Two rivers development, which is a project of the Centum Company, has attracted USD 155 Million funding or over Kes.14 billion in debt and equity from The Co-operative Bank of Kenya Limited and More »
Cretum Properties on Tuesday launched a Sh22.7 billion real estate known as Green Isinya City. The office blocks, maisonettes, schools, high end eateries and police stations will sit on 1,000 acres in More »
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 »
In 2013, Ms. Juliet Mazera decided she needed a house to call her own. After searching all over Nairobi for a house that would fit the bill of what she wanted, she stumbled upon a swanky gated community off the new Thika Highway on Kamiti Road.
The property development, which we cannot name in this article because the developers refused to talk to us, was the perfect place to be; the houses were modern, the location just a few minutes’ drive from Nairobi, the gardens lush, the walkways carob-paved, a huge perimetre wall to ward off louts, they were putting up a school inside the development… everything was perfect, and Ms. Mazera was hooked.
At the time the idea of gated communities was just beginning to pick up, and this was high up there in the quality and affordability scale. Phase One and Two were already complete, and oh, weren’t they beautiful on the glossy brochures! “For Sh7.6 million, we were offered a three-bedroom house in a gated community that had a fitness Center, a clubhouse and abundance of fresh air, among other appealing attributes,” says Ms. Mazera.
In the past decade the skylines of Kenya’s cities and towns have been filled with magnificent skyscrapers.
They are statements of purpose, commercial success and faith in the future. Every day we see new ones and that counts for something in the form of income generation and employment for more than 70 per cent unemployed youth. What is not so visible is the upkeep of these structures over the short and long term. Property management is meant to capture both the value of the structure in terms of longevity of its technical life, as well as a reliable regular revenue stream.
Maintenance can be done in different stages. Reginald Lee defined those stages as follows:
- Planning and design stage – which should be based on intended use and be as maintenance free as possible. In this stage a lot of money can be saved with the proper plan and design. For this reason, the building manager and maintenance personnel should be consulted during the early stages of the building design.
Prices of luxurious homes in Nairobi fell slightly during the first three months of the year, according to a Knight Frank report. The Knight Frank Prime Global Cities Index quarterly report released last week ranks prime residential markets in 35 cities worldwide. It states Nairobi recorded a one per cent decline in prices of posh homes between December 2014 and March 2015.
Supply of high-end homes slightly exceeded demand, mainly due to developers responding to the rising foreign investor interest in Nairobi over the past few years. This is in addition to an expanding pool of local high-net-worth individuals seeking to buy trophy homes. The moderate growth in supply created room for price negotiation between buyers and developers, Knight Frank added.
Chinese firm Sultan Palace is developing 198 vacation homes at the Kenyan Coast for sale despite the ailing hospitality sector in that region.The units comprise 50 coral stone beach houses, 16 villas and 132 condos.
General manager Liu Tiancai said hotel closures in the region have created accommodation shortage which is expected to boost the demand for vacation homes.“The decline in tourism numbers is only a short term occurrence. We have invested at the Coast because we believe that the country still has the potential to return to its glorious days sooner than many think,” he said.
Seven Kariobangi residents have moved to court seeking to have the Kenya Urban Roads Authority (Kura) stopped from demolishing their properties. This comes shortly after Kura marked eight structures at Kariobangi Light Industries on Outer Ring Road for demolition.
The road expansion has been long in coming. But the property owners say identification and marking of structures for demolition has been done without following laid down procedures of acquisition.
The Valley View Business Park is proof that functionality is not the only factor that property developers consider when designing a commercial space. If anything, opulence and lavish comfort can also be part and parcel of the final product. The business park, an 11-storey twin towers, took three years to construct and is now ready for occupation.
According to Villa Care Limited, the selling and letting agents managing Business Park, interested parties seeking to occupy the facilities can do so from as early as Tuesday this week to May 10, 2015.Situated near Nairobi’s City Park; it is sandwiched between the Mathare River and Muthaiga estate, as well as the proposed M15A highway and City Park Nature Reserve.
To the vast majority of urban Kenyans, owning a home remains is a pipe dream. In fact, according to the National Housing Survey Report released earlier this year by the Cabinet Secretary for Lands, Housing and Urban Development, Mrs. Charity Ngilu, only 4.2 per cent of Kenyan households could borrow money to buy or build a house. This explains why the number of households paying rent rose from 17.25per cent in 1994 to 23.8per cent in 2005/06.
It is with this in mind that one property developer, Kings Pride Properties, has come up with what it calls the “zero deposit route” to owning a home. The firm’s chairman, Maj (rtd) David Karau, says they have been working ways to enable the youth, as well as lower-middle and middle-income earners, to afford their own homes.
When Martin Wang’ombe went to inspect a plot he wanted to buy in Oloolua in Ngong, he noticed something unusual about his would-be neighbour’s house. It seemed to be slanting and had a huge crack on the wall. As he would later learn, the house was sinking, sucked in by the black cotton soil on which it stood. It turned out that the plot was in an area where the soil was more than 10 feet deep.
Normally, black cotton soil swells when wet and shrinks when dry. These changes, known as shrink-swell, tend to make the foundation sink deeper with time, leading to structural damage to a house built on such soil. During the construction of the house mentioned earlier, the contractor did make it rest on the bedrock, so the shallow foundation started sinking once the soil began swelling and contracting.
Two rivers development, which is a project of the Centum Company, has attracted USD 155 Million funding or over Kes.14 billion in debt and equity from The Co-operative Bank of Kenya Limited and AVIC International, Industrial & Commercial Development Corporation (“ICDC”).
A sum of USD 70 Million (over Kes. 6.3 Billion) in equity has been invested in the project by the AVIC international Company. This is in addition to the USD 5 Million (over Kes. 450 Million) in equity invested by the Industrial and Commercial Development Corporation of Kenya. Also, the Co-operative Bank of Kenya has secured a local debt funding of USD 80 Million (over Kes. 7.2 Billion).
According to a report released by the Lands and Urban Planning Ministry, residents of Nairobi County are the ones who pay the highest rents in the Country. They are followed by Mombasa and Kiambu.
The most expensive neighbourhoods are from Nairobi fetching the highest value in the rental market. The report has it that 58,248 houses rent is above Sh20,000 per month. Three quarters of these are in Nairobi while 7,009 (or 12 per cent) are in the neighbouring Kiambu County.
The county of Mombasa owns 7% of the most expensive rental homes, Eldoret owns 1% of the most expensive homes in the whole country, its then followed by Lamu, Kericho, Kakamega and Isiolo.