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Kisumu booming property market attracts investors

BUSINESS
By James Omoro | August 17th 2016
Chairman of Victoria Gardens board of directors Sam Munda conducts Kisumu Governor Jack Ranguma (right) round the new housing units. The real estate sector in Kisumu is experiencing a boom as developers rush to cash in on the rising housing demand. (PHOTO: JAMES OMORO/ STANDARD)

The real estate sector in Kisumu is experiencing a boom as developers rush to cash in on the rising housing demand. A new gated community opened its doors in the lakeside city last week. Victoria Estates Ltd, the developer of Victoria Gardens, has successfully completed Phase 1 comprising 36 maisonettes in the city.

Victoria Gardens is the largest middle-income housing development with an envisaged 91 units in the residential Kanyakwar area that is set to be the next 'Runda' of Kisumu.

Victoria Estates Board of Directors Chairman Sam Munda said they are keen on quality housing development in the region. Munda said Victoria Gardens is their flagship project in Kisumu, adding that they plan to develop more affordable housing units in the area.

Ounga Commercial Agencies Director Erick Ounga, one of the brains behind the gated community development in Kisumu, said it has taken a while to market Kisumu as an investment destination. Ounga said housing demand in the lakeside city has been on an uphill trend and more investors are moving in to develop property to meet the rising demand.

In its modern form, a gated community is a form of housing estate containing strictly controlled entrances and often characterised by a closed perimeter wall fitted with an electric fence.

Ounga notes Victoria Gardens is an eco-friendly living environment that employs green technologies in areas such as water heating, waste and water management with a high tech bio-digester. "The development is spread across 12 acres of a serene naturally attractive setting and comprises 91 residential units-39 four bedroom maisonettes, 32-three bedroom maisonettes and 20-two bedroom apartments," he said.

It boasts of residents' multi-functional club house, swimming pool and equipped gym, designed with open views overlooking Lake Victoria and Kisumu City sky-line. This, he, said is well positioned for the up-market niche of ready tenants seeking urban convenience and a serene lifestyle.

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