Rent Prices Fall for Luxury Homes and Office Spaces in Nairobi
Why is prices falling in Nairobi to rent office spaces or luxury homes? Well, the answer is oversupply and foreign people leaving Nairobi. According to recent real estate trends, average cost in the country of Nairobi for office leasing spaces has dropped by 20% over the past two years. People from other countries who were residing in Nairobi were renting high end luxury homes. When they have left the country, rent of executive mansions with four bedrooms has dropped to 13% each month. Buyers of corporate bonds are the winners in return investments.
The new office commercial office space has put a damper on renting sales. The price of luxury homes has significantly increased but rental prices has declined due to Kenya's oil industry reducing the number of employees. Oil and gas drillings was popular after 2012 due to new oil locations that were found. There was approximately 750 million barrels of crude oil, which was new oil reserves. There is a huge lack of industrial space for new office spaces for companies in Kenya.