Several factors can make prices vary in real estate. Among these is location.
Location
The location of a property is one of the most important factors in determining its value. Properties
located in desirable areas, such as those with good schools, low crime rates, and easy access to
amenities, tend to be more valuable. In Nairobi, the most common areas as such are Parklands,
Westlands, Kilimani, and Kileleshwa among others.
Supply and demand
The supply of available properties and the demand from buyers can also affect prices. This is something
many home buyers and investors are always concerned about. When there are more buyers than
available properties, prices tend to go up. Conversely, when there are more properties than buyers,
prices tend to go down. However, if you are opting to buy a home for investment, it is always wise to
purchase in areas where there is a tenancy demand.
Economic conditions
The state of the economy can also affect real estate prices. In today’s market, globally, the economy has
greatly changed and living standards are rising. A good property should be able to test the tough
economic conditions. This means that regardless of the economic tides, having the right demand makes
all the difference. An example could be people with more disposable income, where they are more
willing to pay prices for properties.
Interest rates
Interest rates can also affect real estate prices. When interest rates are low, it’s easier for people to
obtain mortgages and afford higher-priced homes, which can drive up prices. Therefore, it is wise to do
good market research before you settle for a particular real estate firm or agent.
At Alif Homes, our Properties are valuable and measure up to all