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Kenya Property Making Moves

21 Aug

Kenya is sometimes known as the cradle of humanity with its great safari destinations, abundant wildlife and beautiful scenery, the country has caught the imagination of property investors in the real estate boom of the late 2000s. The demand was created by the expanding middle class with disposable income where people were able to service their mortgages. Nairobi as the nations capital has been the focal point of attraction, it is the capital and largest city, the economic hub of east Africa and home to the largest expatriate community in east and central Africa.

Investors have directed efforts to service the need for well designed and quality infrastructure in safe and secure locations and are willing to pay premiums for their choices. The Kenyan government stepped in overhauling the property legislation making it more transparent with increased regulation. One of the goals has been to digitalise all land records and creating a land rent database. This has seen Kenya top the list for the most improved real estate markets in 2014 in a global ranking released by consultancy Jones Lang LaSalle. The recent report titled ‘Hot Spots 2025: Benchmarking the Future Competitiveness of Cities’ by the Economist’s Economic Intelligence Unit ranked Nairobi fifth out of seven African cities that made it to a list of 120 most competitive cities in the world. Experts in the industry have remained optimistic that the demand for property in Kenya will not burst especially when it comes to the Nairobi market. They have noted that although mortgage penetration remains low as buyers opt to pay cash demand remains high due to a growing urban population and demand for tenancy. International property firms are flocking Kenya as a result and pumping billions into the real estate market. The number of multinationals and NGOs that have either set up their operations or plan to relocate there, in addition to fast- growing domestic Kenyan businesses, have ensured that Nairobi continues to attract investments into the commercial office sector.This is a sign of confidence in this sector.

The huge diaspora community can also take part in this property boom. If there is ever a time to invest it would be now as with a booming middle class, inevitably demand for land will up the prices, especially in prime locations. Collective building projects or solo ventures can be a win win situation for most. One can invest in a quality residential piece, rent it out to the growing tenant market and then have your own home when you decide to return to Kenya. You can channel investment funds through money transfer agencies such as mukuru.com and claim your stake in this property jewel that is Kenya.

 

 

 
 

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