Leading Property Portal Looks At The State Of Real-Estate Sector In Kenya
Kenya’s property market has been on an upscale over the past two decades. The upward trend of the property prices has been facilitated by 25 percent growth of the middle class with more purchasing power.
This has necessitated the property developers to focus on high-end properties targeting the new middle class. Nowadays, the growing middle class is seeking for unique homes with exquisite finishing, secure environment and unquestionable infrastructure.
The low interest rates of between 11-14 percent that have been enacted by the government, creates substantial cash flow for the middle class society. Lamudi Kenya Senior Key Account Manager Oliver Manyasi says, “With attractive interest rates, a limited supply of housing, and a more educated and ambitious population, the real estate market is faced with many opportunities to excel in the future.”
With the growing population, the housing deficit of 100,000 per year in Kenya clearly indicates that the huge demand-supply gap has not been able filled. Meanwhile, the rate of investments reaching a staggering 30% makes the real estate sector a valuable opportunity for investment.
Manyasi added that Kenya is East Africa’s economic hub, with a projected Gross Domestic Product of 5.7 percent in 2014 according to Kenya National Bureau of Statistics, creates more opportunities for the real estate sector.The property market will remain strong, with increased demand for high-end property segments holding steady to meet the international standards for the ever-growing expat community and middle class.
The discovery of minerals and expansion of infrastructure (transport and telecommunication) has also opened up latent areas intensifying the property market. As the savvy foreign investors prefer investing in the African property market, Kenya being the economic hub and a tourist destination, lies well within this property investment basket.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 600,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.
Africa Internet Group introduces and accelerates the online shift in Africa – for its people and its culture. It is committed to running successful and vibrant internet companies which boost the evolution of African online culture. AIG is the parent group of nine successful and fast-growing companies in more than 20 African countries, accounting for over 3000 staff.
AIG cares about entrepreneurship and brings together all the key elements required to build great companies: team, concept, technology and capital. Its network of companies includes JUMIA, Kaymu, Hellofood, Lamudi, Carmudi, Zando, Jovago, Lendico and Easy Taxi.