Why Real Estate In Western Kenya to keep expanding rapidly
Real estate in western Kenya is expected to perform much better for a very long time. With the other sectors currently struggling due to the unpredictable economic times, more and more investors are opting to hedge their investments in real estate portfolios. In 2022 for instance, atleast 40% of the investment portfolios by the country’s wealthy class had some form of real estate investment. You should ntke that this was just at the time the country was getting out of the deadly COVID-19 pandemic. And you should borrow a leaf and start taking this sector with the seriousness it deserves.
As a region, the real estate sector had undergone a tremendous transformation in the last ten years. From the time when investors had second thoughts on setting up developments to a time when everyone is literally jostling to have a share. The time when you could comfortably an acre in Kakamega or Bungoma Towns for as low as Ksh. 2 million to over Ksh. 10 million within that short span of time!
Another key observation about the previous times was the disjointed road networks, lack of amenities and social services. Then just a decade later we are talking of one of the most intensive tarmac road networks connecting the five counties of Kakamega, Bungoma, Busia, Vihiga and Trans Nzoia.
So all these begs the question. Why way the real estate in western Kenya? Is there a future here?
Well, we sought to find out why the sector is expected to boom than ever before!
1. Increased Number of Financial Institutions
You know what they say, the surest way to predict where the next action will be, you look at where the banks are going! And based on this alone, you realize in the last two years alone, the region has witnessed of several bank branches opening. For example, NCBA Bank has opened a branch in Kakamega and Bungoma, Spire Bank just opened in Busia. Furthermore, saccos have not been left behind as Ukulima sacco opened in Kakamega.
This new entrants coupled with the established facilities provide the much needed capital support to enable you kickstart or expand your real estate Investment journey. These can be in the form of the mortgage product lending and the member friendly sacco products that enable members to afford properties from as low as Ksh. 5,000 per month or much less.
Western Kenya is at a tipping point in real estate.
Wambani Victor
3. An engaged Diaspora Community
Since the inception of this company one year ago, we have received more than 100 enquiries from diaspora community members wishing to invest in Western Kenya. They are driven by an interest to contribute to developing their home counties. Beyond this, there are more than 50 property developments in Kakamega Town alone that are owned by Kenyans in the diaspora.
[mc4wp_form id=4104]As times goes by and as many opportunities emerge in the region, we foresee more diaspora community coming in in bigger ways through investing in real estate projects at a large scale. A more detailed article will follow next week. Stay tuned!
Real Estate Benefits as an Incentive
The sector as we know it has many benefits that are not comparable to other industries. And real estate in western Kenya is no different.
For a start, real estate offers you capital appreciation over a period of time. In short, you buy a piece of land in a strategic location and you wait. A year or several after, you cash in on the appreciated asset. Another key incentive is that the property offers you free cashflows through the rental income. And as we all know, rent goes up over time. Meaning you still get the chance to reap big, bigger, biggest over time.
In Conclusion, real estate in western Kenya should be something you start taking seriously right now. Within a very short time, you may not afford it as there’s growing interest from people and companies across the country.
Within a short time, you’ll see much bigger projects being launched in the region as property development companies are currently conducting various feasibility stides to find out the viability of the projects assisted by our company Valuable Homes Ltd
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