Real Estate in Kenya | Find Properties to Buy and Rent in Nairobi, Mombasa

The real estate in Kenya is a profitable business opportunity that many investors are exploring as most people prefer to live in urban centers. The demand of buy and renting properties across cities in Kenya is on all time high because of the increasing middle class with disposable income.
houses and propery to buy rent in kenya
 Image credit: Lamudi
The rise of the property market in Kenya has seen all the banks create products tailored for this market, and most of them have partnered with the real estate developers in Kenya to give Kenyans an affordable way of buying properties of their choice. For instance, the Development Bank of Kenya has been funding several development projects and providing Kenyans access to credit to own these properties. Among the many profitable business ideas in Kenya, real estate in Kenya proves to be in the League of the most viable business opportunities that someone should think when considering to invest his/her cash in Kenya.

However, before investing in the real estate in Kenya, an investor is advised to understand the dynamics of buying, selling, and renting property in Kenya as I explore below.

SCENARIO 1: In some places in Kenya, developing a residential property and selling it out works better that building it for people to be renting. It is the reason most banks are creating partnerships with developers to ensure Kenyans afford the houses. For instance, houses within Mlolongo in Machakos County and the border of Nairobi County – have a market price of 4M to 8M depending on the size of the room.

Let’s say you have developed several three bedroom units, and each has a sale value of eight million, and the renting rate is 35,000/= per month. Given a chance to choose, which is the most successful path to choose is such a scenario? If you decide to rent, you will make 420,000/= per year meaning that you need 20 years to make the sale value.  Now let’s say the renting value increase by 20% per year – still – it will take you years to make the current sale value – do you still need me to convince you which is the best option? Seriously?

SCENARIO 2:   Let’s explore the development of offices as part of a stable investment in the real estate in Kenya sector for investors. The question is trying to answer in this scenario is whether to sell or rent your office property after developing – which is the better deal? Depending on the location of the bureaux, renting out is far much better than selling the property to get the quick cash. Look at the case of Elgon Plaza, the park at the center of a controversy that sent the former Chief Registrar of Judiciary home. Did I hear the renting fee per year was close to a billion? Could there be any other better deal than this?

Offices in central towns – like in Machakos Town where am writing this article from, perform far much better if you are renting them out. For instance in Machakos, the Kiamba Mall is one of the most expensive places to own an office with square feet going for 75/=. The cheapest room office I could secure at that mall was to cost me 112,000/= per month – you still want more information?

Property in Kenya | What To Consider for Your Real Estate in Kenya Business
There are several aspects of the genuine estate property business that you should put into consideration in your pocket and your prospective clients.

The first thing to consider is your developer and the mode of financing. Some developer might exploit your inability to master the trends in the property market in Kenya and this exploitation it is likely to cost you more than you can imagine. Does the developer have their architect or you will have to hire for yourself separately? Does the developer have a bad reputation from previous clients? Imagine spending cool 500Million to developer a residential estate only to be brought down by the City Council – now it’s the county government without compensation because your developer violated rules or is just miserable?

Are you ready to waste your time in court battles? Just because you failed to do due diligence? Now, that was the case for your developer. Before the issue with your developer, the land you are about to develop your house or property – is it certified as legal? Do you have a fake title deed? Could it be demolished in future? Does it sit on a road reserve and some real estate agents in Kenya exploited you using false documents – can you bear such kind of a disappointment without being admitted to Kenyatta National Hospital or the Matter Hospital?

ADVISE: ensure you follow the right channel before you start investing your hard earned cash in the real estate sector in Kenya because you can be disappointed beyond your weirdest imaginations.
For your potential clients, ensure the developed property meets your expectations and not the expectations of your developer.  Ensure there is adequate security, proper drainage system, spacious rooms, balcony and anything that would make your clients comfortable.

Real Estate Online Portals To Help You Find, Buy, and Rent Property in Kenya
Now, as a developer, owner or buyer, where do you find the opportunities to buy rent or sell the latest properties on the market? The internet world in Kenya has significantly changed how people do business with the Uhuru Kenyatta administration encouraging the use of Internet to carry out transactions. So far, government employees in Kenya are getting their payslips on the Internet from the GHRIS and KRA has digitized everything, and this is the case for the property market.

On the same note, am going to explore the leading online portal in Kenya where you can quickly find the latest development in the real estate sector in Kenya. In my case, I will use Alexa Rankings – an inadequate measure but the only one we have for the rankings, – an Alexa Rank means that a site with a lower Alexa Rank gets more visitors than a site with a high Alexa Rank.

If a website describes itself as the leading real estate site, it does not mean exactly that, after all, that’s just a description the site is using to rank on search engines such as Google and Yahoo – let’s explore the sites

1. Buy Rent Kenya (buyrentkenya.com)
BuyRentKenya ranks No 1 in Kenya for real estate websites and No 64 in Kenya on Alexa Rank as at the time of publishing this article. The statistic can change overnight. Being the leading real estate site in Kenya, it gives thousands of Kenyans an opportunity to search for properties for sale, properties to buy and rent from the top agents in the country.
Buy rent Kenya is also one of most profitable websites in Kenya using the direct ads model of monetizing content online. It is the best model for any webmaster being applied by BuyRentKenya.com.
Nicolas Adamjee owns rent Kenya, a Mauritius national, as per the information on whois.com Registrar details.

2. Property Leo Residential (http://www.propertyleo.com/)
Propertyleo is the second leading real estate website in Kenya providing avenues for Kenyans to find resources according to Alexa Rank. It ranks number 117 in Kenya on Alexa.
The description of business “Property Leo is Kenya’s leading online property portal serving the Kenyan Real Estate sector with searchable list of properties for sale and to let which include apartments to let townhouses and villas ”
Property Leo is under the Jengaweb.com Company on registration, and I cannot, therefore, verify the owner of the website.

3. KRUSS Real Estate (http://kruss-ltd.com/)
KRUSS Real Estate is the number 3 site in Kenya and mainly focuses on Mombasa real estate world. KRUSS property ranks number 136 in Kenya on Alexa rank.
The description “Mombasa properties for Sale and Rent, KRUSS Real Estate | Properties in Mombasa; beach plots, apartments, houses” From the description of the website, you can see the site targets the Mombasa market, and has offices in Nyali Mombasa
KRUSS belongs to a Russian National called Alexander E Kruss according to whois.com Registrar information.

4. Property24 (http://www.property24.co.ke/)
Property24 it’s our 4th website on this list and ranks number 264 in Kenya. The site description/keywords “Property 24 Kenya, Houses for sale, Property for sale, Flats for sale, Farms, Property repossessions, apartments.”
Property24 belongs to Korbitec (Pty) Ltd, a South African firm based in Cape Town

5. KenyaReal (http://kenyareal.com/)
KenyaReal closes our list of top 5 real estate Kenyan websites based on Alexa Rank. The sites description ” Kenya Real is Kenya�s home of real estate, property developers, real estate agents, property lawyers, real estate articles, contractors, architects, mortgage providers, and real estate agents.”
KenyaReal belongs to Innocent Gathungu

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We hope you have enjoyed reading our real estate in Kenya analysis – in the coming weeks, we will provide useful content on different aspects of the Property Market in Kenya

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