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Kenya
Property Investment Guide - The True State of Real Estate in Kenya
By Rhiannon
Williamson
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March 2006
| Property
investors are taking confidence in Kenya’s recent change of government
and reaping rewards from Kenya’s attractive real estate market
Spot targeted property investment
has been popular in the most desirable tourist destinations in Kenya for
a number of years; even before many believed the economic and political
climate to be stable and ‘safe’ enough for significant financial commitment
to be made to Kenya.
Following on from the democratic
ousting of the former president in 2002, Kenya’s economic fortunes have
slowly but surely begun improving and now overseas investors are beginning
to plough substantial funds into Kenya’s property sector. Investors
have a growing confidence in Kenya now that the newly elected president
has made a commitment to his people to promote Kenya to the wider world,
encourage donor support and strengthen the country’s economy by rooting
out corruption and targeting foreign direct investment for the creation
of employment and business opportunities in Kenya.
Determining factors for foreign direct
investment inflows into Kenya are political stability and predictability,
improved labour conditions, stable legal environment, the openness of the
economy and incentives such as taxation breaks for example. So far
the government of Kenya are holding true to their word and working on improving
all of these areas and they are being financially rewarded as FDI percentages
are increasing annually.
Property investors have always been
drawn to Kenya as have international tourists. The beauty and rich
natural diversity of this African country are irresistible forces after
all. Tourists came to Kenya to visit wildlife reserves and the beautiful
Indian Ocean beaches even during the years of political disharmony.
And real estate investors targeted these areas through the purchase of
accommodation to let out to tourists and also through the development of
small commercial ventures to target tourism.
Now that international confidence
in Kenya is beginning to show in the form of increased international financial
commitment, so property investor interest has broadened and increased.
The most popular areas for real estate investment in Kenya remain the game
reserves and resorts all along the Indian Ocean coast from Lamu to Diani
and beyond, but the range of micro-market sectors being targeted by the
investor has diversified. Tourism is still the number one market
sector real estate investors target in Kenya, but coming up close on its
heals are the second home and retirement sectors.
The cost of living in Kenya is very
low and now the stability of the country is vastly improved more holiday
and retirement home hunters are finding that they can achieve a good standard
of living in an incredibly beautiful country and buy up property for very
low prices. Overseas property investors are developing or buying
into developments of properties for these types of buyers increasingly.
The future prospects for Kenya are
incredibly promising if the present government can achieve all they have
set out to achieve. So far they have made great inroads into solving
the fundamental issues restricting their country and overseas commitment
to Kenya in the form of aid and investment is now free flowing. Real
estate investors may like to take confidence in these facts and the information
that tourism numbers in Kenya have exploded since 2002. The numbers
of tourists visiting Kenya rose by one third between 2002 and 2004 for
example and these figures are continuing to rise. Property investment
opportunities are in abundance in Kenya and it is an exciting emerging
market for real estate investors.
The True State of Real Estate in
Kenya
There’s an interesting and intense
debate going on in Kenya right now about whether or not the Kenyan real
estate sector is actually experiencing a boom.
Some local constructors deny evidence
that a boom exists while many of the country’s property speculators are
talking up all the evidence they can find to prove to the wider world that
the Kenyan property sector is actually the place to be right now for maximum
gains and profits.
So where exactly does the truth lie
and what does it matter anyway!?
Well, if Kenyan real estate agents
and marketers can prove to the wider world that the property sector in
Kenya is interesting and offers an investor strong capital growth potential
as well as substantial rental yields, then the property market will of
course see a strong flow of inward investment.
Depending on which side of the fence
you’re on, this investment could either lead to a prolonging of the boom
or the creation of one if, as many people suspect, local property investors
are actually making up evidence that a boom already exists!
So what evidence actually exists
to suggest that investing in real estate in Kenya is a wise move to make?
Well, for example in Nairobi where
demand for property is intense, certain upmarket areas of the city have
seen property prices increases of up to fifty percent in the last two years
alone…and that’s a fact.
Marketers are using this fact to
prove their argument: -
Property in Kenya is booming – price
growth is intense and the rental figures being charged for some of these
properties in the most desirable areas are on a par with major cities around
the world. - Article Continued Below -
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- Article Continued From
Above -
But constructors and those in the
negative camp highlight the fact that this growth is only benefiting an
elite few – i.e., those with the money to own such properties and afford
to rent them out to enjoy the income from the rent together with the growth
in the underlying price of the unit.
Basically because the increase in
property prices is limited to certain areas of the country and is only
benefiting the higher income sectors of society, it is being argued that
this cannot constitute a boom. A true boom would positively affect
the lower, middle and upper end of the market – but is this just a question
of semantics?
On the one hand yes. There’s
no denying the fact that investments made into certain parts of Kenya will
net their owner impressive rental yields and a good level of annual growth.
But on the other hand that does not mean that any investment made into
real estate anywhere in Kenya is a safe bet and one that will ride the
crest of the boom’s wave and guarantee the investor maximum profit.
So the argument is valid - but the
plain and simple truth is that investing in property in Kenya can return
an investor impressive rental income and substantial capital growth returns
– but as with any emerging real estate sector in the world, an investor
has to do his/her due diligence on which areas of the country actually
have the necessary demand to sustain profitability.
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Rhiannon Williamson
writes about real estate investment in emerging markets worldwide. www.amberlamb.com
Amberlamb Property Investment an online publication of impartial and independent
overseas investment real estate news, information and guides. |
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