Investing in Kenya real estate is always a good decision. Here's why:
- The sector has been booming over the last 5 years and it even appears to be weathering the global recession sparked off by the financial and housing crises in the US.
- The comparatively low Kenya property prices are indicative of a strong capital growth potential and reasonable rental yields.
This is because Kenya's annual housing demand stands at 150,000 yet supply is only 25,000 units, resulting in a shortage of an incredible 125,000 units.
- Several banks, building societies and mortgage companies provide mortgage facilities so you wont have to cough up the entire purchase price upfront.
- There is no place like Kenya. It's home to some of the best wildlife parks, beaches and coral reefs in the world. It is also the headquarters of the United Nations in Africa and a host of other multinational companies. And, all their employees require world class housing.
Why You Need an Excellent Real Estate Agent
With a good proportion of the Kenya cities built-out and a real estate agent at every turn, buying or selling real estate can be quite a gamble.
So, how do you choose the right agent for your Kenya real estate goals? Well, peruse their profile and interests. Take me for example. I am an Ivy League-trained lawyer, so I'm well-versed in land and other laws.
Over the last 12 years I've lived in Kenya, I have become increasingly fascinated with everything real estate Kenya and have rented 2 properties, bought 2 and I am currently completing a house in the one of the exclusive suburbs.
Over the years, I have formed close ties with some of the very best architects, interior decorators and real estate agents in the country. So I really know the ins and outs of this sector. So for me, Kenya property is first and foremost about personal interest, then connections and expertise.
And speaking of expertise, here is my Kenya real estate mini-primer...
Posh Nairobi Suburbs
Kenya property prices are generally on the up in Nairobi's posh suburbs of Runda, Lower Kabete, Karen and Lavington as well as the middle-class areas of Kilimani and Kileleshwa.
This is partly because these areas are connected to the sewer and they experience less frequent water shortages than other parts of the city.
Greater Nairobi
In addition, land developers have been buying plots of land in the outskirts of the city such as Athi River and Mlolongo. There are 3 main reasons for this:
- The land there is considerably cheaper than it is nearer the city.
- These investors want to cash in on fiscal incentives such as tax exemptions for building materials for large scale housing projects.
- The creation of the Ministry for Nairobi Metropolitan Development in early 2008 renewed hopes of extending the city's infrastructure (such as roads, the railway line and sewers) to the outskirts.
Mombasa
The affluent residential addresses in Mombasa are Diani and Nyali. Diani, on Mombasa's south coast, is much sought-after because the sand of its famously white beaches is powder-soft and the ocean water crystal turquoise clear.
Upmarket Nyali on the other hand, is close to the city center, Nyali Golf and Country Club and Mamba Village which doubles as a crocodile farm and discotheque.
Lamu
Lamu, Kenya's tranquil (even lazy) town has a resilient Swahili culture. Coincidentally, Lamu's enviable contribution to the Kenya real estate sector is the Lamu door - a beautiful heavy wooden intricately carved door used in posh residences and businesses all over the country.
Other places worth checking out for real estate investment opportunities are Naivasha (a favorite with Europeans), Nakuru and Eldoret although these tend to be less cosmopolitan than the ones enumerated above.
If you don't immediately find the property of your dreams, check out the fresh listings on this page frequently. There's such a thing as the perfect Kenya real estate
