Kenya’s real estate sector contributed Sh1.36 trillion to the economy in 2024, accounting for 8.4% of the country’s GDP, according to data from the Kenya National Bureau of Statistics.
This marks a steady decline from the peak of 9.4% recorded in 2018.
From 2014 to 2018, the sector maintained strong growth, hovering above 9%, but has since dropped, hitting its lowest point in a decade.
Experts link the dip to economic uncertainty, rising construction costs, reduced demand for office and retail space, and delayed infrastructure projects.
Despite the decline, real estate remains a key pillar of Kenya’s economy.
