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Housing

High interest rates dampen demand for houses

By Agencies

High interest rates charged by commercial banks have continued to hamper the development of more houses. HassConsult marketing manager Sakina Hassanali says prices for houses remain subduedHassConsult marketing manager Sakina Hassanali says prices for houses remain subdued

HassConsult says in its quarter report that house prices saw some small upswing in the second quarter of this year, but generally activity was subdued.

The strongest gain in house prices in the quarter came for standalone houses, where asking prices rose by three per cent on the three months earlier. But this gain was driven by very sharp pricing rises for particular properties, chased by multiple buyers.

Demand catching up with supply as Nairobi office market continue to grow

By TF News Reporter

Upper Hill and Westlands are the prime hubs for commercial property space in Nairobi accounting for over 70 per cent of new office supply over the period 2009 to 2012.Demand for offices high in Westlands and Upper Hill areasDemand for offices high in Westlands and Upper Hill areas

A recent survey by development and project management firm, Mentor Management Limited revealed that Westlands saw the lion’s share of new development in the city last year with 63 per cent of Nairobi’s office space delivered in that node although this balance is changing and Upper Hill is predicted to take the lead in 2014 accounting for 56 per cent of all new office space.

High cost of mortgage remain a big hindrance to home ownership, says Mortgage Company

By TF News Reporter

The dream of most Kenyans to own their own homes remains a dream as mortgages by most commercial banks remain high.Co-operative Bank MD Gideon Muriuki (right) has driven mortgage costs down but they remain highCo-operative Bank MD Gideon Muriuki (right) has driven mortgage costs down but they remain high

The Mortgage Company in its first quarter mortgage report warned that the continuing high levels of commercial interest rates were stifling the local mortgage market, and creating an obstacle to widespread home ownership, that now urgently needs to be addressed.

Political electioneering leading to March 4 polls slowed down housing sector

By Ben Kinyanjui

Political uncertainty that characterised the just concluded general elections that ushered in Mr Uhuru Kenyatta as the fourth president slowed down the housing sector in the first quarter of 2013.Demand for housing has remained highDemand for housing has remained high

Experts in the sector say the slowdown led to lower supply leading to marginal increase in prices for both rental houses and house purchases.

Developers blend natural environment to build office buildings in Nairobi

By TF News Reporter

Developers are earning up to ten percent more for office space in Nairobi built through modern designs allowing people to work and relax at the same time.Hass Consult marketing manager Ms Sakina Hassanali says developers moving to suburbsHass Consult marketing manager Ms Sakina Hassanali says developers moving to suburbs

Real estate agent HassConsult says the demand has seen developers move from the congested city centre to establish offices in suburbs where yields are up to 10 per cent on grade A and B office space.

New taxation measures adds to numerous huddles facing the housing sub-sector

By TFN Reporter

The move by government to enforce 30 per cent taxation on rental houses in June last year is the latest additional to numerous hurdles that hinder the full development of the housing sub-sector.MS Caroline Kariuki CEO, The Mortgage Company says new tax an added hurdle to the housing industryMS Caroline Kariuki CEO, The Mortgage Company says new tax an added hurdle to the housing industry

Experts say the new tax that is far above the five per cent level imposed on other asset earnings, such as stocks and shares is likely to discourage investors eying the industry.

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