Key Facts and Figures on the Kenyan Real Estate Market
Real estate is an essential sector in Kenya's economy, providing shelter and investment opportunities. Here are some key statistics about real estate in Kenya:
1. Monthly rents for an apartment in Nairobi, Kenya 2022
The average monthly rent for 2 bedroom urban apartments in Nairobi, Kenya, in 2022 is KES 39,853 (approx. USD 369), according to Numbeo. This cover Nairobi suburbs like Kilimani, Kileleshwa, Karen, Syokimau, Kiambu Road, and Imara Daima: However, the rent may vary depending on factors such as location, size, and type of apartment.
2. Average apartment prices in Nairobi 2016
The average price of an apartment in Nairobi, Kenya, in 2016 was KSH 14.7 million (approx. USD 136,000), according to HassConsult.
3. Rental prices per square foot for warehouses in Kenya 2013-2017
The rental prices per square foot for warehouses in Kenya increased from KES 20.2 (approx. USD 0.19) in 2013 to KES 21.4 (approx. USD 0.20) in 2017, according to Statista.
4. GDP growth rate from the real estate sector in Kenya 2019-2022
The real estate sector contributed 7.2% to Kenya's GDP in 2020, according to the Kenya National Bureau of Statistics. The GDP growth rate from the real estate sector was 6.1% in 2019, 5.3% in 2020, and is projected to be 5.6% in 2021 and 6.0% in 2022, according to the World Bank.
5. Ability to pay rent in Kenya 2020
In 2020, 40.2% of Kenyan households had the ability to pay rent, according to the Kenya National Bureau of Statistics.
6. Main reasons for the inability to pay rent in Kenya 2020
The main reasons for the inability to pay rent in Kenya in 2020 were:
- Loss of income due to COVID-19 pandemic (44.8%),
- High cost of living (24.9%), and
- Unemployment (19.8%), according to the Kenya National Bureau of Statistics.
7. Value added by the real estate sector to the GDP in Kenya 2018-2021
The real estate sector added KSH 250.6 billion (approx. USD 2.3 billion) to Kenya's GDP in 2018, KSH 263.2 billion (approx. USD 2.4 billion) in 2019, and KSH 252.3 billion (approx. USD 2.3 billion) in 2020, according to the Kenya National Bureau of Statistics.
8. House price index in Kenya 2018-2020
The house price index in Kenya increased from 116.3 in 2018 to 122.9 in 2020, according to the Kenya Bankers Association.
9. Housing trade in Kenya 2020, by house type
In 2020, detached houses accounted for the largest share of housing trade in Kenya, followed by apartments and maisonettes, according to the Kenya Bankers Association.
In conclusion, these statistics offer valuable insights into real estate in Kenya, helping investors and stakeholders make informed decisions regarding investment opportunities, rent rates, and market trends.