Nairobi, Feb. 7 -- Property prices in Nairobi and its satellite towns defied tough economic conditions in the fourth quarter of 2023 to rise at the highest pace in seven years.

Property price analysis done by realtor HassConsult shows that house prices across all segments rose by 4.1 percent in the three months to December 2023, a level last seen in the first quarter of 2016 when prices went up by 4.2 percent.

The appreciation, which marked a sharp reversal from the decline of 1.1 percent seen in quarter three (to September 2023), was largely on the back of a weaker shilling raising the attractiveness of the local property market to external investors.

A weaker shilling lowers the entry barrier for foreigners looking to buy into Kenyan...