flat/apartment at 0.2%.
The Nairobi Middle, Nairobi Upper Middle, Nairobi Lower, and Nairobi Upper accounted for the distribution of residential properties by region at 19.6%, 17.9%, 14.7%, and 14.6%, respectively.
Kiambu, Mombasa, Kajiado, and Machakos counties each registered 11.0%, 10.7%, 4.6%, and 3.3%, respectively. Kilifi, Other Counties, and Other Coast accounted for the lowest distribution of residential properties, with each recording 2.2%, 1.3%, and 0.2%, respectively.
The survey findings reveal that the average sale prices of a two-bedroom bungalow in Nairobi Upper, Mombasa, Nairobi Middle, and Kajiado were Kshs 66.3, Kshs 16.7, Kshs 11.2, and Kshs 2.9 million, respectively.
The cost of a three-bedroom bungalow in Nairobi Upper was the highest at Ksh 89.8 million, followed by Nairobi Upper Middle at Ksh 34.4 million and the lowest in Machakos at Ksh 6.0 million.
Nairobi Upper had the highest price for a four-bedroom and above apartment, ranging between Kshs 91.9 million and Kshs 7.6 million in the Nairobi lower region.
Similarly, the price of a one-bedroom apartment ranged between Ksh 5.9 million in Nairobi Lower and Ksh 60.0 million in Nairobi Upper. The price for the same apartment was Kshs 7.9, 4.2, 5.5, and 2.2 million in Mombasa, Machakos, Kiambu, and Kajiado, respectively.
