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The H ass Property

INDEX

QUARTER THREE REPORT


2012

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

CBK rate cuts spark real estate


back to life
• Developers and sellers pushed up asking prices in Q3.
• Early in the quarter, buying activity had dropped to 2-year lows.
• September marked a sharp rise in enquiries, viewings and completions.
• Town house sales, where asking prices rose by 1.2 per cent in the quarter, performed better in September.
• But so did stand alone houses, where prices rose by 3.4 per cent.
• However, apartment prices recorded the sharpest rise, at 3.6 per cent.
• Asking rents also rose sharply, by 4.2 per cent for apartments.
• Activity in the rentals market also dipped, with fewer viewings and closures, but the drop was more marginal.
• The rentals market appeared to have been able to sustain the rent rises rolled out in the three months.

Index Highlights:

SALES AND LETTINGS COMPOSITE INDEX YEAR TO Q3 The Hass Sales Composite Index The Hass Lettings Composite Index

340.0 280.0
330.0 270.0
Index Index 260.0
2001 = 320.0 2001 =
100 100
250.0
310.0
240.0
300.0 230.0
290.0 220.0
2012 Q1

2012 Q2

2012 Q3

2012 Q1

2012 Q2

2012 Q3
2011 Q3

2011 Q4

2011 Q3

2011 Q4

HEADLINES - HASS COMPOSITE SALES INDEX % Change in Quarter % Change in Year

All Properties 5.1% 7.1%


Stand Alone Houses 3.4% 7.3%
Townhouses 1.2% 7.3%
Apartments 3.6% 6.0%
* The Hass Composite Sales Index is a measure of asking sales prices, based on Mix Adjusted Methodology

HEADLINES - HASS COMPOSITE LETTINGS INDEX % Change in Quarter % Change in Year


All Properties 4.5% 12.8 %
Stand Alone Houses 3.6 % 12.8%
Townhouses 2.8 % 9.1 %
Apartments 4.2% 15.0%
* The Hass Composite Lettings Index is a measure of asking sales prices, based on Mix Adjusted Methodology

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

With all eyes on tumbling mortgage rates in the third quarter, property asking prices jumped in the last three months on
hopes of renewed activity, reported HassConsult, as it unveiled its third quarter property indices and drew on new
“activity” indicators based on levels of real estate enquiries, viewings and completions.
In a further expansion of the consultancy's real estate data collection offering new insights into market reactions and
uptake, Hass reported that the rental market largely absorbed the price increases of the third quarter, while properties
for sale recovered from their lowest levels in two years driven by a renewed uptake of standalone houses during
September.
Overall, sales asking prices rose by 5.1 per cent, with the sharpest rise in apartments, up 3.6 per cent on the previous
quarter, followed by stand alone houses, up by 3.4 per cent. Price rises were more moderate for town houses, with sales
picking up sharply in September.
“We believe it is a correct analysis that as mortgages become more affordable and available, pent-up demand for
property buying will bring higher levels of sales activity. However, with property so fully priced in this market, sellers
seeking higher returns ahead of that surge in demand deterred some buyers in July and August rather than securing
greater revenues,” said Ms Sakina Hassanali, Head of Marketing and Research at HassConsult.
"September, however, saw a renewed appetite for buying, and comfort with the new price levels, offering relief for
developers, many of whom were becoming seriously stretched. The return to more normal levels of buying has come as a
return to life for the sector."
Meanwhile, in the rentals market, the overall rise in asking rents was 4.5 per cent in the third quarter, with the steepest
rise in apartment rents, up 4.2 per cent, followed by standalone houses, up 3.6 per cent. Town house asking rents also
rose 2.8 per cent over the previous three months.
With much of this re-pricing absorbed into the market, the returns for landlords recovered significantly across the
quarter, to a combined 13.81 per cent, across both rental yields and house price appreciation.
“The swelling in demand for rentals as those who would have been first-time buyers have stayed in the rental pool, even
as new entrants arrive, is fueling some continuing rent rises, although we do see signs of some slowing in viewing and
completions,” said Ms Hassanali.
“This rental correction was overdue for many landlords, after some years of stagnating rents, and is now closing the gap in
returns for mortgage-financed landlords that appeared after the mortgage rate rises.”

For more information, please contact:


Sakina Hassanali - Head of Marketing & Research
HassConsult Ltd
ABC Place, Westlands
Tel: +254 020 4446914

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

SNAP SHOTS:
The Hass Composite Sales Index
All Property Types • The Hass Composite sales Index is representative of
all property for sale in Kenya
400
• Property values have increased by 3.31 times since
350
2000.
Index 2000 =100

300
250 • The index shows a property price rise of 5.1% in the
200 last quarter and a 7.1% rise in the last year.
150
100
50
0
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

SNAP SHOTS:
Annual Average
• The annual average is representative of the average
All Property Types
price of all properties offered for sale in Kenya.
35,000
• The average value for a property has gone from 7.1
ASking Price KSH.s 1000s

30,000
25,000 million in December 2000 to 23.7 million in
20,000 September 2012.
15,000
10,000 • The average value for a 4-6 bedroom property is
5,000 currently 32.5 million.
0
• The average value for a 1-3 bedroom property is
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

currently 11.5 million.

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
Mix by Year • The Mix by Year is a measure of the percentage that
All Property Types each type of property represents in the market.
100% • In 2001, apartments took up 23.5% of the market,
90%
Town Houses took up 24.5% of the market and
80% Apartments (1-3 Bed)

70% Stand alone houses took up 52% of the market.


Apartments (1-3 Bed)
60%
• In 2012 however, apartments took up 43.6% of the
50% Town Houses (1-3 Bed)

40% market, Town Houses took up 26.9% of the market


Town Houses (4-6 Bed)
30% and Stand alone houses took up 29.5% of the
20% Stand Alone Houses (4-6 Bed)
market.
10%
Stand Alone Houses (4-6 Bed)
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

Breakdown of 10 years data by Year

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

The Hass Composite Sales Index Annual Average Annual % Change


Stand Alone Houses Stand Alone Houses Stand Alone Houses
50%
400 45,000 40%

ASking Price KSH.s 1000s


350 40,000
35,000 30%
Index 2000 =100

300 30,000
250 25,000 20%
20,000
200 15,000 10%
150 10,000 0%
5,000
100 0 -10%
50

2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
0 -20%

2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
• Stand Alone houses include houses, bungalows, cottages and villas either on their own plot or in a gated community.
• Property values for stand alone houses have increased by 3.83 times since 2001, a 3.4% rise in the last quarter and a 7.3% rise
in the last year. The average price for a stand alone house is currently 33.7 million up from 8.8 million in December 2000.

The Hass Composite Sales Index Annual Average Annual % Change


Town Houses Town Houses Town Houses
50%
400
25,000 40%
350
300 20,000 30%
250 15,000 20%
200 10,000 10%
150 5,000 0%
100
0 -10%
50
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

0 -20%
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

SNAP SHOTS:
• Town houses include townhouses and maisonettes that are semi-detached or terraced.
• Property values for town houses have increased by 2.95 times since 2001, a 1.2% rise in the last quarter and a 7.2% rise in the
last year. The average price for a town house is currently 19.3 million up from 6.5 million in December 2000.

The Hass Composite Sales Index Annual Average Annual % Change


Apartments Apartments Apartments
50%
400 18,000
ASking Price KSH.s 1000s

16,000 40%
350
14,000 30%
300 12,000
Index 2000 =100

250 10,000 20%


8,000
200 6,000 10%
150 4,000
2,000 0%
100 0
-10%
50
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

0 -20%
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
• Apartments include apartments, duplexes and triplexes.
• Property values for apartments have increased by 2.33 times since 2001, a 3.6% rise in the last quarter and an 6.0% rise in the
last year. The average price for an apartment is currently 12.1 million up from 5.2 million in December 2000.

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

SNAP SHOTS:
The Hass Composite Lettings Index
All Property Types • The Hass Composite Letting Index is representative
of all property for rental in Kenya
400
• Rents have increased by 2.77 times since 2001
350
Index 2000 =100

300 • The index shows rents have risen by 4.5% in the last
250
quarter but have risen by 12.8% in the last year.
200
150
100
50
0
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

SNAP SHOTS:
Annual Average
• The annual average is representative of the average
All Property Types
rent of all properties offered to let in Kenya.
200 • The average rental for a property has gone from
ASking Price KSH.s 1000s

150 Kshs. 38,516 in December 2000 to Kshs. 106,635 in


September 2012.
100
• The average rent for a 4-6 bedroom property is
50
currently Kshs. 158,113
0
• The average rent for a 1-3 bedroom property is
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

currently Kshs. 62,518

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
Mix by Year
• The Mix by Year is a measure of the percentage that
All Property Types
each type of property represents in the market.
100% • In 2001, apartments took up 45.3% of the market,
90% Town Houses took up 20.5% of the market and
Apartments (1-3 Bed)
80%
70% Stand alone houses took up 34.1% of the market.
Apartments (1-3 Bed)
60% • In 2012 however, apartments took up 56.3% of the
50% Town Houses (1-3 Bed)

40% market, Town Houses took up 19.6% of the market


Town Houses (4-6 Bed)
30% and Stand alone houses took up 24.1% of the
20% Stand Alone Houses (4-6 Bed)
market.
10%
Stand Alone Houses (4-6 Bed)
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke
The H ass Property

INDEX
QUARTER THREE REPORT
2012

The Hass Composite Lettings Index Annual Average Annual % Change


Stand Alone Houses Stand Alone Houses Stand Alone Houses
50%
400 250 40%

ASking Price KSH.s 1000s


350 200 30%
Index 2000 =100

300
150 20%
250
200 100 10%
150 50 0%
100 0 -10%
50

2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
-20%
0

2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
• Stand Alone houses include houses, bungalows, cottages and villas either on their own plot or in a gated community.
• Rental values for stand alone houses have increased by 2.85 times since 2001, a 3.6% rise in the last quarter and a 12.8 rise in
the last year. The average rental for a stand alone house is currently Kshs. 162,082 up from Kshs. 56,959 in December 2000.

The Hass Composite Lettings Index Annual Average Annual % Change


Town Houses Town Houses Town Houses
50%
400 140 40%
ASking Price KSH.s 1000s

350 120
100 30%
Index 2000 =100

300
250 80 20%
60
200 10%
40
150 20 0%
100 0 -10%
50
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

0 -20%
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
• Town houses include townhouses and maisonettes that are semi-detached or terraced.
• Rental values for town houses have increased by 2.39 times since 2001, a 2.8% rise in the last quarter and a 9.1% rise in the last
year. The average rental for a town house is currently Kshs. 102,048 up from Kshs. 42,688 in December 2000.

The Hass Composite Lettings Index Annual Average Annual % Change


Apartments Apartments Apartments
50%
400 120 40%
ASking Price KSH.s 1000s

350 100
30%
Index 2000 =100

300 80
20%
250 60
200 40 10%
150 20 0%
100 0 -10%
50
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

-20%
0
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3

1 to 3 Beds 4 to 6 Beds Mix Adj

SNAP SHOTS:
• Apartments include apartments, duplexes and triplexes.
• Rental values for apartments have increased by 2.88 times since 2001, 4.2% rise in the last quarter and aa 15.0% rise in the last
year. The average rent for an apartment is currently Kshs. 66,987 up from Kshs. 21,638 in December 2000.

HassConsult Limited | ABC Place, Waiyaki Way | P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.co.ke
T: +254 20 4446914 | F: +254 20 4447200 | M: 0722 204 764/5; 0733 629 786 | E: info@hassconsult.co.ke