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Recent Topicals

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Nairobi Metropolitan Area (NMA) Land Report 2021

Jul 25, 2021

In July 2020, we released the Nairobi Metropolitan Area Land Report 2020 which highlighted that in 2019/2020 the land sector recorded an annual capital appreciation of 1.5%, compared to the price correction of 0.3% recorded in 2018/2019, attributed to increased demand for land mainly in the low rise residential areas and satellite towns. Asking land prices in low rise residential areas recorded a 3.8% capital appreciation y/y, attributed to the availability of development land in these areas. Additionally, people are attracted to these areas as they are sparsely populated, thus offering exclusivity and privacy. Unserviced land in satellite towns such as Ruaka also recorded a capital appreciation of 3.8% y/y, attributable to the growing demand for land in these areas fueled by the demand for housing by the growing working population as the areas act as Nairobi&rsqu...

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Real Estate Bubble

Jul 18, 2021

In the beginning of 2020, we set out to address the speculation that the Kenyan market was experiencing a real estate bubble through a topical Is There a Real Estate Bubble in Kenya? We determined that there was no real estate bubble in Kenya since the market was still constrained by issues such as i) unavailability and unaffordability of credit , ii) tight credit underwriting standards from high number of non-performing loans, iii) low accessibility to mortgage financing, and, iv) slow provision of affordable housing. Thus, the sector was just experiencing the normal real estate cycles and the rapid price increments was as a result of low supply and high demand, and vice versa in select sectors. This week, we again seek to address the same concerns on whether the Kenyan market has experienced a real estate bubble through a topical as outlined below; Introduction to real estate bubble ...

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Land Sector Cytonn H1’2021 Markets Review Note

Jul 14, 2021

Land prices in low rise residential areas recorded highest price appreciation of 4.9 % in H1’2021 compared to a market average of 1.6% During H1’2021, the land sector recorded an overall annualized capital appreciation of 1.6%, with asking land prices in low rise residential areas recording a 4.9 % annualized capital appreciation, attributed to the relative affordability of land valued at Kshs 88.3mn per acre compared to high rise areas selling at Kshs 132.7mn per acre.  Other factors making the areas attractive to people is the fact that they are sparely populated thereby offering exclusivity and privacy. Land in the commercial zone recorded a (3.7%) price correction to approximately Kshs 131.0 mn per acre compared to Kshs 133.0 mn per acre due to reduced demand for land in commercial zones as most developers have put on hold their activities as they await the absorption of the current office supply with the over...

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Nairobi Metropolitan Area Residential Report 2021

Jul 11, 2021

Last year, we released our Nairobi Metropolitan Area (NMA) Residential Report 2020

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Kenya Macroeconomic Review

Jul 4, 2021

Following an economic contraction in 2020, The Kenyan Economy is projected to grow at an average of 5.4% in 2021 according to various organizations as shown below: No. Organization 2021 Projections 1.        International Monetary Fund 7.6% 2.        National Treasury 6.6% 3.       

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