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32.0% Of Kenyans More Likely To Move From Their Current Homes Due To Covid-19

BY Soko Directory Team · December 28, 2020 09:12 am

32.0 percent of Kenyans are more likely to move from their current homes to other house units over the next 12 months because of the Covid-19 pandemic according to a survey done by Knight Frank.

Out of the population, 72.0 percent of the households are likely to stay in the same location that they live in but move to a different property.

54.0 percent of respondents are more likely to buy a detached family home than they were before Covid-19, with 50.0 percent in favor of waterfront homes.

The demand for apartments has declined, with 50.0 percent of respondents indicating that they are less likely to want to live in an apartment in the future as they seek to have more spacious living spaces that can accommodate both living and working spaces.

More than a third of prospective homebuyers from the sample selected are looking for low-cost houses, this is mainly as a result of the tough economic environment brought about by the COVID-19 pandemic which has led to a shift to affordable housing options.

Over three-quarters of respondents stated that they are more likely to work from home in the future as a result of Covid-19, with only 1.0 percent of respondents indicating that they intended to work less from home.

The continued working from home trend is likely to result in reduced demand for physical office spaces and the increased need for convenient residential housing with spaces accommodating work, shopping, and living spaces.

The house prices are expected to fall over the next 12 months with 50.0 percent of respondents expecting prices of properties to fall over the next 12 months, 36.0 percent do not foresee any change, while 14.0 percent believe that prices will increase.

Sellers of residential properties are more inclined to discount the prices of properties and provide offers of up to 15.0 percent off the asking prices as a result of increased demand for liquidity.

Similar to primary residences, buyers of second homes are prioritizing home offices, greater privacy, and outdoor space when choosing second homes.

READ: Westlands And Karen Named The Best Performing Retain Nodes In Nairobi

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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