NAIROBI (CAPITAL OF KENYA): THE IDEAL HUB FOR RESIDENTIAL APARTMENTS
June 27, 2020
Nairobi being the capital city in Kenya is more preferable for most investors due to the centralized nature being the Capital City and main focus of attention in terms of infrastructure amongst other factors. The real estate industry in Kenya is fast growing with new developments constantly coming up. This is as a result of a shift in the desires of what tenants at the current age in time prefer. There is a higher focus on new ideas and concepts so as to satisfy the needs and wants of tenants and investors.
Nairobi in recent times for most residential apartment developments have adopted the concept of having amenities such as swimming pools, fully equipped gyms, boreholes, full back up generators and children’s play areas due to the importance these amenities have for most of the tenants especially the millennials and also the investors. The availability of some of these amenities if not all in residential apartments are absolutely crucial for most tenants as it adds to the convenience and fun factor of the residential apartment.
The construction of new roads has been ongoing in Nairobi in various places such as Ngong, Lower Kabete, Spring Valley, Westlands etc. As a result of this, the land prices within those areas of increased in value making it more attractive for investors to develop residential properties such as apartments ensuring they get a high rate of return on their investments. With new roads being constructed, this leads to an increase in convenience and helps mitigate factors such as traffic which Nairobi is known for having quite a lot.
The new and continuous trend of having commercial space within residential properties has become a common habit within new residential apartment developments in Nairobi. We have many upcoming and complete modern apartments that have commercial space for companies to open and operate within the premise hence enhancing convenience for the residents of the residential property. This trend tends to attract more investors into investing in either the residential space, commercial space or even both.
Commercial banks in Kenya are increasingly investing in the real estate industry be it directly or indirectly. The process of obtaining funds from a bank in order to develop a residential apartments are not as stiff as before, in fact, banks compete with one another in order to give the best rates possible to developers. Considering the large number of banks in Nairobi, this has aided in the competitive nature and availability of funds to developers hence leading to an increase in the number of residential apartment developments within Nairobi.
The options of obtaining a residential apartment in Nairobi that fits your needs and wants are less complex in the current time due to the large varieties of apartments situated in various locations throughout the city. Due to the oversupply of residential properties currently in Nairobi, potential tenants have a better chance in exploring the options available and finding an apartment that ticks their criterions. The real estate industry has an overflow of available apartments, this situation has been escalated by the Corona Virus Disease Pandemic as a result providing a large selection to choose from.
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