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The Ministry of Lands is overseeing the development of a National Land Valuation Index to guide land valuations in the country.

The process which involves data collection and inspection is currently being undertaken in five counties including Kajiado, Kiambu, Nakuru, Machakos and Meru.

According to the Ministry, data collection and inspection has already been completed in 11 counties including Nyamira, Kakamega, Garissa, Busia, Bungoma, Vihiga, Lamu, Isiolo, Marsabit, Tana River and Siaya.

The Ministry said the data has been collated and is ready for stakeholder review for further engagement.

&ldquo;We have been carrying out this process in 17 counties in the 3rd and 4th quarter of this financial year,&rdquo; the Ministry said.

Ministry of Lands in conjunction with other key stakeholders has embarked on preparation of the National Land Valuation Index to provide a credible valuation database for use in investment and land compensation decisions.

For the National Land Valuation Index exercise, the Ministry <a href="https://lands.go.ke/wp-content/uploads/2020/12/NEWSLETTER-18TH-DECEMBER-2020.pdf" style="color: #ff6600;">said</a> it has developed value zone maps for Mombasa, Kericho, Bomet, Kisumu, Narok and Nakuru counties which should lead to predictable planning for investment by both the public and private sectors.

In 2019, the <a href="http://www.parliament.go.ke/sites/default/files/2018-09/Land%20Value%20Index%20Laws.pdf" style="color: #ff6600;">Land Value Index Bill</a> was passed into law. It provides that the valuation of freehold land and community land for purposes of compensation under the act shall be based on the land value index developed jointly by the national government and county government.

As part of its ongoing digitization program, the Ministry said it will initiate the process of digitizing land records and processes in Ruiru, Kiambu, Kajiado, Ngong and Machakos in the 2020/ 2021 financial year.

Mombasa County is planning a mega affordable housing scheme that will see the county invest KSh. 200 billion in the housing sector. Construction of the new housing will replace old government housing estates in locations such as Mzizima, Changamwe and Likoni Customs, where the first phase of the project will be.

The county government has scheduled 142 families for relocation to make room for the housing projects; these include 57 families from Mzizima near the Kenya Medical Training College, 25 from Likoni Customs and 60 from Changamwe.

Mombasa County Executive for Lands, Housing and Physical Planning Edward Nyale, told The Standard that the residents have already been served with notices to move out ahead of the project, which is due to start in two weeks’ time.

The Mzizima project will see the construction of 600 units on 14-storeys instead of the initial plan of 24 after a geotechnical survey revealed that the ground in Mzizima can only hold 14 floors while phase 2 of the project will see the construction of 15-storey duplexes, 14- and 21-floor apartments in Buxton Estate, Likoni.

The county will also build 12,000 houses in Tudor Mwisho, Tom Mboya, Kaa Chonjo, Khadija and Kizingo estates. According to the authorities, Mombasa County has a housing deficit of 380,000 units.

The county government intends to compensate the relocated tenants.

The Kenya Mortgage Refinancing Company yesterday through its board formally approved the entry of two new shareholders; the International Finance Corporation (IFC), Pan-African housing financier Shelter Afrique.

The company held its first annual general meeting virtually, in line with current health directives in the country in an event where members of the board approved the new shareholders.

“Today’s AGM is a key and historic milestone for KMRC. With the facilitation and support of the board, we are now properly and fully equipped to play our role in revolutionizing the home loans market in Kenya, while making homes affordable for as many of wananchi as possible,” said KMRC’s Acting Chairman, Dr. Haron Sirima.

KMRC was set up in 2018 as a key component in the realization of the affordable housing plan. The institution will play the role of a lender of last resort for banks, advancing long-term financing at lower rates to primary mortgage lenders, enabling commercial banks to further drive down mortgage rates in the country.

“From an operational standpoint, I can confirm that everything is now in place for us to start providing long-term finance to participating financial institutions, for onward lending to home loan borrowers at affordable rates on KMRC obtains a license,” said the firm’s acting CEO, Johnstone Oltetia.

In his recent national address, National Treasury Cabinet Secretary hinted that KMRC will take the weight of financing the affordable housing agenda, which received an allocation of only Ksh. 6.9 billion in the 2020/2021 financial year.

Other international and financial institutions including six local banks have agreed to pump KES 300 billion into the company to help Kenyans buy affordable homes.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/kiambu-pushes-for-ruiru-city-status/">Kiambu pushes for Ruiru City status</a>

IFC and Shelter Afrique become KMRC shareholders

Kenya Urban Roads Authority (KURA) yesterday announced it is ready to begin construction of the traffic management centre planned for Nairobi. The <a href="https://kura.go.ke/" style="color: #ff6600;">Authority</a> said it has completed the acquisition of a 10-hectare piece of land for the project, located at the junction where the Nairobi&ndash;Mombasa highway meets Airport North Road near City Cabanas.

&ldquo;On Monday, our engineers confirmed having finished the designs and the land is ready. We shall proceed with construction after funds have been made available,&rdquo; KURA chief corporate communications officer John Cheboi&nbsp;told the Star.

In November 2020, President Uhuru Kenyatta announced that the Nairobi Metropolitan Services (NMS) and KURA were planning a new traffic management system to modernize traffic management in Nairobi.

He revealed that the new system will utilize cameras, sensors and anonymized data to manage traffic by providing synchronized signals at 100 new junctions within the city. The KURA official said the new facility will be a three-in-one integrated building with several floors housing different stakeholders involved in traffic management in the city.

&ldquo;The centre will be a three-in-one where the Bus Rapid Transport (BRT), commuter rail and traffic will be controlled from. Engineers, traffic police, people who control traffic lights, cameras, road management will be housed at the centre,&rdquo; Cheboi explained.

NMS which is spearheading the project will oversee the new system, with the planned installation of additional traffic lights and signalization of 25 more intersections National Treasury CS Ukur Yatani last August announced that it had secured a loan from the South Korea Export-Import Bank worth KSh. 6.6 billion to finance BRT Line 5 (Nyati) that passes along Outer Ring Road.

Funds for the new traffic management system will be drawn from the loan.

KURA Ready to Begin Development of New Traffic Management System

Mombasa County in plans to undertake

Property prices in most of the world cities are ever on the rise. Below is a list from Forbes magazine on five of the most expensive cities to buy or lease property. You can make a comparison with your own city. The numbers are are exceptionally high.
<ol start="5">
 	<li>London</li>
</ol>
London’s property prices are severely unaffordable to most residents after decades of growth. Since 2013, London’s property prices have increased at a double-digit rate every year. Average home prices in the city have gone from £257,000 in 2006 to £474,000 in 2016, an 84% increase.

Government efforts to cool the housing market through high stamp-duty rates for luxury properties and new stamp-duty rates for investment properties have failed to failed to make much impact. But a recent survey of economists suggests London property prices could finally <a href="http://www.businessinsider.com/times-survey-londons-property-bubble-will-finally-burst-in-2017-2016-12">flatline or drop this year</a>.
<ol start="4">
 	<li> Shanghai</li>
</ol>
One of China’s hottest property markets, Shanghai’s real estate prices rose as much as 40% last year and were up 5% a single month last August. Housing prices have been difficult to clamp down on. Spooked by a weak domestic stock market in 2015, many investors poured into the property sector, seeing it as one of the few options left for favorable returns.

Prices could come under pressure soon though as regulators have put forth new efforts to keep prices down, or at least steady. In October, more than 20 Chinese cities, including Shanghai, introduced new measures to cool the housing market by implementing purchase limits and tightening mortgage restrictions.
<ol start="3">
 	<li> Beijing</li>
</ol>
[caption id="attachment_396" align="alignnone" width="300"]<img class="size-medium wp-image-396" src="https://estatecloud.co.ke/wp-content/uploads/2017/01/3-300x200.jpg" alt="" width="300" height="200" /> Shutterstock[/caption]

The most expensive housing market in mainland China, the average home price in Beijing is now $5,820 per square meter, according to the Municipal Commission of Housing and Urban-Rural Development. In September, average home prices in Beijing rose nearly 30% year on year. By comparison, prices in China’s major cities rose about 11%.

Measures introduced in October may clamp down on skyrocketing prices but there’s a risk to allowing prices to fall precipitously. Investors have come to expect double digit returns and much of domestic household wealth is tied up in real estate.
<ol start="2">
 	<li> Mumbai</li>
</ol>
[caption id="attachment_397" align="alignnone" width="300"]<img class="size-medium wp-image-397" src="https://estatecloud.co.ke/wp-content/uploads/2017/01/1-1-300x199.jpg" alt="" width="300" height="199" /> Shutterstock[/caption]

Located on a narrow peninsula, Mumbai is now home to some of the world’s most expensive real estate. As <a href="https://qz.com/540983/the-reasons-behind-mumbais-ever-increasing-unaffordable-home-prices/">Quartz notes</a>, Mumbai’s house price-to-monthly income ratio “is the highest among major Indian cities.” And as the country accumulates wealth, developers have been struggling to find building sites in the crowded city where millions still live in densely-packed slums.

Housing came under pressure in November when the Indian Prime Minister, Narendra Modi, overhauled the country’s currency and took 500 and 1,000 rupee bills out of circulation in an effort to root out corruption, counterfeiting and tax fraud. Much of India’s real estate transactions are done in cash to avoid taxes. PropEquity, a data provider, expects property prices in Mumbai could drop by 30% this year.
<ol>
 	<li> Hong Kong</li>
</ol>
[caption id="attachment_398" align="alignnone" width="300"]<img class="size-medium wp-image-398" src="https://estatecloud.co.ke/wp-content/uploads/2017/01/2-1-300x200.jpg" alt="" width="300" height="200" /> Shutterstock[/caption]

Holding on to its rank as the most expensive housing market in the world for the seventh year in a row is Hong Kong. The median home price was 18.1 times the median annual pretax household income last year, according to a recent annual report from Demographia. Though a small improvement from the year before when home prices were 19 median household income, Hong Kong still ranks as “severely unaffordable” the report said.

The city’s housing prices have skyrocketed in recent years, driven by low interest rates and mainland Chinese buyers. Lack of affordable housing has become a top social issue as the city’s poor crowd into “cage homes” and dangerous, subdivided apartments.

It’s common to spot in some quarters of town or in housing estates some old, dilapidated and abandoned buildings. Some due to urban decay while others as a result of negligence. While investing in real estate, a lot of people assume that it is enough to complete the building and then milk it dry. Even though it is true that most buildings are designed to serve purpose for a certain number of years, it is also true that if managed prudently the lifetime of a building can be extended much longer. Much like a cow. Developers and homeowners need to consider certain investment safeguards even as they plan to enjoy the benefits from their investments.

The result for homeowners is the preservation of property value which can ensure a higher resale price, and for investors it is more income for much longer and also, a higher resale value compared to when they are neglected. Better still preserving the value of your property helps other properties in the neighbourhood to preserve their value and keep the location attractive which in turn helps to increase the value of your property. That, from a purely rent seeking point of view, is free gold. Of course the social as well as the environmental advantages are equally appealing.

So here are a few things you could do to improve the value of your real estate investments:

Planning

A major reason for the neglect of repair and maintenance on buildings is the lack of cash to carry out the necessary. This results from a lack of planning. Any investor at the onset, and in keeping with the principles of sound investment, ought to set aside a certain portion of the rent accruing from the property for the purpose of future repairs and maintenance.

Increasing Vegetation

The lure of leafy suburbs is a confirmation of the dominating preference that humans have for the natural over the artificial or synthetic. Trees purposely planted at the beginning of a real estate project could make the location very attractive in a period of 10 years when the owner may opt to sell the property because natural places are in short demand. Furthermore, tree seedlings are easily affordable. In fact integrating trees, grass and flowers into the property would do you more financial good.

Neighbourhood Engagement

The value of many properties have been depreciated by the activities of those in the neighbourhood. It is an unforgivable mistake to underestimate the consequences of one dilapidated piece of property on the value of adjacent ones. It is more prudent to favourably engage neighbours on the maintenance and upkeep of their property in order to preserve the value of your own. In addition, avenues could be created that address the handling of utilities that preserve the common good.

Parking Lots

Especially for commercial properties, investors may increase the appeal and value of the premises by providing ample parking for would be tenants. It is even better to have a little of parking space or to have none at all. No client appreciates the burden of paying for a separate parking lot and they would rather go for the next available alternative with a parking lot.

Renovations

It is good practice to monitor the property so as to take note of areas that need repairs. Often times most defects will cost much less if they are detected early enough and renovations done. The reason why many property owners spend much is because they because they neglect carrying out renovations until the defects have spread to other parts of the building.

In concluding, land markets just like capital markets are affected by among other factors, confidence. Buyers tend to hold back when they don’t feel confident of getting value for their money. To maintain confidence, one of the things that sellers have to do involves preserving the value of their properties in ways that are perceptible to the buyer.

How to Increase the Value of Your Property

The Kenyan Government together with the German Government has financed the Nairobi Satellite Towns Water and Sanitation Development Programme (NST-WSDP) to support the satellite towns that face large water supply deficits with chronic water shortages, water rationing, high prices paid to water vendors, time spent queuing for water and incidence of water borne diseases.

A feasibility study identified and assessed 68 project proposals in the satellite towns of Nairobi. Out of these, 25 of the projects that build on existing investments were prioritized for development and two of these projects have been selected for financing during the first project phase. These are Ruiru– Juja Water Supply Project and Kiserian– Ongata Rongai Water Supply Project

Athi Water Services Board (AWSB), the Project Executing Agency (PEA) on behalf of the Government of Kenya, is undertaking these projects. The objective of these projects is to provide sustainable access to potable water supply and sanitation services in urban and peri-urban areas in the satellite towns around Nairobi.

Read; <a href="https://estatecloud.co.ke/east-africas-top-10-most-valuable-projects/">East Africa’s Top 10 Most Valuable Projects</a>

According to the projected information, the water demand in the project area in 2019 will be 18,562 m3/day which will increase to 20,130 m3/day by 2020. The decision to implement the Ruiru– Juja Water Supply Project is a measure to meet the demand.

The proposed Project is located in Ruiru and Juja which are Nairobi satellite towns and the Project construction is expected to take at least 18 months.

The Nairobi Satellite Towns Water and Sanitation Development Programme (NST-WSDP) will be funded by a loan from KfW and the Government of Kenya (GoK) at a cost of 30.8 million Euros or KES 3.6 billion for phase one.

The project will construct a new distribution system in the Greater Githurai area, comprising the sub-locations of Kiuu, Mwiki, Kahawa Wendani, Kahawa Sukari, Mwihoko A and Mwihoko B.

The Ruiru – Juja Water Supply Project aims at improving the supply of potable water in the Githurai area from the Jacaranda water abstraction point. Based on the scenarios analysed as presented in detail in Section 2.3 of this report, an increase in water abstraction of 15,000 m3/day from the currently permitted 13,000m3/day to give a total of 28,000m3/day is proposed.

Estate Cloud

Estate Cloud

New National Land Valuation Index Under Development, Says Ministry

By Estate Cloud - over 2 years ago - Kenya

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