Set on a ten-acre estate, the Hogmead residence is now one of the priciest commodities in Kenya’s residential property market, confirming the growing status of Kenya as a prime real estate location More »
The Global Real Estate Transparency Index ranked Kenya top among 14 most improved countries in real estate transparency globally. The Index by consultancy firm Jones Lang LaSalle Index uses a combination of More »
Real-estate firm Lifestyle Apartments is putting up a Sh1.6 billion gated community targeting high and medium-income earners. The developer has announced it will construct 310 units along Mombasa Road over the next two years. The units will include 230 two-bedroom apartments and 80 three-bedroom apartments targeting expatriates and mid-level managers.
The company said the project, dubbed Lifestyle Terraces, opted for the Mombasa Road site due to its proximity to shopping malls and the railway station.
“It is near social amenities like airport and the Syokimau railway station to offer swift connectivity. The newly constructed Gateway Mall on Mombasa road is just a five minutes walking distance from Lifestyle Terraces,” said Peter Karoki, a director at the real-estate firm.
Right on the corner of Chania road off Ngong- Kilimani, is a new commercial building with approximately 40 office suites on five floors ranging in size from 60 square meters to 165 square meters. The workers at the site are busy with the finishing touches as the building due to be completed in one month. CnC Property Managers, the selling agent of this development say the property is totally let out and 70% sold. Just right across the street is an old partly demolished residential building with a notice of change of usage from residential to commercial.
The Kenya homes expo is set to be big this time round celebrating a decade since its inception. the 20th Kenya Homes expo is set to open at the Kenyatta International Conference Centre on the October 30th to November the 2nd 2014. The Kenya homes expo is the biggest homes show in Eastern and Central Africa; an estimated 40,000 visitors attend the three day event annually. More than 140 firms participated in the event last year and the same number if not more are expected for this year. The expo draws local and international exhibitors drawn from various sectors of the real estate industry.
Set on a ten-acre estate, the Hogmead residence is now one of the priciest commodities in Kenya’s residential property market, confirming the growing status of Kenya as a prime real estate location in eastern Africa.
Its owners — Fuzz and Bimbi Dyer, and Andy and Caragh Roberts — had turned Hogmead into a 12-room boutique hotel whose main room cost Sh42,000 a night. The hotel, run by The Safari Company, was indefinitely closed in October 2013 and listed with Knight Frank around the same time. The Dyers and Roberts also own and run the luxury Manda Bay resort hit by cancellations after the kidnapping of an elderly French woman in 2011.
The Global Real Estate Transparency Index ranked Kenya top among 14 most improved countries in real estate transparency globally. The Index by consultancy firm Jones Lang LaSalle Index uses a combination of quantitative market data and information collected through surveys of its global business network.
Property Leo recently launched a new website. The highly responsive, retina ready and dynamic website was done by the Jengaweb Team. The website which took quite a number of man and ‘woman’ hours to achieve, the new layout on display is live at www.propertyleo.com. The Propertyleo website was established in 2008 to provide an authentic Kenyan property website delivering quality, up-to- date and reliable information to the market. Property Leo also launched a newspaper in early 2013 which is a print out of the website. The paper is distributed in major shopping malls across the Nairobi, Kisumu and Mombasa, and will expand soon to cover the whole country.
The paints industry has become very competitive in the last few years especially from the price perspective. Players in the Industry are now focusing on introducing quite competitive prices in the market. Leading paints manufacturer Crown paints while continuing to introduce new and innovative products is keen on regional expansion. Crown Paints Chief Executive Officer Rakesh Rao said his company was firmly on track to entrench its presence in the region using a unique model of setting up mini-plants that feed demand for specific regions.
New roads will be built to connect various parts of Nairobi while old ones will be expanded in an ambitious plan to transform it into a modern and attractive city.
The plan, which was launched yesterday, also proposes to demolish old estates in the Eastlands suburbs to pave way for highrise buildings where city residents can work and live.
It also proposes to revamp railway transport to ease the movement of people into and out of the city in a move that will reduce reliance on matatus and private vehicles.
The Market is one a bounce back after stagnation from the year 2013. More developments are popping up with very competitive prices in the market. According to the Hass Index first quarter 2014 report property prices are bouncing back after a dip of second half of 2013. Apartments registered the highest price bounce of 2.3% on Q4 2013. Rents also registered a strong growth but at a slower rate than previously.
DEMAND FOR HOUSING & OFFICE SPACE
Data from the National Housing Corporation estimates the housing deficits to be between 100,000 – 150,000 units per year in Nairobi alone. The population in Nairobi is projected to almost double by the year 2030 and the shortfall might grow to up to 1.6 million.
Crown Paints has unveiled its third ultra-modern showroom in Mombasa. The new crown show room features the latest innovations in paints and interior finishes. It also offers consumers tips on how to enhance building aesthetics using quality products. It is designed as a one stop colour expression Centre, complete with colour visualizer to simulate room sets.
The color visualizer, a first in the Kenyan market, features a large touch screen that enables customers to explore different colour schemes in varying room settings. Customers can experience a virtual tour of the room while ‘splashing’ different paints on ‘furniture’, ‘floors’ and ‘walls’ to make an informed choice.