The real estate sector, like other industries, experienced a shock due to the global Covind-19 pandemic. Some people lost their jobs, residential properties emptied as some were forced out, businesses like restaurants collapsed, and office spaces were vacated, to mention a few trends. The impacts are felt to date. Nonetheless, the economic resurgence is shaping progress, and setting new trends. Among the notable real estate trends in 2022 include:
Satellite towns
More people shifted from city life to more affordable nearby towns during the pandemic’s hard economic times. This has set the trend, with more satellite towns popping up and quickly growing. The hassles of city life and the expensive cost of living motivate more consumers to look for better alternatives but not forgo the promising business and job opportunities. Shifting to the satellite towns means easily commuting to the city and keeping your job or business running while saving more money. The property demand, including furnished rental houses and plots, is an ongoing trend that’ll hold even beyond 2022.
Spacious homes
The shift from traditional offices to remote working is quickly becoming the norm. This has led to the demand for spacious homes. More consumers are looking for properties that can accommodate their office needs. More usable square footage means setting up a home office and saving more money. The Covid restrictions have provided many businesses and other organizations with a new perspective. With the ever-evolving technology, demand for office spaces has seen a dip while increasing the need for more spacious residential properties.
Digitization
The future is digital, a trend that the real estate industry continues to adopt. Today, you can accomplish a lot through digital services. This includes the growing remote and electronic notarization that makes digital signatures legally binding. You can, for instance, use Hauzisha to market or find a property, initiate contact, negotiate, and fast-track the process. The digital arena saves time and costs, making it an invaluable tool for investors, marketers, and consumers, among other players. Real estate digitization extends beyond management. Today, more developers are adopting smart approaches. Considering the growing demand for smart property solutions, this is due to their convenience and many benefits.
Growing land prices
Who in Kenya hasn’t interacted with the viral land for sale adverts? “Buroti Maguta Maguta” is synonymous with current land affairs. More people are in the market for prime plots as they strive to own the most precious real estate asset. With the growing demand and rise of satellite towns, not to mention the infrastructure developments, the biggest highlight being roads, land prices in Kenya are in a state of consistent rise. This is a great investment opportunity, especially in areas with promising growth potential.
Residential property demand
Among the agendas of Kenya’s government of the day is the provision of affordable housing. This has prompted more people to consider buying homes rather than renting. In the last few years, more people are shifting from renting to owning homes, especially with more units available, accessible, and friendly financing terms, to mention a few factors. The growing demand can also be associated with the economic shock that the global pandemic caused. People want to feel safe. This is a security that owning a home offers compared to renting. This trend will stand for the foreseeable future, prompting developers to continue building more residential properties.
The real estate landscape in Kenya has significantly changed, attracting more investors. More people realize the potential of investing in raw land, buying homes, and turning to home offices, among other considerations. With the growing technology accessibility and affordability, digitization is also taking center stage, making the real estate industry easy to access and manage.
