Jones Lange Lasalle a chicago-based real estate firm has ranked Nairobi as among top ten emerging global cities. The list also featured Tel Aviv (Israel), Riyadh (Saudi Arabia), Santiago (Chile), Shenzhen (China) and Colombo (Sri lanka).
Jones Lang LaSalle is a financial and professional services firm specializing in Continue reading
High interest rates charged by commercial banks have frustrated Kenyans’ keen to own homes and making worse the country’s housing shortage, a new report said yesterday.
Jenga Web Managing Director Nathan Luesby(right) and Hass Property Development Manager Sakina Hassanali during the launch of the Hass Index report for the 3rd quarter of 2013 at the Hilton Hotel on October 31, 2013.
The HassConsult’s 2013 third quarter report released yesterday said commercial banks are charging in excess of 18 per cent relative to the current benchmark lending rate of 8.5 per cent, making the cost of owning a home in Kenya one of the highest in the world.
Hassconsult Ltd is a real estate firm and leading real estate agent in Kenya. Hassconsult produces a quarterly index on residential property prices and rents in Kenya. Throughout the years the index has covered the exponential growth of the Kenya property market; covering residential rents and prices. The index was first started in 2009 and has been the only source of real estate information in the Kenya market. The index also provides information on the Kenyan Mortgage market. The index has helped Kenyans and foreign investors get an overview of the real estate market and dynamics of the Kenyan economy.
Kenya’s mortgage industry has been on the growth path and is now becoming more competitive. Although on the on a growth path mortgage lending is still really low and as of December 2012 it stood at 3.7% as a percentage of Kenya’s GDP this compared to 70% and 50% in the US and UK respectively. A number of obstacles have been identified as impediments to the growth of mortgage accounts; affordability and insufficient housing supply are among them plus a lack of understanding about mortgage among Kenyans. But still mortgage uptake is on the rise at 30% per year mainly from a growing middle class.
What is a Mortgage
A mortgage is a loan agreement between a home owner o r buyer and a financier that gives the conditional right of ownership of the property to the financier as security for the loan, until the interest on the amount is fully paid. Continue reading
The living standards in Kenya are rising each day and this is affecting their taste and choices with regard to lifestyle. Interior design is becoming an important part in the lifestyle of individuals who would like to see a more authentic surrounding in their homes. With people nowadays spending more time indoors, whether is to watch movies, working from home or enjoying a holiday; interiors have become a more notable feature of the home. We might not know but our moods and temperaments are influenced by the interiors of the house; whether its furniture, wallpapers and mostly wall painting. More importantly if you own your own home there is a particular preference you have for your interior design and décor. Continue reading
Immediate surroundings Control
You can change things and decorate to your tastes, and not be limited by the standards of a landlord. You do not have to seek someone else’s approval if you decide to remodel or alter the landscaping. Your home truly is your castle.
There is the freedom that you feel once you have achieved this major goal in life. Many first-time homebuyers find that once they have bought a house, many other aspects of their personal life seem to fall in place. The security and peace of mind that come with home ownership is a great accomplishment in many people’s lives, and once they have overcome the obstacles, they find that other goals they had set out to achieve become much easier to attain. Continue reading
After a slow start in 2013 due to election jitters real estate is firmly on the rebound. Just walk around the city of Nairobi and you will get a view of a booming industry. On the outskirts of Nairobi Commercial Buildings and offices spaces are coming up really quickly. Residential buildings are coming up fast as well in Nairobi as well as on its outskirts that have benefited from better infrastructure that has made it easier and faster to commute to the city centre. Demand is so high that in Eastlands when building a 5 storey building, tenants are already living on the ground floor as construction of the 1st floor continues and so on. We are going to see more growth on residential properties as there is a shortfall of about 100,000 units each year.
The Property and homes expo will be held at the Sarit Centre, Westlands from the 20th of June 2013 to 23thJune 2013. The annual event brings together various stake holders in the homes and real estate industry to showcase their products and services to a stream of people who attend the event. The theme for this year’s expo is “Real Estate as an Investment opportunity for 2013 and beyond”. The event is expected to popularize investments in Kenya property industry and also give a boost to the property industry, which is picking up after the hass index reported it was hesitant first quarter in 2013.
Property and Homes expo to be held at the Sarit Centre
The event has been organized by Primedia Ltd Continue reading
Home ownership in Kenya has been riddled by myriad challenges, making prospective home owners shy away from this high-capital investment. Young people, especially, have been locked out of real estate because they simply cannot afford to buy a house or a piece of land to develop.
But this is fast changing, and we are now seeing a crop of young Kenyans who have broken barriers and boast impressive investment portfolios when it comes to real estate.
In the wake of limited financial muscle, and even as many mortgage financing institutions continue to charge as high as 18 per cent on their products, young people are beating the financiers in their own game by opting for simpler and more plausible ways of acquiring property.