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Bank launches home loans for self employed and owners

Housing Finance (HF) will soon unveil mortgage products for individuals working in the informal sector, a move that is see them own homes and build commercial property. Speaking during the launch of 5-year strategic plan that the company says will see it return to the league of blue chip companies, Mr Frank Ireri the Managing Director (MD) said that HF will no longer concentrate solely on residential mortgages but diverse its portfolio to all forms of property.....Read More

Committee to review outdated building laws

The newly inaugurated Building Code Review and Harmonization Committee has its work cut out as it settles down to business this week. The committee is expected to set the stage for use of local materials, broadening the options beyond ‘brick and mortar’ that players in the housing sector have blamed for making construction a rich man’s game and locking out Kenyans of average means from owning homes.... Read More

HF teams up with developers in new homes plan

Mortgage financier Housing Finance is moving into partnerships with land owners and developers to increase homes for the middle income group, a move that is likely to usher in competitive property pricing in urban and peri-urban areas.....Read More

Housing bubble keeps high-end buyers at bay

In the past, Housing minister Soita Shitanda threatened to table a Bill in Parliament to introduce house price ceilings. Shitanda’s threat emanated from property price variations — in some cases as high as Sh10 million — for similar type of residential units constructed by different developers in Nairobi’s upper class region, but located in the same zone.Though the Bill is not there yet, debate  on whether or not house sale prices in the country are over-valued — particularly for the apartments in Nairobi’s upmarket estates and a number of new constructions in Langata and South ‘B’ & ‘C’ — has never left investors’ lips.....Read More

When buying a house, use key documents to fence investment

Rising demand for adequate housing in towns has led to investors going full throttle into real estate by building many houses. Many buyers often rush to acquire units without sufficient information, especially on legal structures.This could result in serious financial losses....Read More

Nairobi still offers good prices for commercial space

It’s become fashionable to lament that Nairobi’s real estate is over-priced. One politician proposed price caps supposedly to stem an exodus of investors migrating to other cities in the region. Another suggested that home-builders absorb the inflation in construction costs (now over 40 per cent higher than a year ago) to keep prices the same as before. But the data suggests that both the premises and the solutions presented are misguided. Nairobi is competitive with the strength of its market being diversity – a wide variety of space in different asset classes at a good price.....Read More

Why pre-selling property is fast gathering speed

Today, more Kenyans are buying homes and offices straight from the floor plans and months, even years, before they are constructed. To many people, especially middle-income earners, this is the best opportunity towards finally owning a home because this plan gives them more time to organise themselves and seek funding via mortgages, loans, increased business or heightened savings. All that is needed to book a house off the plan is payment of the stipulated deposit, which often ranges between 10 per cent and 50 per cent.....Read More

Real estate in high demand among Kenyan in the diaspora

Despite the global financial crisis, real estate has retained its allure among Kenyans in the diaspora since owning a home in their native country remains a key goal. The Central Bank has released figures showing remittances in the first five months of this year totalled $238 million compared to $280 million last year and $210 million in 2007. Godfrey Kibeta, a real estate marketing manager with Kaiwi Agencies, says that a good part of the remittances are invested in real estate.....Read More

Why Kenyans shy away from using houses as security against loans

Would you use your house as collateral for a loan for business expansion or for studies or for paying health bills? Despite the growing desire to acquire loans, many Kenyans shy away from using their houses as security. This is contrary to their Western counterparts who see a house as an investment to acquire another asset. But for Kenyans, houses are assets that should be kept forever, not subjected to any chances of risk, a new study shows.....Read More

Outlawed gangs terrorise urban developers

Urban centres in the country risk losing out on real estate development owing to the introduction of illegal taxation regimes by outlawed gangs. Investors are complaining that apart from the taxes levied by the government, they are also being forced to pay ‘tax’ to gangs to secure their homes or businesses. Failure to remit this ‘tax’ results in threats and destruction of property.....Read More

Building your home, one paycheck at a time
Property News

Owning a home is the classic Kenyan dream, and the economic benefits of homeownership are immense, yet it is a luxury very few can afford. Reports show that Kenya faces an acute shortage of affordable housing and a low level of urban home ownership. The Vision 2030 document warns that this is set to worsen since majority of Kenyans are below 25 years and demand for houses will rise significantly as they start settling down.....Read More

Nairobi house prices up 25% in smart suburbs

Nairobi’s up market property prices have increased by up to 25 per cent in less than two years, with companies reportedly making sales with relative ease. A year ago, a four bed room house on an acre of land next to Karen country club averaged at Sh40 million. Presently the same type of property goes for between Sh50 million and Sh65 million, according to a research by Business Daily. Property developers are the main force behind the rising prices,  real estate experts say.....Read More

The rise of nairobi’s bedsitter land

Since its birth in 1899, Nairobi has grown to become the largest city in East Africa, now home to more than three million people, and expected to reach five million by 2015. Its growth has seen the city’s suburbs spread and new estates go up. But perhaps the biggest transformation has been the conversion of older, central Nairobi into bedsitter land, as new waves of young professionals have flocked to be close to Central Business District.....Read More

Construction continues in pockets of nairobi

The boom in Kenya’s upmarket residential property market may be over, but trendy apartments and houses are still sprouting up in Nairobi’s affluent districts.The traditionally well off Northern suburbs, Gigiri and Runda, are “still growing”, according to Steven Simiyu, an architect at U Design Architects, but the new hotspots for swanky apartments are in Kileleshwa and Kilimani. “They are close to town,” is his simple explanation for their popularity.....Read More


Co-owning a house with the bank

Owning a home is the classic Kenyan dream, and the economic benefits of homeownership are immense, yet it remains a luxury very few can afford. In an effort to realise their dream, many Kenyans are turning to mortgage facilities offered by financial institutions. The latest in the market is being offered by Islamic financing institutions.....Read More

Construction boom around varsities

Jomo Kenyatta University of Agriculture is fuelling a construction boom in Juja town and its environs.The construction explosion is among myriad developments adjacent to the institution as investors erect storeyed hostels targeting students. As developers scramble to meet students housing demands the price of land has skyrocketed.....Read More

Housing property prices up 100 per cent, says Shitanda

Property prices in Nairobi have risen by 100 per cent in four years from 2004, according to figures presented in Parliament by Housing Minister Soita Shitanda.The figures show the prices have grown by 30 to 50 per cent in other towns in the same period. Kenya’s urban areas suffer an annual shortage of 150,000 houses a year and a 300,000 yearly shortage in rural areas, Shitanda said.....Read More

Hidden costs in property deals

An announcement by City Hall calling on property owners to pay up land rates has rekindled a debate on hidden or additional costs that property buyers are exposed to. In an advertisement published in dailies last week — and in what is becoming an all too common affair with local authorities across the country —Nairobi Town Clerk Philip Kisia issued a one month ultimatum to land rate defaulters to pay up, risk prosecution or lose their properties.....Read more


Diaspora cash keeps property market afloat Print

Diaspora purchases are pushing up sales in the mortgage business as more and more individual retailers keep off the property market. "We have seen a significant uptake, driven largely by the more affluent buyers in the Diaspora, especially the UK and USA, who are unbundling their investments in these markets, to purchase apartment blocks here," Housing Finance MD Frank Ireri said while announcing the firm’s half-year financial results.....Read More

New home for property at NSE

Nairobi Stock Exchange (NSE) investors have every reason to smile when real estate is listed at the bourse.This follows reports that the Capital Markets Authority is at an advanced stage with plans to list the first real estate investment trust, popularly known as Reit in financial jargon.....Read More

Housing experts propose law to end unplanned building

Housing experts are scratching their heads to come up with ways to check haphazard construction. Citing the consequences of such poor planning, the experts say it is time the sector developed watertight regulations to guide construction of buildings to avert further disasters, many witnessed in the recent past.....Read More

Dizzy rise of property prices begins to stabilize

The real estate sub-sector is one of the fastest growing areas of the local economy and a lot of investors are showing increasing interest. Mixed fortunes at the Nairobi Stock Exchange, once the first stop for anyone with a little money to spare, has prompted many investors to seek alternative investment options including property.....Read More

As cost of land rises, it is time for apartments

Multi-unit housing is increasing, not just in Kenya, where a significant proportion of new homes are apartments, but also in the United States. In the US, a shift is underway, with 40 per cent of Americans living in apartments now doing so out of choice, up from 32 per cent in 2000.....Read More

Can economy sustain construction boom?

The construction sector recorded a growth of 8.3 per cent in 2008 compared to 6.9 per cent in 2007.The sector had the highest growth rate not only since 1998 but also the highest growth recorded across all sectors in the economy......Read More

Pension savers get big home loans boost PDF Print E-mail
Written by Administrator   
Tuesday, 22 September 2009 12:58

Pension funds regulator has issued new regulations allowing contributors to use their savings to guarantee house loans, unlocking the security hitch that has barred millions of Kenyans from home ownership.....Read More

Last Updated on Friday, 30 October 2009 11:29
How robust tax cuts could boost property market

It is commonly acknowledged in Kenya that a person who doesn’t own a home is rootless. Hence, the Kenyans’ quest for plots, shambas and property ownership. Let’s admit it, this craze is almost religious and an abyss in the minds of our society. It is appreciated that, over the years, the government has encouraged its citizenry to save earnings in all sorts of ways with the objective of owning property.....Read More

Lessons from the American housing market

Historically, investors consider real estate a stable, almost stodgy, asset class. Illiquid property does not face the same volatility as stocks. So a drop in housing prices of only 14 per cent is considered a crash. In the past, housing crashes were extremely rare. However, analysts have been stunned by recent events in the United States....Read More

High interest rates lock out many from home loans market

Millions of Kenyans will remain locked out of the home loans market despite the new regulation allowing pensioners to use savings to guarantee mortgages. The high cost of housing is likely to deter many from owning own homes, with banks blaming erratic interest.....Read More

Construction withstands downturn

The construction industry has defied the economic downturn as other key sectors of the economy such as manufacturing, agriculture and the services experience a slowdown in growth momentum.....Read More

Sharp fall in house sales as recession hits remittances

The building and buying frenzy that has been the hallmark of the housing market for the last three years seems to have been built on quick sand as the economic crunch forces Kenyans to review their investment decisions......Read More

HF enters commercial real estate market PDF Print E-mail
Written by Administrator   
Tuesday, 22 September 2009 12:17

Housing Finance is to loosen its purse strings for commercial property developers as it pursues higher returns in the niche built on a steadily rising demand for office space in Kenya.....Read More

Last Updated on Friday, 30 October 2009 11:45
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