(Last Updated On: June 3, 2014)
Whenever Kenyans want to invest any extra cash they earn, real estate market is one of the top destinations. This is because there has been a property boom in the housing market in Kenya where values have been doubled and tripled. Real estate is actually the 3rd most popular investment option in Kenya.
So what do you do if you wan to invest in real estate in Kenya?
Here is a guide and various tips on investing in real estate.
1. Do research from experts?
Before venturing into real estate in a particular area, seek advice from experts and other people about the area. Investigate on the demand in the area and also look at any upcoming projects being done by the government. This will enable you to estimate how the future market will behave.
2. Financial capability of people around
People of the same financial capability often live in the same region. Areas where high net worth individuals live fetch higher rent amounts than areas where the middle class Kenyans live in.
3. Buying Land
When it comes to buying land in Kenya, it can be easier if you hire a Real Estate consultant to act as an intermediary between you and the seller. You also need a lawyer to do the land search plus to confirm the property details are the same as what is on the registry and many other duties. A land survey is always important to do soil testing, wetlands or site engineering to prevent things like building collapsing. Some pieces of land have already been approved for building by the authorities.
This is not very detailed but just a shallow guide to everything.