In January 2025, the Kenya National Bureau of Statistics published the Real Estate Survey, 2024. The report sought to paint a clear picture of Kenya’s real estate market outlook and it was conducted in all 47 counties of Kenya. Interviews were conducted with real estate companies in Kenya.
The off-take pace for residential properties was one of the key areas of focus on the report. Different counties recorded different outcomes, with Kiambu county presenting impressive results.
Over the years, Kiambu County has risen to the top as a leading destination for real estate investors in Kenya. Kiambu is home to some of the fastest growing neighbourhoods and such as Thindigua, Ruaka, Two Rivers, Tatu City, Ruiru, Juja and others.
Overall Offtake Pace
According to the survey, 76.2% of all residential properties advertised for sale across different counties in Kenya in, 2023 were sold out. This indicates a healthy market, especially at a time when the economy was struggling with high inflation and reduced consumer spending .
Two bedroom bungalows were the fastest moving that year.All two bedroom bungalows advertised for sale that year sold out. Bungalows with four bedrooms and above also moved pretty fast as 92.0% of such properties advertised for sale in 2023 were sold out.
Overall, Maisonettes and Bungalows moved relatively faster than other property types. However, there is need to look into the supply side for these property types. Statisticall, the supply for apartments is ordinarily much higher in Kenya, compared to the demand. The supply for bungalows and maisonettes could be lower, triggering a good off-take pace.
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It took an average of 16 months for real estate companies in Kenya to sell residential properties .
~ Real Estate Survey 2024 by KNBS
Unit off-take by region
Kiambu county was one of the best performing markets, according to the Real Estate Survey 2024. 86.2% of residential properties advertised for sale in 2023 in Kiambu sold out. Mombasa was one of the slowest markets, recording the least proportion (55.6%) of properties advertised and sold out in 2023.
Standalone properties in Machakos county also performed exceptionally well. The county seems to attract buyers looking for larger standalone, family units .
“In Machakos, all the three-bedroom maisonettes, four or more bedrooms maisonettes as well as three-bedroom townhouses on offer for sale in 2023 were sold during the year,” Reads a section of the Real Estate Survey by KNBS.
Related:
8 Real Estate Locations that Surprised Us in 2024
Average off-take time
On average, it took real estate companies about 16 months to sell residential properties, from the time a unit was advertised to the time they were sold off. Some property types moved faster than others. Two bedroom townhouses and three bedroom bungalows sold out fastest in 2023 according to the Real Estate Survey, 2024.
The average offtake time for these two property types was six and eight months respectively.Apartments took the longest to sell on average. “Three- and two-bedroom apartments took the longest time at 19 months and 18 months, respectively,” Real Estate Survey, 2024.
The report also revealed that properties with a longer off-take time fetched lower that the advertised prices. “Properties whose off-take time was twelve months or more fetched lower sale prices compared to the advertised prices except for one- and two-bedroom apartments”.
Common Property Features
When it comes to amenities offered in units – CCTV cameras were the most common in 59.% of properties . Play areas or backyard gardens were also pretty common at 59.1%. Back up generators and fixed internet infrastructure followed at 55.0% and 54.6% respectively.
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