NAIROBI, Kenya, Mar 7- Tatu City has projected growth for 2021 having sold 90 percent of the development, following an increased demand for residential houses.
Tatu City Head of Sales David Karimi said that as from last year, homebuyers have continued to show interest in having space and a physically secure environment on account of adopting to new guidelines to survive the COVID-19 pandemic.
“The uptake for residential houses has been on the rise as from the outbreak of the pandemic and even after and we see the demand rising going forward wherein a monthly basis we are able to sell approximately 10 units,” said Karimi.
According to Murimi home buyers are also learning from past experiences and are becoming keen on developments that are under construction or just in the starting process.
“We have seen people getting duped quit a lot in terms of developments that are fully serviced which later turns out to be a white elephant and a lot of people are now looking for live developments in the market which is what we are focus on,” he added.
The prices for the plots will however increase by 15 percent owing to increased demand.
“In 2020, the property would cost roughly Sh12million and we already managed to increase the prices by 10 percent but for 2021 we anticipate increasing this by 15 percent because of the demand perspective,” Karimi said during the open day of Kijani Ridge.
His sentiments come in the wake of a recently released report by Cytonn Real Estate projected that overally, real estate sector is projected to remain neutral this year.
The projected sluggish performance was due to a tough economic environment in the wake of the Covid-19 pandemic, which has resulted in reduced disposable income.
Cytonn said the residential sector is to remain neutral, as they expect the tough economic environment to continue affecting transaction volumes.
