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Stanlib set to list Sh3bn property fund on the NSE

Asset manager Stanlib Kenya has set aside a Sh3 billion war chest for acquiring property that will be converted into a Real Estate Investment Trust (REIT) for listing at the stock market. Read more...

Financing infrastructural development through public investment on Land

Land in Kenya has been known to be an emotive issue owing to the history of ownership and acquisition shrouded in underhand and fraudulent dealings. The action by the Ministry of Lands, Housing and Urban Development to digitize land parcels and clean up the registry is a sure way to pave way for transparency and accountability in terms of ownership, acquisition and tenure status. Read more...

Over 70pc of Kenyans finance homes from personal savings

Over 70 per cent of Kenyans finance construction and acquisition of their homes through personal savings, a newly released housing price report indicates. The Kenya Bankers Association (KBA) Housing Price Index (HPI) says only 28 per cent of Kenyans finance homes and acquisition using bank loans, out of which only six per cent prefer mortgages. Read more...

Mombasa Property Market Poised for Recovery

REAL estate developers in Mombasa are predicting a 30 per cent increase in property prices this year, following stability in the market in 2014. According to some developers, enquiries for properties at the Coast have risen compared to the same time last year. The increased enquiries signify that clients' perception of the region,which has been struggling with insecurity in the last two years, has improved, developers said. Read more...

Why Eldoret is experiencing a Devolution revolution

For the past 15 years, Alfred Kiptanui has paid less than Ksh 4,000 for his one-bedroom house in Mwanzo Estate, Eldoret town, Uasin Gishu County. Not even the flaking off of its roughcast walls that have withstood the test of time ever convinced him to shift to a different house. But the father of three who works as a driver at one of the mushrooming industries in Eldoret shifted five months ago to a single room after his landlord issued him a notice, alongside other tenants, to vacate and pave way for renovations that would result in increase of rent to Ksh 8,000 per month. Read more...

Multi-Billion Shilling Hotel Changes Machakos Skyline

Despite the turbulence that has continued to rock Kenya’s tourism industry, the hospitality industry continues to grow. A new tourist hotel estimated to be worth billions of shillings is set to open its doors to the public in Machakos County at the end of this month. Read more...

UN-Habitat in deal with architects to adopt green building design features

Local contractors will start incorporating green features in new buildings under a deal signed on Friday between the Architectural Association of Kenya (AAK) and the United Nations Human Settlements Programme (UN-Habitat). The pact provides guidelines on how the building sector will adopt technologies and measures that promote greater environmental responsibility. Read more...

NCA Warns of Risky Buildings

The National Construction Authority has said there is an increase in unsafe buildings in Naivasha town and its environs. Senior Investigations Officer Crispus Ndinyo said 70 per cent of buildings in Naivasha are a threat to occupants due to poor construction standards. Read more...

Real estate schemes the building blocks to dream mortgage

Real Estate Investment Trust Schemes (REITs) may be considered the new kid on the block in Kenya. This instrument can provide the way out for medium or even low-income earners who may find the initial and subsequent cash injection required in mortgage financing prohibitive. In most parts of the developed world and emerging economies, REITs are not a new phenomenon.  In the US for example, REITs were created by the Act of Congress in 1960. Read more...

LSK Raises Sh42.7 Million for Law Centre in South C

THE Law Society of Kenya has raised Sh42.7 million for building the International Arbitration Centre in Nairobi. The lawyers' body targets Sh800 million for the construction of the ultra-modern project. LSK chief executive Apollo Mboya yesterday said more than a thousand members have so far contributed towards the project in South C, Nairobi. Read more...

Kenya: Looming Danger As Over 80 Per Cent of City Buildings Are Unsafe for Habitation

The collapse of a five-storey residential building in Nairobi's Makongeni estate on December 17 last year and in Huruma area on the night of January 4, 2015, has cast planning, housing and urban development offices in a bad light. The begging question, which has not been answered, is whether professional misconduct or gross negligence is to blame for the tragedies that left more than 15 people dead. Many others were injured and property destroyed. Read more...

Rise of apartments in Nairobi suburbs causes housing glut

The five-storey building in Tena on the east of Nairobi, Kenya's capital, is tiled from top to bottom, giving it a classy look that should appeal to tenants. However, despite being finished close to four months, the flat with 20 two-bedroom houses is yet to be fully occupied, with nearly half of the units remaining empty.Read more...

Kenya: Demand Has Pushed Up Apartment Rents - Hass

HIGH demand for posh apartments by Kenya's growing middle class saw rents increase by 2.4 per cent in the final quarter of 2014, the Hass Property Index shows. It indicates the average property rents increased by 9.8 per cent in 2014, with the asking prices for apartments recording the highest rise.Read more...

Kenya: What the Law Says About Property Ownership

Happy 2015. Property in Kenya can take many forms. It can be movable or immovable. Article 260 of The Constitution provides that "property" includes any vested or contingent right to, or interest in or arising from-- (a) land, or permanent fixtures on, or improvements to, land; (b) goods or personal property; (c) intellectual property; or (d) money, chooses in action or negotiable instruments; Read more...

Cement production rises as construction thrives

Production of cement, a key construction material, surged past half a million tonnes last July as 11-month tally surpassed full-year figures for the previous two years, latest data show. A total of 500,428 tonnes were manufactured in the month, pushing total production by end of November to 5.21 million tonnes. This is far higher than the 5.06 million tonnes churned out in the whole of 2013 and 4.64 million in 2012. Read more

Which way for slum upgrading

Any major urban area will experience myriad teething problems. Most of the problems are lack of adequate housing for all, which leads to the emergence of poor housing conditions. This is more prevalent as one traverses a town from the central business district through the industrial area up to the residential zone. Read more

Anger as police tear-gas pupils in land demonstration

Police arrived at the venue of the planned demonstration against illegal acquisition of school land with guns, tear-gas canisters and fierce German Shepherd dogs yelping and snarling, baring their teeth at all around - including young children eager to reclaim their playing ground. Minutes later the children would be crying under clouds of tear gas as all scampered away to safety at Lang'ata Road Primary School, Nairobi, with police hot in pursuit.Read more

National Land Commission plans to review titles

The National Land Commission (NLC) is set to review title deeds of disputed public land in Nairobi, Mombasa, Kisumu and Eldoret to establish their legality. NLC will consequently hold public hearings on diverse dates to review the title deeds in the four regions. Among the parcels of land under investigation is the controversial Karen land, Lang'ata Road primary school land and the land where Taj Mall Ltd is located. Read more

Trans Nzoia, agency sign deals to spur real estate and growth

Trans Nzoia county government has signed a Sh1 billion memorandum of understanding (MoU) with the Lake Basin Development Authority, paving the way for the building of 1,000 houses to spur real estate growth in the region. Governor Patrick Khaemba said the project would also seek to rehabilitate all dilapidated houses inherited from the defunct Municipal Council of Kitale and County Council of Nzoia. Read more

City project to build 'cheap' rental houses

The Nairobi government, together with international investors, will build modern affordable rental houses in Kariokor and Pangani. Governor Evans Kidero said the project to be put up on a 250-acre plot will cost Sh36 billion. There are about four million people in Nairobi today. It is projected that by 2050 this number shall be 14.5 million. Read more

Migori demand for stand-alone homes up

Demand for stand-alone homes for rent has increased in Migori town, largely driven by a growing number of well-paid county employees, elected officials and private sector staff. This has created a fortune for property owners who have built rural homes but reside elsewhere, such as in Nairobi, earning them extra income while ensuring their houses remain in good shape. Read more

Construction up in kitale as sector thrives

A Kitale based housing cooperative society has completed the construction of a building at a cost of Sh75 million. Club 100 Co-operative Society said the building will be let to generate rent income for the union. The development is located near the Nyayo market, owned by the savings and credit co-operative society, which it built at ans estimated Sh6.5 million. Nyayo market was the union’s flagship project in real estate. Read more

Kenya ranked third big spender on infrastructure

A survey by PricewaterhouseCoopers (PwC) has ranked Kenya third in Africa behind South Africa and Nigeria as big spenders on infrastructure projects for the next 10 years. In a report, titled Capital Projects & infrastructure in East Africa, Southern Africa and West Africa, the survey reveals that South Africa and Nigeria have the most ambitious infrastructure programmes in Africa each taking up 60 per cent of national budget expenditure. Read more

Eldoret property market hurt by year-long ban on county land transactions

Property dealers in Eldoret say the town’s real estate market growth has been curtailed by a ban on land transactions slapped by the county government since last year. Governor Jackson Mandago is yet to lift the one-year ban, which is estimated to have halted more than 50,000 land transactions in the Uasin Gishu county. These transactions have an estimated value of Sh3 billion. Read more

House hunters swipe smart phones for new searches

More Kenyans are now using smart phones to search for properties to buy or rent, according to a survey by on-line real estate listings platform Lamudi. Most of those searching for properties on-line, the firm said, are looking to rent and prefer to settle their bills via mobile money transfer. The report titled ‘Real estate in the emerging markets 2014’ states that 71 per cent of all on-line house searches are done by tenants looking to move house. The house hunters are aged below 35. Read more

Real estate developers to set aside space for trees under proposed law

The real estate investors will reserve at least five per cent of land for a housing estate to develop a green zone before getting building permits. The green areas are aimed at curbing carbon-containing chemical compounds as farms with trees give way to apartment blocks or high-end gated communities. But the requirement could fuel the soaring land prices which have, in the past five years, doubled. Read more

Why you need to contract a proper contractor

My dad bought a piece of land in the early 90’s but the seller never released the title deed. Before my dad died last year, he gave me the documents they had signed during the transaction and the agreement and asked me to make a follow up. How do I go about this issue? Kasuku. Read more

No glass ceiling for roofing queen

From outward appearances, 31-year-old Irene Wanjiku may have to convince many that she has taken on established roofing companies in Kenya and won battles and contracts. The diminutive lady born in Karatina but raised by an aunt in Nairobi’s South C speaks straight and is warm, even when she is barking orders at the REXE Roofing Products Ltd offices, which are tucked away in a residential neighbourhood off Ngong Road. Read more

East African Property Awards fetes winners

The inaugural East African Property Awards 2014 has announced winners in various categories in a colourful event that climaxed three months of submission of entries, selection by a jury and online voting by members of public. The event also brought together players in the real estate sector drawn from government, private and academia to showcase their products and services while offering a platform to reflect on the gains and drawbacks in the industry. Read more

State face class action suit over disputed South B land

Nairobi’s South B residents have been allowed to join a class action suit where a State agency is seeking evict them from a controversial 243 acre piece of land. A firm locked in an ownership fight with State-owned Kenya Veterinary Vaccines Production Institute (Kevevapi) has been granted permission by the courts to invite other interested parties to the suit. The firm had in May started demolition of houses in the contested land, which was fraudulently acquired in the mid-1990s, subdivided and systematically allocated at throw away prices during the Moi era. Read more

House-hunting now goes digital

A majority of young Kenyans are shifting the hunt for rental houses to online property sites as a way of warding off rogue real estate agents, according to a new report on emerging markets. Global property portal, Lamudi, in its first annual report titled, The Real Estate in Emerging Markets, indicates 71 per cent of Kenyans are now hunting for rental apartments online compared to 29 per cent who visit such sites to buy property. Read more

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