The real estate industry is constantly evolving. Each season comes with a handful of trends as various stakeholders, from investors, consumers, and financial players, make their moves, impacting the industry. Nonetheless, the unseen Covid-19 global pandemic has significantly shaped the trends in the last few years. Covid-19 caused massive disruption globally, concerns that dealt a blow to the overall economy.
In a short span, many jobs disappeared, commercial and residential rental properties were vacated, and some businesses collapsed, the hospitality industry being among the most affected. Such changes affected the real estate industry, and the impacts continue to be felt to date.
Just when everything seemed to have hit a balance and economic recovery was quickly taking shape, the Ukraine invasion by Russia hit. As the two nations lock horns, others are suffering, especially with oil and gas prices hitting new highs, commodities that directly affect other industries, real estate included. Despite the challenges, the real estate industry in Kenya has seen massive shifts that continue to set the pace. Among the most notable trends to keep an eye on in 2022 and that will likely shape the future includes:
The process is faster and more efficient with digital solutions when looking for a property. This includes e-Citizen. Using the e-Citizen means that you don’t have to visit the Ministry of Land and Physical Planning for land or property search to establish and ascertain ownership. The process is much more productive since you don’t have to travel across the country to find your desired property. Check out services like Hauzisha listings; you are only a few clicks away from finding the property you choose.
While digitization is not a relatively new thing, it is growing fast. This is partly due to Covid-19 and the measures implemented to curb its spread. Technology is at the heart of all modern real estate undertakings, from searches to closing deals, a trend that won’t slow down even beyond 2022.
More property developers are popping out by the day. This trend started a few years back, and with the growing property demand, it has only grown. More consumers are looking to own homes, a vivid trend considering the rising mortgage inquiries. Access to mortgages and friendlier terms gives buyers the power to own homes. It is a trend that developers have picked on and continue to capitalize on, building more units to satisfy the demand.
The developments have led to the rise of satellite towns, considering the land prices in major urban settings. Satellite towns in Kenya are quickly pulling more people, especially with their affordability. This is while making it possible to work/run a business in the busy cities. You’ve probably interacted with some adverts, for example, prime plots in the outcasts of Nairobi like Juja. This trend won’t slow past 2022, allowing more consumers to own rather than rent homes.
Modern homes are a lot more than a dwelling space. They double as offices and gyms, among other functionalities. With more people uncovering the remote working gem, the ever-evolving technology that continues to provide better access and affordability to the Internet of Things (IoT), homes are turning into a comprehensive solution. This has seen a rise in demand for warehouses over office spaces. This is mainly as more businesses go online, requiring more storage space over office spaces. Apart from spacious homes, more consumers are looking for intelligent solutions. Smart locks, air conditioning units, security systems, blinds; the list is long and continues to be a favourite among prospective buyers.
Economic challenges will always be there, shaping the real estate industry in many ways. In the current arena, digitization and intelligent solutions, home demand for security considerations, and the need for more functional square footage continue to set the pace in the real estate industry.