NAIROBI, KENYA: High prices of houses in Kenya’s major towns has locked many people over decades from their dream of owning apartments.
In upmarket places such as Nairobi’s Lavington, Karen, Runda, Valley Arcade among others houses are sold into hundreds of millions dampening hopes of many aspiring home owners. The land prices in most of these areas are also not affordable to many who cannot access financial facilities from banks.
Mr Kamano George of Iproperties Africa says they have developed a model seeking to simplify property ownership. “We have come up with a new model which also includes financial institutions in our system to ease access to credit facilities,” he says further explaining that it entails acquiring tract of land and subdividing it to interested buyers at affordable portions.
“Öur major breakthrough was with the Nanyuki glades which was totally sold out, currently our projects in Kajiado and Kiambu have also attracted many buyers,” he says.
The latest real estate company infuse innovation with the much needed demand for mortgages from Financial Partners to funding.
They saw the need to shake it up as the banking industry has been on a go slow for the past few years, even after Central Bank of Kenya held its benchmark interest rate steady at 9.0percent at its september 25th meeting, which its effect are yet to be felt.
“We make it look abit easy, from offering in-house legal council to customised mortgage like payment plans as well as debt management solutions.”
The land developers sell packaged land (inclusive of title deeds, amenities, access roads e.t.c.) in growing towns and cities, which their research team has given the thumbs up. The payment duration goes for up to 26 months.
Our most recent projects are in Kiambu and Kajiado. The company is now selling 50 by 100 plots in Kajiado County, just 4km from the Ole Polos Country Club, at Sh199, 000 each
Non-cash buyers can also get a piece of the Kajiado County Treasures by depositing Sh49, 999 and the rest paid in installments of Sh 15,999 for 10months or Sh 533 daily for the ten months.
“This is not the first big project that the company has done since its inception.”
In July, Knight Frank placed land values in Nairobi’s Upper Hill at Sh600 million an acre compared to Sh20 million price of the same land in 20 years ago.
While land values in Karen, Nairobi, have risen by more than 3,200 per cent in 20 years, according to Knight Frank data.