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Page 1 of 2 Nairobi still offers good prices for commercial space It’s become fashionable to lament that Nairobi’s real estate is over-priced. One politician proposed price caps supposedly to stem an exodus of investors migrating to other cities in the region. Another suggested that home-builders absorb the inflation in construction costs (now over 40 per cent higher than a year ago) to keep prices the same as before.But the data suggests that both the premises and the solutions presented are misguided. Why it pays to build instead of buying Deciding whether to put up your own house or just buy a finished one is decision most prospective homeowners have to battle with.But the debate of whether to build or buy is one that has always been there, with people advancing different reasons why one is better than the other. But for those who have been nursing hopes of building their own dream houses, it seems the time is now. Low-cost housing targets the poor
With decent housing still a pipe dream to majority across the global, new technologies have to some extent made owning a house more realistic to the struggling low and middle-income groups.These low-cost houses are built within a short period, in some cases within a day depending on the specifications. Nairobi attracts virtual offices
Kenya is proving to be an attractive destination for investors with a significant number of new entrants over the past one year seeking a stake in the country’s growing economy. Cheap mortgages for slum dwellers
UN-Habitat and the Government have announced the initiation of a mortgage scheme for slum dwellers.The mortgage scheme is to benefit Kenyans living in the slums to improve the standards of living and alleviate poverty. Kenyans keep real estate as preferred investment vehicle
Real estate has emerged as the most preferred investment vehicle among Kenyans despite the recent excitement generated by shares at the Nairobi Stock Exchange. market survey by a group of leading land and property experts has shown that shares at the Nairobi Stock Exchange and Government securities were the closest competing alternatives with bank deposits at the base of the ladder. Interior design sector blossoms with booming property market
Long gone are the days when it was enough to merely have four walls, furniture and a few knick—knacks to make a house or office comfortable enough for its occupant. Some people want to practically see themselves on the walls of their home or office. Kenya to get first real estate index
Kenya's first property index is nearly complete. The Kenya Real Estate Index (KREX) , set to debut on the property market in two month’s time, will be used to determine the level of transactions in the real estate sector. Drop in cement demand heralds building slump
Cement consumption and building house approvals dropped in March, signalling a general slow down in the construction industry that has been one of the fastest growth sectors of the economy. Energy savings driving new building materials
Demand is up for environmentally-friendly building and construction materials as more people and institutions seek to reduce energy consumption, say industry players.Energy use has become a big concern worldwide as scientists say the climate is already warming in response to greenhouse gas emissions caused by human beings. Networked neighbourhoods come to Kenya
A technological phoenix has risen from the ashes of the much-troubled Nyayo Estate in Embakasi, Nairobi.The estate, which has an 11-year-old legacy of unfinished business, is now one of Kenya’s first fully-networked neighbourhoods.“The revolution is here. . . Watch this space,” said Benson Karanja, account manager at Cisco Systems Kenya. Affordable housing shortage nightmare for the middle class
Standard Chartered Bank is coming to terms with the travails of the country’s mortgage lending scene as scarcity of houses for lower to middle income buyers continued to limit sales. StanChart’s general manager for secured lending Beatrice Maingi told the Business Daily that shortage of houses valued at less than Sh3 million had made matching properties to income difficult. High cost of land inhibits housing investment
Potential real estate investors have identified high land costs in urban areas as an impediment to taking a bigger role in developing low-income housing in Kenya. At a United Nations meeting in Nairobi last week, business leaders criticised the Government for not providing more concessions to lower land prices and encourage low-cost housing developments. Fear of job loss holds back home ownership dreams
Failure by insurance firms to innovate insurance schemes that cover mortgage borrowers against defaults arising from job loss or disbility are holding back dreams of many Kenyans to own a home. The lack of mortgage insurance schemes is seen as a considerable risk for many institutions that have plunged into the mortgage finance business where default risks are huge in the face of rising job insecurity. Technology offers alternative cheap housing
The young man grips the lever and arches his body sharply down. The machine clanks. Inside its chamber a new brick is pressed – a stabilised soil block (SSB), a mix of water and soil with a fraction of cement. This and other simple building technologies now have the potential to transform lives in Kenya’s highly populated cities. Watch out for bogus agents
Buying property and land nowadays is a tricky affair. Tens of people have lost cash to bogus agents and conmen who pretend that they have property or land for sale. People have also been duped into parting with cash for houses rent only to realise that it was a sham. With the economic boom witnessed in the country, the thirst for purchase of property and land in up-market areas has been on the rise.
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