Home buyers are opting for affordability and the need for bigger homes as a result of the pandemic according to Knight Frank’s the Kenya Buyer Survey 2020 survey.
According to the report that sought to understand the impact the Covid-19 pandemic on residential markets, shows a shift in the buyer’s trends when it comes to choosing a residential home.
Key findings from the survey include:
Some of the key take-outs from the survey include:
32.0% of households are likely to move from their current homes to other house units over the next 12 months. Out of the population, 72.0% are likely to stay in the same location that they live in but move to a different property,
54.0% of respondents are more likely to buy a detached family home than they were before Covid-19, with 50.0% in favour of waterfront homes,
The demand for apartments has declined, with 50.0% 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% of respondents indicating that they intended to work less from home.
The house prices are expected to fall over the next 12 months with 50.0% of respondents expecting prices of properties to fall over the next 12 months, 36.0% do not foresee any change, while 14.0% 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% off the asking prices as a result of increased demand for liquidity, and,
Similar to primary residences, buyers of second homes are prioritising home offices, greater privacy and outdoor space when choosing a second home.