Ninth edition of Kenya Homes Expo begins today

By Ferdinand Mwongela

After a break of about five months, the Kenya Homes expo kicks off today and runs through to Sunday.

The ninth edition of the property exhibition comes at a time when eyes are fixed on the real estate and mortgages market in the face of a global economic crunch that has brought the international market to its knees. Asia and Africa has also not been spared from the effects of the crunch.

The Kenya Homes expo is being held at KICC under the theme, "Your Reliable Solid Investments".

Daniel Ojijo, the executive chairman of Mentor Group of Companies, is bubbling with optimism that this exhibition will meet its target. He says the situation this time is stable compared to when they hosted the two exhibitions last year, which presented unique challenges.

The seventh edition was held last year in April amid a cloud of uncertainty in the business sector coming so soon after the post election conflict and at a time when most businesses were still counting losses or had adopted a wait and see attitude.

The eighth exhibition in October ran concurrently with another leading property exhibition, split both the exhibitors and visitors. Nonetheless, the Kenya Homes expo still managed to pull about 13,600 visitors and 80 exhibitors. Ojijo says he expects this event to attract more people.

The Kenya Homes Expo was the first comprehensive real estate exhibition when it premiered in 2005 at the Sarit Centre. Ojijo says that from there, it has been an upward journey all the way.

"We did not realise the kind of reaction the first expo would have on the market yet it attracted so much publicity, including participants were from all segments of the market, both the high and low income," he says.

flying doctors service

The expos have grown stronger and continued to attract the same exhibitors. "More than 60 per cent of the visitors are the same people who have been coming all along," says Ojijo, adding that this was a testimony to the relevance and versatility of the expo as it kept up with trends in a highly competitive market segment.

Among the new exhibitors this time will be Tuskys Supermarket and the Flying Doctors Service, which a surprise entry.

Edward Okeyo, the marketing executive with the Flying Doctors Service, says the organisation is hoping to create awareness about their operations and simultaneously help in fundraising.

"The expo is about people," he says, adding that this was in line with their service to the people. "We are looking to change the way people perceive our service."

entry fee

Other companies participating at the Expo include Sigimo Enterprises, Standard Chartered Bank , Kenya Power and Lighting Company, Madison Insurance, CFC Stanbic, Housing Finance, Barclays Bank and Savings and Loans.

This time round, Bamburi Cement, which was one of last year’s major sponsors, will be a no show.

Joan Mwai, the events media liaison officer, says the response from past exhibitions has been impressive and there have been calls for more exhibition days.

The entry fee to the expo is Sh100. "You have to put a value on the expo," says Mwai adding that the fee acts as a deterrent against idlers.

Stable sector

Rebutting fears of a possible downturn due to the economic crisis, Ojijo says real estate is still a viable investment option in the country. "The situation is not as critical as was expected," he explains. "There is still a lot of optimism."

Home ownership in the country is still low meaning there is still a high demand for houses which is pushing the prices high.

"The US market had an oversupply of homes therefore prices came down," he explains.

Kenya’s banking sector is still largely conservative when it comes to lending mortgages and as such, have been shielded from over-lending thus ensuring their survival at such a time when the rate of defaulting and foreclosures was at an all time high.

As the expo kicks off today, the focus still remains on affordable housing in a country that is faced with a skewed demand and supply factor, with demand outstripping supply by nearly four to one.

The next Kenya Homes Expo is scheduled for the first week of October this year. Another property exhibition, the Mombasa Homes Expo, is set to premiere during the Easter holidays.