With cheap apartments for sale in Kenya, with a population of about 50 million, you might think buying a new home would be a billionaire’s dream. But it isn’t the costs are too high and the waiting times are too long.
That’s why so many oligarchs, oil barons, and millionaires buy second homes on popular vacations. These days, with prices as low as $4,000, it’s more affordable than you think.
And if you’re looking to buy your second home outside popular vacation areas, you’re in luck. Plenty of options in safe and beautiful areas offer great value.
While these small homes might seem ideal for urban dwellings, they are not well-liked by owners because of their high maintenance costs.
cheap apartments for sale in Nairobi
Cheap apartments for sale in Nairobi, the capital of Kenya, are now more readily available than ever. According to property firm Hass consultant data, Nairobi’s central business district alone has more than 1,000 rent-controlled apartments in large, high-rise buildings.
These buildings have been a dream housing solution for many Kenyans.
They are brightly colored, airy, and full of sunlight – and that’s just about all you’ll need to know about a cheap Kenyan apartment. Whether you’re looking to rent one for yourself or are trying to sell a home, these Moderately priced Apartments in Nairobi County will help you maintain a healthy balance between cost and quality.
When you think of a cheap apartment for sale in Nairobi, you are likely to imagine a unit used for the residence of one or more people. But in fact, apartments can be more versatile. They can serve many different functions, such as a laboratory, a business office, a communal area, or even a simple bedroom, which can be turned into an extra room.
According to data from the Kenya National Bureau of Statistics, released in September 2020,1, 15,000 apartments were operating in the country. In 2017, the number of apartments used was 14 percent lower than in 2015. The population of Nairobi is growing Day by Day
With many people moving to the city for work and leisure, rental prices are increasing. In 2018, the average hotel room price in Nairobi was KShs.33,000. By September 2020, this had increased to KShs.37,000. Other expenses like food, rent, transport, and other living costs in the city are rising.
info@ownitkenya.com
0722 716 182 | 0720 469 282
Affordable apartments for sale.
Affordable apartments for sale in Nairobi, a city renowned for its stunning views of the surrounding countryside.
With over 13,000 new apartments expected to be built in the cities and suburbs of Nairobi, the parish of Hurlingham, and other areas such as Lavington, Westland, Kitusuru Langata, Imara Daima, and Kileleshwa., the majority of these apartments will fall under the category of cheap apartments for sale in Kenya.
According to data from RealEstate Finder, Nairobi, the capital of Kenya, is home to approximately 27,000 people. With over 13,000 new apartments expected to be built in the cities and suburbs of Nairobi, the parish of Hurlingham, and other areas such as Syokimau and Onngata Rongai
Apartments in Nairobi are selling for $2,000 to $3,000. In its May 2017 issue, real estate listings sites Jumia.com and property24.com listed Nairobi as one of the top three locations in the world for business and personal investment. The site also included information on buying a home in the city.
According to data from knight frank, Nairobi was the second most expensive city in Africa after Cape Town, South Africa, where property prices ranged from $5,000 to $6,000.
However, the cost of living in Nairobi is much higher than that of living in other cities of Kenya, such as Mombasa, Nakuru, and Kisumu.
Not only that, but residents of Nairobi are much more likely to buy a house or a property in central Nairobi rather than in one of the many new towns and developments that have sprung up in recent years.
The average price of a 4-bedroom house in Nairobi is Sh25 million (US$). That’s nearly double the average price of a new house in the United States; it’s about $2,000,000 for a five-bedroom house.
While these prices may sound high, they’re standard for Nairobi, where properties are rarely affordable.
info@ownitkenya.com
0722 716 182 | 0720 469 282
Apartments for sale in Nairobi, Kilimani
Apartments for sale in Nairobi, Kilimani, and other major cities are getting popular, and for a good reason: They are a steal. According to data from Hass Consultant, a data platform for property listings, Nairobi-based Safaricom Cooperatives apartment complexes see-itched up $ 61 million in sales last year—including new leases and conversions.
That trend is repeated in other major Kenyan cities, including Mombasa, where reliance on old estate, and therefore old properties, is falling. According to Nairobi Apartments, the average Nairobi property now holds $2,000 in equity, up from $1,534 in 2020.
That rise in property values has translated into higher rental incomes for tenants, totaling a minimum of 10,000 for a one-bedroom apartment. The average Nairobi rental now stands at $3,000 monthly, up from $2,756 in 2020.
As such, it’s no surprise that studios and one-bedroom apartments are now the most popular spaces in the Nairobi suburbs.
info@ownitkenya.com
0722 716 182 | 0720 469 282
Cheap apartments for sale in Kenya
That rise in property values has translated into higher rental incomes for tenants, totaling a minimum of 10,000 for a one-bedroom apartment. The average Nairobi rental now stands at $150 a month, up from $125 in 2020.
According to data from Kenya’s Land and Landlord Authority, there were 1,250,000 properties in the country as of Dec. 5, 2021. Only 15 percent were residential; the remaining were used for commercial or other purposes.
With so many tenants in the market, landlords are starting to elevate their games. Some even invest in property appreciation for the higher rental income.
Rental Properties
“These investors see potential in high-end rental properties currently being used for commercial purposes,” says Belinda Warren, principal at Fair astonished estate agents. “They’re taking a wait-and-see approach, especially since most of these investments are in second homes.”
However, most are investing in multi-unit properties, so the potential is still there for a few investors to go huge. One example is the $36 million purchase of a prime location in Nairobi’s central business district by an unidentified Chinese company. The plot, which includes a hotel, office space, and residential units, was recently covered by Chinese media.
Innovation is also driving the rental market. New technologies such as virtual and augmented reality allow users to experience the world differently. For example, a Chinese company has developed a VR camera that can be attached to a mobile phone. This technology allows marketers to create 3D images of products and services, and users can rotate their phones to view them from any angle.
Even large companies are taking action. For example, according to a report by Hass consultant, a Chinese firm bought the property in the upper hills of Nairobi.
Are you searching for a cheap property in Kenya to invest in? Contact Own It Kenya Properties for an inclusive property search, purchases, and management.
info@ownitkenya.com
0722 716 182 | 0720 469 282
