Chinese property developer Henbon has unveiled Diamond Bay Suites, its newest residential project in Nairobi’s Westlands as the appetite for modern housing continues to surge. The launch marks Henbon’s sixth project in the capital city.
The latest project offers one and two-bedroom apartments with prices starting from Sh8.8 million, depending on size of the floor.
Coco Fan, sales executive at Henbon says they work with local partners to incorporate local expertise and international standards into the buildings, achieving better designs and at affordable prices.
“We work with local partners to combine local knowledge with strong building skills. This is good for Kenyan buyers because it brings more houses, better designs, faster delivery and lower prices,” Coco says.
Henbon has been focusing on prime areas such as Kileleshwa and Westlands which remain attractive to both homebuyers and investors.
ALSO READ: Trianum Targets East African Expansion as it Marks 15 Years
The demand for properties is increasing owing to the growth of Kenya’s middle class and the perennial shortage of housing units in the country. According to the World Bank, the country faces a housing shortage due to low production of units to meet the demand.
The Bretton Wood lender projects that for Kenya to meet its housing demand, it has to build at least 200,000 housing units every year but currently, the country produces less than 50,000 units annually.
Renzo Zhang, sales manager at Henbon is bullish that the housing market will remain high as investors inject more capital into the sector, resulting in an increase in home ownership and capital growth for investors.
“The housing market will remain strong in 2025. Rental units in areas like Westlands will rise a little. So mortgage activity is also improving; more people are taking out mortgages and cheaper mortgage options are coming. This means more Kenyans can own homes,” Zhang says.
“Demand is still high, financing is improving and locations like Westlands are perfect for rental income and capital growth.”.
With the United Nations shifting some of its key operations from New York to Nairobi, Kenya’s real estate sector is expected to experience significant growth as more UN staff move to the city, parking fresh developments as property firms rush to seize the opportunity.”
