Property development remains the best investment option in the country this year despite fears that political fever may slow it down, Lands and Physical Planning CS, Prof Jacob Kaimenyi has said.
“There is growing demand for high end residential and commercial developments in the country, which is highly competitive”, he said.
The lands CS spoke when he officially opened a‘three’ day Up Market Property Expo at The Hub in Karen, Nairobi.
Prof. Kaimenyi,said that, with the stability of Kenya’s real estate market, which continues to show a clear sustainable growth, the Upmarket Homes Expo is evidently one of the most exciting show yet, providing consumers and real estate professionals from here and around the world with a ‘one-stop shop’ opportunity to capitalize and take advantage from the best property deals locally and internationally.
“Majority of who would-be home owners and other investors have made vital decisions concerning real estate investment this year, while the industry generally seems to have adopted a wait-and-see attitude given that this is an electioneering year”, said the Lands CS.
Prof. Kaimenyi said the prices for prime residential property in Kenya have generally shown resilience for a long period, absorbing a number of tremors that have come its way in recent times.
He said that developers are paying extra attention to quality and presenting buyers with more diverse options, especially in the higher price bands.
“Many developers have shifted to the upper-end, largely cash-based spectrum in part to avoid the risk of owners struggling with loans”, said the Cabinet Secretary.
He said the Kenyan residential market depends largely on domestic buyers and renters for high- and mid-range properties.