Let’s help Kenyans abroad invest

Sometime last week, someone asked me what the big news in the real estate industry is. Upon reflection, I replied: “I can’t think of any at the moment.”

I am not sure if it is just me, but I feel there is no discernible trend in the property market.

Yes, developers are busy advertising their new apartment units, lenders are marketing their mortgage products and infrastructure projects and goings on across the country.

But I am still not able to put a finger on that one thing that can be said to set Kenya’s property market apart this year. One thing that is for sure, however, is that the sector is vibrant.

If that sounds a bit depressing and you are an investor, here is some more uplifting news: The Central Bank of Kenya says remittance inflows from the diaspora rose in January by 19.9 per cent to $137.5 million compared to $114.6 million in January 2015.

Inflows in the month of January, this year, were 2.6 per cent higher than in December 2015. Cumulatively, inflows in the 12 months to January 2016 increased by 9.7 per cent to $1.6 billion from $1.4 billion in the year to January 2015.

These figures are from CBK’s monthly remittance inflow surveys through formal channels that include commercial banks and other authorised international remittance service providers in Kenya.

It has been established that the bulk of remittances are channeled into real estate. This is good for the local property industry, which for a long time has been struggling with funding issues.

Industry professionals should therefore come forward and help Kenyans living abroad invest back home without having to worry that they will be swindled of their hard-earned cash.