Market outlook: What Covid-19 means for real estate sector

Kenya’s real estate market has always been a playground for risk takers, but now, more than ever, the market’s coffers are tucked away until the players meet on the other side of the coronavirus pandemic as the risks escalate. Since the government announced the first case of Covid-19 about a month ago, business in certain sectors is almost coming to a standstill. While most investors, especially those with properties to sell are counting losses, the players say that this unexpected twist might be the catharsis this industry has been yearning for, the falling action in a plot that had reached its climax in terms of property prices and an oversupply of units. The ball might change courts from seller to buyer after the pandemic, a rare opportunity that most buyers have been hoping for. But just how has the market transitioned since March 13? Harry Muchui, a realtor who deals in land and home sales at Sohar Properties, was in Nanyuki, in Laikipia County, when he heard that Kenya had its first case of Covid-19. “I was out in the field working when I heard the news,” he says.Muchui knew that business was inevitably going to slow down, given that… Read full this story

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