Almasi Market Brief | July 2026
Belgravia Place groundbreaking ceremony in Nairobi
Almasi Market Brief · July 2026

Look past
the headline.

Belgravia breaks ground, we look behind the apartment-price headline, and we explain our concern with paying a large deposit before the sale agreement is settled.

Read our market take Schedule a consultation
01
Featured launch

Belgravia has broken ground. Now we track the build.

Groundbreaking activity at Belgravia Place
Groundbreaking ceremony · Nairobi
Guests at the Belgravia Place groundbreaking ceremony
A new stage for the project
Why we’re excited

One of our favorite developments is now moving forward.

Belgravia Place has been one of our favorite new launches because of the location, design, layouts, and early pricing. We are excited to see the project making real progress and construction now getting underway.

The early-launch prices are ending soon.
Kileleshwa Off-plan Construction underway
See current pricing and availability →
02
We keep getting sent this

So… are apartment prices actually falling?

Let’s check the source
“Apartment prices decline for fourth consecutive quarter amid oversupply”

That is the Business Daily headline being shared. The story points back to a new Kenya National Bureau of Statistics report.

Our takeUseful data.
Broad headline.
What did KNBS find?
KNBS reported a 3% annual drop in apartment asking prices through March 2026. Its figures showed a 4.8% drop in Nairobi’s high-end areas and 3.3% in middle-income areas.
Where did the prices come from?
KNBS used real-estate surveys and selected property-listing websites. KNBS says final transaction-price data are limited, so the index tracks asking prices. Those prices can show the direction of the market, although they may differ from the amount a buyer finally pays.
What are we seeing?
We have not seen broad price cuts from the off-plan developers we follow. That is only one part of the market. Older apartments, resales, completed stock, and off-plan projects may move differently. We remain open-minded and want better project-by-project data before making a bigger claim.
Read the KNBS report See how the index works
03
Offer letters and deposits

Should you pay the main deposit before the sale agreement is agreed?

Offer letter and sale agreement documents on a desk

Here is the issue

The offer letter usually lists the unit, price, payment plan, and basic deadlines. Some developers then ask for a large deposit before the full sale agreement has been reviewed and agreed.

The sale agreement contains the detailed rules for the deposit, delays, default, refunds, completion, defects, title, and disputes. Those terms matter once a large amount of money has changed hands.

Our position

Where possible, we prefer to complete due diligence and agree the sale agreement before the buyer pays the main deposit. This lets the buyer understand the rules governing the money before sending it.

An independent Kenyan lawyer should review the exact offer letter and sale agreement. Their legal advice can override our practical view because the wording and facts of each deal are different.

Reserve the unitUse a smaller booking fee with clear written terms when a unit needs to be held.
Complete due diligenceHave the lawyer review the title, developer, approvals, and project documents.
Agree the sale contractSettle the terms covering the money, completion, delay, default, and refunds.
Pay the main depositSend the larger deposit under the terms reviewed with your lawyer.
The booking fee also needs an agreement. It should state the exact unit, amount, deadline, refund rules, and what happens if due diligence raises a serious problem. We are speaking with lawyers about a simple reservation form that could make this step clearer.
04
What we’re investigating next

This project has our attention: The Terraces at Arboretum.

The Terraces at Arboretum rendering
Purple Haze + The Terraces

The completed Purple Haze project caught our attention.

Purple Haze in Kilimani won international property awards for its design and development. The same team is now building The Terraces next to the Nairobi Arboretum.

The location, design, and completed track record make us want to learn more. Our team will visit next week. When Ryan returns to Kenya in September, this will be one of the first projects we review in depth.

Completed track recordArboretum locationFull review coming
Explore Purple Haze Explore The Terraces
The Terraces at Arboretum project rendering
Project imagery · The Terraces
The Terraces at Arboretum architectural rendering
Project imagery · The Terraces
05
Why we’re building Almasi Insider

More transparency and better property analysis.

Almasi Insider will combine numbers with our on-the-ground view of each project. The goal is to make pricing, assumptions, risks, and our opinions easier to understand. It is still in beta.

Quantitative analysis

Track prices, unit sizes, availability, payment plans, construction progress, rent estimates, and expected returns using the same basic framework.

Qualitative analysis

Add what the numbers miss: developer history, location, layout, views, build quality, legal concerns, market risk, and which buyers the project may suit.

Follow the project

Save dated price sheets, construction updates, availability changes, and new risks so our view can change when the facts change.

A better way to buy property in Kenya

Start with the buyer, then the brochure.

Almasi helps buyers compare projects, choose the right unit, coordinate independent legal due diligence, negotiate the transaction, and stay supported through construction and handover.

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