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Hass Property Index Q4 2013 |
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HassConsult today announced the results of the Hass Residential Price Index for the fourth quarter of 2013, revealing accelerating rent rises in the final months of last year, driven by significant over-demand for rentals. “For the country's expanding middle classes, the path of progressing from renting to purchasing is being blocked, now for a third yearrunning, by the nation's exceptionally high mortgage rates,” said Ms Sakina Hassanali, Head of Research and Marketing at HassConsult. “Typical first-time buyers of apartments and low-end town houses are continuing to find mortgages unaffordable, creating a demand bulge in rentals.” This clustering saw semi-detached rents moving sharply upwards all year, rising by 4.5 per cent in the fourth quarter on third quarter levels, and by 19.4 per cent on a year earlier. The final quarter also saw a renewed take-off in asking rentals for apartments, up by 4.2 per cent on the previous quarter, taking the rise for the year to 2.2 per cent, as the sudden rises more than offset earlier falls in asking rents. In property sales, however, only the asking prices of town houses rose from October to December, up by 0.6 per cent on the previous three months,while the asking prices for detached houses and apartments fell by 1.3 per cent. 'At a profound level, the failure of the mortgage market to provide a new route to home ownership is now shaping the Kenyan property market in a way that cannot be sustainable,” said Ms Hassanali. “Demand is bulging in rental properties, even as developers are being deterred from new construction by flat sales prices and rising costs. The sum is ever higher rents, in a population made up of landlords and tenants.”
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Last Updated on Thursday, 23 January 2014 13:49 |

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