Property Investors Push for Incentives to Spur County Living and Investment

-Press Release

24/6/13: Major property investors are taking confidence that Kenya’s new government will come up with policies that will unlock the full potential of the real estate in the counties.

Citing the government manifesto to devolve the responsibility of housing to counties, the property investors now want the government to come up with a policy that will set forth release of idle land to ease development of county housing in the wake of the new dispensation.

Ark Consultant’s Director Reginald Okumu revealed that approximately 70 percent of land in the country belongs to the government with religious and non-governmental institutions holding close to 15 percent posing a land hurdle for investors with an eye in investing in the counties.

“With the expected opening up of the counties, there is clearly going to be huge demand for housing in the counties for offices, house for staff taking up jobs in the counties and residential houses for Kenyans who view the county as the next investment hub,” said Okumu.

And added: “Lack of land for development will limit this growth of real estate in the county If nothing is done.

He was speaking at the official closing of the four-day 11th Property and Home Living Expo 2013, at the Sarit Centre. The exhibition focused on real estate opportunities and development in counties attracted county governments and property investors showcasing investment opportunities.

Jawad Jaffer, the exhibition organizer reiterated saying the greatest challenge property investors experience in county investment is lack of enough land for construction, a factor attributable to the continued high cost of housing.

“For a 300,000 national housing units demand to be met with a supply of 50,000 units, you expect land resource to shoot up. The government has the answer to the housing problem by availing land and other incentives to the market,” he said.

Annual Exhibition set to spur County Living and Investment

Knight Frank Managing Director Ben Woodhams(L) and Group’s Head of Marketing Mwihoti Mbijjiwe(R) run through a mock floor plan strategy after signing up  as participating exhibitor for the 11th  edition of Property & Home Living Expo running from June 20th -23rd at the Sarit Centre.

The 11th  edition of the Property and Home Living Expo (P&HLE), a leading upcoming property exhibition slated for June 20-23rd has set its eyes on aiding investment to new and affordable peri-urban areas in the wake of the new county dispensation.

In a timely move showcasing the vibrant real estate opportunities in the 47 counties by leading developers, the three-day P&HLE aims to tap into the emergent spending power of the middle economic class keen on avoiding steep prices of similar property in the capital.

Jawad Jaffer, Expo Organizer, in an exhibition stakeholder briefing said while helping actualize the national  Vision 2030’s social pillar to develop satellite towns while decongesting the cities, P&HLE is banking on the expected diversification of county housing development and the focus shift of the middle class from the Nairobi property investment.