Nairobi is one of Africa’s most vibrant, cosmopolitan, and exciting cities. It is one of the fastest-growing cities in the world, with a population that has doubled in the last 20 years. This growth has been driven by Kenya’s strong economic performance, which has made it one of the most attractive investment destinations in Africa.
Being the most expensive place to live in Kenya, Nairobi is an opportunity city with an entrepreneurial spirit, attracting migrants from across the country and the region in pursuit of better economic opportunities. The resulting population growth has put pressure on the city’s infrastructure and services, resulting in increased demand for housing.
The demand for residential buildings in Nairobi is driven by several factors, including the city’s strong economic growth, the city’s young and entrepreneurial population, the availability of world-class educational institutions, and the city’s culture of innovation. So, as the number of people continues to grow, less housing there is. Here are some factors that have led to an increase in housing demand;
The economy’s growth is one of the main reasons for the high demand for residential buildings in Nairobi. It is the primary driver of economic growth. This has increased the number of people moving to Nairobi seeking employment opportunities. The influx of people has led to a rise in the demand for housing.
Besides, this growth is endorsed by several key sectors, including financial services, tourism, manufacturing, technology, and logistics. It is also home to some multinational companies, including Google, IBM, Coca-Cola, General Motors, and Procter & Gamble. It also houses major government offices.
Expansion of the real estate industry
The ever-expanding real estate industry has made Nairobi one of the most attractive places to build residential buildings. The industry has seen an invasion of international real estate investors searching for new projects in Nairobi. The city offers an excellent opportunity for real estate developers to invest in new residential buildings that can be let out at high rental rates.
This is evident as the number of real estate professionals has also increased. Nowadays, you can effortlessly search for a home online and find one that meets your preferences. You can use various websites to view countless available Kenyan houses for rental and sale.
Higher appreciation of properties
Homeowners in Nairobi have realized the importance of investing in a quality home that can appreciate over time. This has made them put up better quality homes that can attract high rental rates and selling prices. The appreciation of homes has made Nairobi one of the most sought-after places to live, making it ideal for investors to create new residential buildings.
Good infrastructure is one of the reasons there is high demand for residential buildings in Nairobi. The Kenyan capital has recently seen massive road, rail, and air transport investments, making it much easier to get around the city. This has made it an attractive proposition for people looking to buy a property and live in Nairobi.
Availability of social amenities
The quality of life in Nairobi is high, thanks partly to the city’s many amenities and services. You can easily access quality healthcare facilities, excellent educational institutions, and a wide range of recreational facilities. You can also enjoy a wide range of recreational activities, like hiking and biking, in the many parks and green spaces and a vibrant arts and culture scene. These factors make Nairobi an attractive place to live, resulting in high demand for residential buildings.
Many factors contribute to the high demand for residential properties in Nairobi. The city is a hub for businesses and international organizations, which attracts workers from all over the world. Moreover, Nairobi is home to many universities and colleges, which also increases the demand for housing. The city also offers several lifestyle options, which makes it an attractive place to live for many people.