By Yvonne Andiva.
A Kenya Property Developers Association report shows that the value of buildings that have been allocated permits in Nairobi has dropped to Sh26.9 billion (US$3.1m) from Sh38.9 billion (US$ 4.4m) in the first quarter of 2014.
The report shows that 11.9per cent of the total number of buildings approved was in Karen, 7.4per cent in Embakasi, 5.8per cent in Industrial Area and 5.7per cent in Westlands.
The above mentioned areas are likely to be affected by a reduction of available land because of the property development activity, though in Karen, the development is high because of land accessibility.
The trends in approvals may yet shift once the capital city puts in place a new master plan, which will change the property and development scene in some of Nairobi’s most densely populated areas.