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Inside bank vaults: The story behind industry’s super profits

Expensive credit limits the entry of more businesses into the market, denying the country the opportunity to create more jobs and wealth. Costly credit also reduces the volume of new investments as well as the expansion of existing ones,” says Ms. Carole Kariuki, the CEO of the Kenya Private Sector Alliance.  Read more

Top 10: The world’s most beautiful buildings are inspired by culture

In the words of Adolf Loos, “architecture arouses sentiments in man.” The architect’s task, therefore, is to make those sentiments more precise. Read More

Demand keeps buyers flooding in, builders smiling

The boom in Mombasa’s property sector does not come as a surprise to those who have been watching the industry. That growth is being driven by, among others, government employees and private sector staff who are now able to obtain flexible loans from institutional saccos, says Daniel Ojijo, the chairman of Mentor Holdings and co-founder of Kenya Homes Expo. Read More

Builders cash in on rising demand for godowns by firms

Property developers are now turning to construction of warehouses following increased demand from companies leasing space for non-core activities like storage. The increased interest has seen developers diversify into industrial property, spreading risks from the increasingly tight commercial and high-end residential space segments. Read More

Economy could earn Sh3.8 trillion by going green

Kenya’s transition to a green economy could generate benefits estimated at Sh3.8 trillion ($45 billion) by 2030. This is in addition to greater food security, cleaner environment and higher productivity of natural resources, according to a new study launched by the Government and the UN Environment Programme ( Unep). Read More

Tens of families were evicted from the controversial Narasha Lands, now belongs to KenGen

After months of uncertainty, the controversial Narasha land where some communities were recently evicted will now be sold to KenGen for geothermal power. Read More

Mandatory real estate contracts for Dubai

Property contracts in Dubai will become mandatory from May  1 in a bid to clarify the roles of buyers, sellers and brokers, the Dubai Land Department has confirmed. The new contracts are expected to speed up property transactions, make it easier for sales to be conducted without using an agent and promote confidence in the emirate’s property market. Read More

CBK Bill right on loans

The suggestion that the Central Bank of Kenya (CBK) will offer cash to regulated deposit-taking microfinance institutions, commercial banks and mortgage companies in times of liquidity crisis is likely to help small players hedge against the vagaries of the market. Read More

Senate committee promises to re-table Community Land Bill

The Community Land Bill, which was drafted last year but was not tabled in the Senate within the required time will be re-tabled, the Senate Lands Committee has said. Read More

President Uhuru Kenyatta to reconcile

President Uhuru Kenyatta will meet the National Land Commission and Lands Cabinet Secretary Charity Ngilu over ongoing supremacy battles that have paralysed operations at Ardhi House. This is the first time the Head of State is convening a meeting between the two groups following months of squabbles that have paralysed the processing of title deeds and leases. Read More

Kenya to become middle-income state in September

Kenya on Friday hit the road to becoming a middle-income nation in five months’ time after authorities said that a statistical review of the economy whose outcome would be announced in September was under way. Read More

Nairobi and major urban centers heading for acute housing shortage according to a report property

Nairobi and major urban centers are heading for acute housing shortage according to a report by Kenya property developers association. the report says the country is only meeting 7.5 percent of the intended housing supply annually heaping pressure on prospective home owners. Watch Video

How a house is built: From conception to actual construction

Many people dream of owning homes, whether through buying or building on their own. Whichever route you choose, it is good to know the process it takes to have your home ready. Read More

Eviction agony as two keys land Bills delayed

Two key land Bills are gathering dust on government shelves even as the people they were supposed to help live in fear of possible illegal evictions. Read More

Get out of rent trap one step at a time

Many, who would otherwise not own their own homes because of high mortgage rates and exorbitant housing prices, are finding an easier route to home ownership. JAMES WANZALA brings you the story of one man who made it with little earnings. Read More

What was the value of Suleiman Shakombo’s house?

When I read this story, the first question that came to my mind was: How much was the loan amount? This is because I find it curious that a four-bedroom house in Kilimani was auctioned for Sh17 million. Not to forget that a clause in the Land Act 2012, demands that in case of default, a property should not be sold below 75 per cent of the prevailing market price. This rule was meant to ensure that the sale of a house in case of default would leave both parties better off. This means that the sales money should be enough to clear the loan balance, and leave the homeowner with the surplus to pocket. Read More

No homes for Nairobi’s middle class Updated Wednesday, April 9th 2014 at 20:56 GMT +3

A new report released last week paints a gloomy picture for the country’s real estate industry, with Nairobi to be hit most by a looming housing shortage, An acute housing shortage is looming for Nairobi’s middle-class if the current real estate trends prevail, says a new report. This is coming at a time when industry players are confessing that no one for sure knows the actual figures on housing demand in Nairobi and the entire country. Titled State of Development Report, the new report released last week jointly by the Kenya Property Developers Association (KPDA) and property firm HassConsult, paints a sorry state of the housing sector. Read More

Kenya licences three more real estate investment vehicles

The Capital Markets Authority ( CMA) has licensed three more Real Estate Investment Trust (REITs) managers to deepen the sub-sector’s participation in the Nairobi Securities Exchange (NSE). This comes after the regulator approved the appointment of Stanlib Kenya Ltd, Fusion Investment Management Ltd and CIC Asset Management Ltd as REIT managers. Read More

Home Afrika seeks to entice other SMEs to join bourse

Home Africa Ltd listed on the Growth Enterprise Market Segment (GEMS) at the Nairobi Securities Exchange in July last year as the real estate firm looked to raise much-needed capital for expansion. Read More

KRA closer to netting landlords for tax on rental income

Through the Kenya National Spatial Data Infrastructure (KNSDI) project, all land parcels and properties will be mapped. “The mapping of areas around Nairobi and Mombasa is already on-going,” KRA’s domestic tax commissioner in charge of small and medium taxpayers, Ms Alice Owuor, said last week. Read More

China to put up Sh65bn ‘Dubai’ in Machakos

Chinese investors are planning to unveil a Sh65 billion city near Nairobi with skyscrapers and infrastructure that they say will match the splendour of Dubai. The grand plan that involves at least 100 Asian investors is being fine-tuned ahead of an anticipated visit to Kenya by Chinese Premier Li Keqiang early next month; actual construction may begin later in the year. Read More

City’s middle class to bear the brunt of housing crisis

Nairobi’s middle class will find it harder to secure affordable housing in the coming years if the slow growth of construction caused by rising interest rates and prices of material is not reversed. According to the first-ever annual report on the state of development in Nairobi launched last week by The Kenya Property Developers Association and HassConsult, the under-development of housing that fits middle class status and pockets will become more acute in a few years as this population grows. Read More

Probe exposes rot in Lands office as brokers stash away millions

Investigations have unearthed more than a thousand land scams in Kajiado County, where brokers are using fake succession documents to swindle money from unsuspecting land buyers. Read More

National Land Commission now takes supremacy row to court

The National Land Commission (NLC) has moved to the Supreme Court seeking an advisory opinion on their mandate as an independent body in the new constitutional dispensation. They asked the court to address the questions emerging over land leases and renewals, including management of private land in the country Read More

Task force formed to sort out land mess in Kajiado county

In a bid to counter the increasing land fraud, the county government of Kajiado has established a land Task Force Committee to look into land issues. The seven-member committee drawn from each constituency in the county is expected to submit a comprehensive report in three months time regarding double registration of Lands and fake title deeds among other fraudulent issues regarding the matter as the county maintains that ban on all land transaction remains until further notice. Read more...

Cheap is expensive in the long run

I say, if you want value for money in your construction project, be realistic. This is because in this industry, one reaps what they sow, at least most of the time. Speaking business, the most common expectation from all clients is that they will not relent until they get value for their money in all their transactions. This platitude is sometimes misused to mean that all a customer wants is to spend the least money to gain the maximum and most effective benefit. Read more....

Real estate investors shift to expos, malls to meet buyers

Investors in the property industry are shifting to exhibitions and mall activations as preferred marketing channels to reach home buyers buoyed by research findings showing about 60percent of all potential buyers believe that face-to-face encounter is the most important source of information when making buying decisions. Read more....

National Housing Corporation targets counties with new technology

The National Housing Corporation (NHC) has launched a one-year awareness campaign on the use of Expanded Polystyrene (EPS) technology, which reduces construction costs by up to 30 per cent and construction time by 50 per cent. The campaign, which was launched in Kericho recently, will target county governments and groups undertaking mass housing projects. Read more...

Nairobi top as Africa reels in investors

Nairobi is one of the continent’s emerging business hubs owing to its strategic location within the region. Her main competitors are Johannesburg, Cairo and Lagos. As the real estate sector continues to set the pace for economic growth worldwide, Africa is the continent to watch as far as wealth creation in the segment is concerned. Read more....

Construction sector braces for heavy rains

The Kenya Meteorological Department has warned the long rains will be heavier than normal in many counties, which should worry the building and construction sector as it is likely to be badly hit. This is the season when buildings under construction are likely to collapse, construction sites get flooded and accidents in the industry, particularly at construction sites, increase. Read more...

What ails our interior design sub-sector

Two weeks ago, a Ghanaian, Ugandan and South African were in a team chaired by veteran Kenyan architect, Dr David Mutiso. Their two-day quest was to pore over architectural entrants into various categories of a competition by the Architectural Association of Kenya (AAK), sponsored by paint manufacturer, Basco Paints. More than eight awards were dished out to the various winners with even Parliament building getting an honorary mention. Read more....

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