5 REASONS KENYA REMAINS A PREFERRED REAL ESTATE DESTINATION
July 22, 2020
One of the most prominent industries in Kenya is the Real Estate industry. The industry continues to grow and strive with new concepts and developments constantly arising pushing the boundaries further and further. Real estate agencies are plenty in number and keep increasing as time goes by, as a result increasing the competitive nature in the industry. Competition is healthy as it ensures all players in the market want to outperform the other and this aids in pushing each other to the maximum. There are various reasons as to why Kenya remains a preferred real estate destination.
Firstly, the increase in infrastructure developments such as new highways, SGR (Standard Gauge Railway), unique off plan developments, modern established properties both residential and commercial have aided in attracting investors to continue investing in Kenya. The developments of these infrastructures help the economy grow and enhances convenience levels within the country, for instance, the development of the red hill bypass has increased convenience levels to and from other areas for residents living within the area, as a result, there is an increase in the number of residential developments leading to an increase in investment levels and return on investments due to the additional perks the infrastructure developments provide.
Secondly, the competitive nature within the industry has resulted in an increase in the quality of developments in recent times. Residential properties are being developed with the highest quality of materials and unique designs so as to attract potential investors as well as retain existing investors within Kenya. This ensures that funds put into use for investment purposes are not put to waste in turn benefiting from the purchase made.
The flexibility of mortgage rates and terms offered by various banks within Kenya attract potential investors to approach their bank of choice and apply for a mortgage loan. Different banks offer different mortgage rates and investors often choose the most attractive package. The fact that many banks are increasingly being involved in the real estate market has provided a pathway for many mortgage seeking property buyers as this allows them a more flexible payment schedule and gives them an opportunity to purchase a residential and/or commercial property.
The increasing variety of properties to choose from in the real estate market gives an opportunity to different levels of buyers to purchase different classes of properties such as high end properties as well as mid segment/affordable housing projects. The increasing number of residential properties enables the possibility of every buyer obtaining a property that fits his/her criterions. the higher the number of properties available as well as the diversity of properties available, the higher the chances of investments!
Lastly, investing in real estate in Kenya is straight forward. You don’t need specialist knowledge to start investing in property: in fact, many Kenyan property investors didn’t start off intending to make their fortune through property. Instead, they just bought a house to live in. It’s only after seeing the value of their home increase – and realizing how much wealth you can generate – that many investors take the leap and start proactively investing.
Read more about Use a real estate consultant before buying a property in Kenya