Westlands has experienced rampant growth in real estate investment due the high returns. This is according to the Cytonn Investments’ Business and Market Outlook report launched on Monday. The report also projects a robust growth in real estate sector in year 2016 driven by the growing middle class’ desire to own homes.
Return on real estate investment is higher in Westlands at 7.2 per cent according to the report, which covers 10 key residential areas. According to the report a three-bedroom apartment in this area rakes Sh150,000 in monthly with a sale price of Sh25 million.
Kilimani is second with a 4.6 per cent yield where a town house is averaged at Sh250,000 per month, with a sale price of Sh65 million. Ruaka is third with a 4.2 per cent yield where monthly charges for a three-bedroom are an average of Sh35,000 and costs Sh10 million if for sale.
Other areas are Lavington with a yield of four per cent, Ongata Rongai ( four per cent),Kitengela (3.8 per cent), Thika Road (3.5 per cent),Karen (3.2 per cent), Lang’ata three per cent and Kasarani the lowest at 2.1 per cent.
The increased infrastructural development in the region has spurred the growth and many zones have been attracting the investors. The demand in middle class has grown as many people move out of the city for affordable homes in the suburbs.
Rental growth in some of the high-end markets like Kilimani is however projected to remain low this year, as the market nears saturation point. More affordable housing has been achieved through the alternative building technologies from the developers. According to the Kenya National Bureau of Statistics, real estate sector’s year on year growth as at quarter three of 2015 was 5.4 per cent, with the overall sectoral contribution to GDPremaining flat at eight per cent.
Dunhill Consulting Limited’s property services are refreshingly different. That’s because the unique combination of our people and our property management and marketing strategies give you the very best service available, whether you want to have your property managed, sold, let, or are even thinking of buying. All of our services are driven by our core philosophy: professional, cost effective and hassle-free.
- All our staff are 100% committed to going the extra mile to exceed your expectations.
- We listen carefully to your individual needs.
- We keep our promises – we will advise you on what price/rent is realistic and what is optimistic. You decide if you want a quick sale or will hold out for the right price.
- We’ll manage your sale/letting from beginning to end, and our senior staff will keep you informed throughout.
- Your property is our business. With our wide experience, we will manage your property in the most professional way.
Our Properties are widespread across Westlands, Parklands and Godowns in Mombasa road, Industrial Area. Our customer base has continued to grow due to the increased customer satisfaction.
In the commercial sector, office yields are expected to remain stable.This ranges between eight and nine per cent for prime offices and seven per cent for grade B offices. Our landmark commercial development Dunhill Towers development in Westlands is ongoing and up for sale. The development is a state of art in functionality and design. For more information and more Dunhill Consulting Properties visit our website www.dunhillconsulting.com