Real Estate Industry Thrives in Nairobi

Real Estate is a booming business in Nairobi County for both commercial and residential buildings with statistics showing that the value of the industry rose to 18.6 billion in May from 1.3 billion in April.

The value is expected to rise even further as the County government continues to approve the construction of new buildings both for commercial purposes as well as residential purposes according to a report released by the Kenya National Bureau of Statistics (KNBS).

The real estate sector remains an attractive and lucrative business enterprise for individual investors and companies looking to enter the market. Real Estate is currently the most sort out business investment.

Increased demand in the real estate sector has led the value of land in Nairobi County to skyrocket. Nairobi City County government provided an increased Construction Cost Index of 234.9 in May this year which has been considered the highest but this has not deterred the investment from thriving. The highest value of construction came from residential buildings where figures stoodat Sh 11.6 billion while the construction in commercial buildings amounted to Sh7.0 billion.