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It’s time for Kenyans to own a piece of Kigali in new real estate drive

By George Orido | Published Thu, August 23rd 2018 at 08:22, Updated August 23rd 2018 at 08:31 GMT +3
Century Real Estate Rwanda Managing Director Charles Huba (second left) with his team during the company's exhibition at Park Inn By Radisson in Nairobi.

In summary

  • The prospects of owning a house in Rwanda are real for many with selling prices being comparatively lower than Nairobi

Rwanda’s real estate is booming taking advantage of the country’s good performance in the aggregate economic growth over the past five years.

The sector contributes more than seven per cent to the national GDP, and the sector has been growing by 9.5 per cent annually because of sustained expansion in private construction and public works.

Speaking at the Rwandan Liberation Day, the Rwandan Ambassador to Kenya James Kimonyo welcomed Kenyans to invest in the country and take advantage of not only the positive business environment but be part of the cleanest city in Africa.

Recently real estate firm in Rwanda, Century Real Estate, held a public marketing event at a Nairobi hotel to get the wider East African market to buy into real estate in Rwanda.

“We are a one stop shop agency for real estate in Rwanda and we are offering the prices far much lower than the ones one would find in Nairobi for the same kind of a home,” said Century Real Estate’s Managing Director Charles Haba.

Take for instance one of the projects on offer at the exhibition, Century Park Hotel and Residences located in Gasabo District, Remera Sector in Nyarutarama. This a affluent suburb in Kigali.

High-end neighbourhood

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A 105 square metres two-bedroom apartment with an en-suite master bedroom, en-suite guest bedroom and living and dining area with a balcony was selling at Sh16.6 million.

A 138 square metres three bedroom costs Sh 21.7 million and a 210 square metres four bedroom units costs Sh34.9 million. Rwanda’s land tenure regime, also, has a longevity safety net of a renewable 100 years lease.

Other properties on offer during the exhibition included Gisozi Heights, Eastern Estate Homes, Izuba City, blue Tanganyika, Gatehills estate, Residency One, the Residence as well as Kigali Heights a commercial property in the heart of Kigali.

According to the Rwanda Development Board, among the notable opportunities in the real estate and construction sector is the implementation of the Kigali City Master plan.

The plan that entails a broad vision and guidelines for the entire city serving as the basis for more specific planning at the District and the Central Business District.

“It presents the most advanced sustainability in land use, infrastructure, environment, society and economy,” explained Mr Haba.

KCB’s Mortgage Manager Beatrice Chege said the bank has partnered with Century Real Estate to provide mortgage for home buyers.

“KCB mortgage product offers home ownership with a minimum of 10 percent deposit for first time home owners, minimum 20 percent deposit for residential units under construction and 30 percent deposit for non-residential commercial properties,” she said.

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