Firm in deal to pay rent arrears, buy houses for clients

A new real estate firm is set to spur home ownership in Kenya following the introduction of a model that ropes in more low-income earners.

According to Richland Properties, given that most new homes target the upper and middle class, there is now a better way to involve low-income earners in the race for home ownership that often excludes many ordinary Kenyans.

“Richland Properties Limited is taking over the housing sector in the Kenyan Market in an interesting way,” notes the firm, adding in a bid to promote rental occupancy, the international company through its new funding can pay a property’s rent upfront to the landlord even as they take up the risk and hassle that comes with rent collection.

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“Depending on the negotiations, we pay up between three months to one year upfront rent to the building’s owner,” it reveals, adding that as for clients who wish to buy a house, the firm pays up to 50 per cent of the total amount to the owner before it gives the client an affordable repayment plan.

“This serves as a relief to the client who doesn’t have to pay the entire amount required to acquire the house all at once,” it adds.

Speaking recently during an event that saw Richland acquire the multimillion Euromax Heights building from Rama Homes in Nairobi, the company’s Head of Management Sharleen Nyanjui said the initiative comes when many Kenyans are keen on acquiring their own homes following the increased burden of paying rent.

"We call upon potential home owners to grab the opportunity geared towards enabling the country’s affordable housing agenda," she said. 

Richland Properties staff during the handover ceremony to mark the acquisition of Euromax Heights building, Nairobi. [Courtesy]
Richland Properties is a full-service brokerage established in 2014 and offers broad client support for people looking to buy, let and lease properties in Kenya, UAE and the UK.

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Headquartered in Mombasa, Richland has branch offices in Mombasa, Nairobi, and Lamu.

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RentHome ownershipRichland Properties