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Recent Topicals

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Kenya’s Real Estate Investment Trusts (REITs) H1’2024 Report

Aug 25, 2024

Following the release of the H1’2024 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT H1’2024 Earnings Note LapTrust Imara I-REIT H1’2024 Earnings Note Acorn I-REIT and D-REIT H1’2024 Earnings Note The in the report we will assess the financial performance of the current REITs in the market during H1&r...

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Nairobi Metropolitan Area (NMA) Land Report 2024

Aug 18, 2024

In July 2023, we released the Nairobi Metropolitan Area Land Report 2023, which highlighted that the Nairobi Metropolitan Area (NMA) land sector recorded an improvement in performance with the average annual price appreciation coming in at 4.5% in FY’2022/23, 1.3% points higher than the 3.2% appreciation recorded in FY’2021/22. The performance represented an 11-year average price appreciation CAGR of 9.1%, with the average selling price for land coming in at Kshs 128.5 mn in FY’2022/23, from Kshs 47.9 mn in 2011.   The performance during this period was mainly driven by the increased demand for Un-serviced land in satellite towns of the Nairobi Metropolitan and serviced land...

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Enhancing the Effectiveness of Kenya’s Housing Fund

Aug 11, 2024

As reported by the World Bank, Kenya's urbanization rate stood at 3.7% in 2023, surpassing the global average of 1.7%. Additionally, the country's annual population growth rate averaged 2.0%, higher than the global average of 0.9%. This rapid urbanization and population growth have created a substantial demand for housing in Kenya, which greatly outstrips the available supply. The Centre for Affordable Housing Finance Africa (CAHF) estimates that Kenya faces an annual housing deficit of 80.0%. Currently, only 50,000 new houses are built each year, while the demand stands at approximately 250,000 units, leaving a shortfall of about 200,000 homes annually. The Centre...

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Review of Kenya’s Public Debt 2024

Jul 28, 2024

Kenya is one of the fastest growing economies in Sub-Saharan Africa, having registered a growth rate of 5.0% in the first quarter of 2024. Despite being one of the fastest growing economies in Sub-Saharan Africa with a projected economic growth rate of 5.0%, above the region’s average of 3.7%, Kenya is grappling with a high debt burden, facing elevated risk of debt distress and significant challenges in managing its public debt, which has increased rapidly in recent years. As per the latest data from the Central Bank of Kenya (CBK), the total public debt stood at Kshs 10.6 tn as of June 2024, compared to Kshs 10.3 tn recorded in June 2023. Notably, external debt reduced by 5.2% during the period to Kshs 5.2 tn in March 2024, from 5.4 tn in June 2023 attributable to the early partial repayment of the USD 2.0 bn Eurobond in February 2024.  Consequently, the debt t...

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Kenya Retail Report 2024

Jul 21, 2024

In July 2023, we published the Kenya Retail Report 2023, themed “Retail Expansion with Focus into Untapped Markets,” where we highlighted the progress and performance of the retail sector. The sector remained stable, with the average rental yield coming in at 7.5%, 0.7% points increase from 6.8% recorded in 2022. Additionally, the average rent per SQFT increased by 7.1% to Kshs 130 in 2023 from Kshs 122 in 2022. The average occupancy rate increased by 2.1% points, reaching 79.4% in 2023 compared to 77.3% in 2022. This increase was mainly driven by the rapid expansion of both local and foreign retailers, such as Simbisa brands, Carrefour, Naivas, and Quickmatt. This week, we update our Kenya Retail Report 2023 with the Kenya Retail Report 2024 themed “Resilient and Evolving Retail Landscape

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