The prices in real estate in Westlands, in the Nairobi region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Westlands has had a strong decrease during the last 6 months. In December, the average price per m² was KSh 128,446. In January this price pretty much remained the same at a value of KSh 126,336 per m². The price for the following two months in (February, March) had a considerable decrease of 73 with regard to the prior two months. The price per m² has had a considerable deflation of 79 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of KSh 110,187.75 to KSh 86,764.5 during April, and May.
Based upon to the price in Westlands (constituencies & towns), this has gone up considerably in the last 6 months. The average price during our first sample month during December, is KSh 41,157,500. During January the price went through a considerable rise reaching KSh 146,333,333. During the following two months (February, March) the average price had a considerable increase of 120 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from KSh 103,163,440 to KSh 45,564,584, which means a 44 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of KSh 30,000,000 they are 79 % more affordable than the average price for Westlands. The properties with the highest average price have 4 bedrooms, Their price is 52 % more costly than the average. After that we have properties with 3 bedrooms priced at KSh 20,058,493.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of KSh 86,664 / m², with an average KSh 100,172 / m² price in Westlands. The properties with the highest average prices have 4 bedrooms. They are 19 % more expensive than the average followed by properties with 1 bedroom with a price at KSh 99,962 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of KSh 30,000,000 it is 23 % cheaper than the average price in Westlands. "Industrial Property" is seen as the second most affordable property type. The dearest property type is "Townhouse" followed by "House". At a price of KSh 72,690,141 it is 197 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Apartment" at an average cost of KSh 99,812 / m² followed by "House" priced at KSh 145,205 / m². "Townhouse" is the most costly type of property with a KSh 560,255 / m² cost followed by "Industrial Property" with an average price of KSh 392,507 / m².