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Oil-rich Qatar has opened its real estate market to foreigners in a move intended to shift the Gulf nation from dependence on oil and diversify the economy. 

According to announcements made in September, the Arab nation is keen on attracting foreign capital into its markets ahead of the 2022 World Cup finals to be hosted in the country. In the new directive, foreigners can secure temporary residency if they purchase property worth $200,000, to be kept for the term of ownership. 

A $1 million purchase will buy you permanent residency, including free schools and healthcare. This is a shift from the previous arrangement where foreign investors needed to be sponsored by a Qatari business or individual for residency. 

&quot;The reason I didn&#39;t buy earlier was that there was so much grey area,&quot; Tina Chadda, a Kenyan who has lived in Qatar for 15 years told AFP &quot;I think this will allow me to call Qatar home. I feel more comfortable now,&quot; she said adding that she is now looking to invest in permanent residency. 

She hopes to bring along her family from Kenya once she is done. &quot;It&#39;s a safe country compared to Kenya,&quot; she said. 

Consultancy firm ValuStrat&#39;s Price Index for residential property reported that prices have dropped by almost a third in sections of Doha, Qatar&rsquo;s capital, following an oversupply. 

The new initiative is expected to also mop up the oversupply and ramp up demand. Doha has designated 25 locations for foreigners to buy property, mostly within the capital Doha. 

The areas comprise a mix of freehold (9) and 16 with 99-year leaseholds. Justice Ministry official Saeed Abdullah al-Suwaidi the areas have been designated because they have new and developed infrastructure. 

&quot;There is no big demand, but we are trying to encourage real estate investment...We aim to diversify the economy and not depend on oil and gas,&quot; he said.

Westlands, Mombasa Road, Upper hill and Nairobi CBD are currently three of the most prime locations for commercial real estate.

Multinationals and big businesses have set up their bases in these locations driving rent and prices over the sky. An acre in Upper hill for instance would go for over half a billion Kenya shillings at current market rates; bonkers.

An investor looking to invest in the three locations may have a little homework to do given the current market dynamics. As always the best return on investment gets the investor. DataFintech performed an analysis comparing data from the Westlands and Mombasa Road areas over the past 12 months between Q4 2016 and Q4 2017.

According to the report, both Mombasa Road and Westlands experienced a drop in sales prices over the last 12 months with Mombasa road recording a 47.3% drop while Westlands recorded a 36.9% drop.

Rent prices in both locations went up during the same period with Westlands recording a 51.6% growth, against Mombasa Road’s 4.2% during the same period. Additionally, one year rental yield for commercial property in Westlands stood at 18.72% , 662 basis points higher than Mombasa Road at 12.10%.

The analysis was based on 17,500 data points collected on various online classified platforms in Kenya and suggests that Westlands still holds the rein on returns in commercial property compared to Mombasa Road.

Kenya is among the top five favourite property investment locations for Africa’s super-rich, with nearly a quarter (24%) already owning real estate in the country—coming third after the UK (67%) and US (33%), according to the Attitudes Survey data for The Wealth Report 2018.

South Africa is the fourth favourite property investment location for Africa’s super-rich at 9%. In total, 4% of the world’s super-rich already own property investments in Kenya, led by African, North American, European and Asian HNWIs.

The Attitudes Survey collated responses of 500 of the world’s leading private bankers and wealth advisors, who between them represent over 50,000 clients with a combined wealth of more than US$3 trillion.

Property makes up 43% of Kenyan high-net-worth-individuals’ (HNWIs) investment portfolios, excluding primary residences and second homes. This averages higher than their African counterparts’ 39%.

The majority of Kenya’s super-rich (59%) have invested in real estate in the country, while 27% hold property interests outside the country, according to the Attitudes Survey insights. Respondents to the survey said 42% of their Kenyan clients increased their exposure to property investments in 2017, further indicating confidence in the asset class.

Read; <a href="https://estatecloud.co.ke/kenya-adds-180-individuals-worth-sh0-5bn-in-net-assets/">Kenya adds 180 individuals worth Sh. 0.5bn in assets</a>

Respondents said 46% of their Kenyan HNWI clients are considering investing in property locally in 2018. This is higher than Africa’s average of 37% and 43% globally of the super-rich who are looking to invest in properties in their home countries.

Kenyan HWNIs are more interested in investing in offices (39%); residential (i.e. hotels, retail, private rented sector/multifamily) and agricultural property at 28%; student accommodation and logistics/warehouses at 22%; infrastructure at 17%; industrial at 11%; and healthcare and retirement housing at 6%.

According to Knight Frank’s 100-city Prime International Residential Index (PIRI 100) published in The Wealth Report, prices of prime residential property in Nairobi weakened by 0.9% in 2017, which was an improvement compared to 2016 when the market recorded a 2.1% drop.

China’s Guangzhou topped the index with a 27.4% growth in prime residential prices, while South Africa’s Cape Town was second with 19.9%. Nigeria’s Lagos was the worst performer, with prices having fallen by 25% in 2017.

Nairobi’s Karen neighbourhood is among a select urban districts whose “location, infrastructure and vibe mean they are set to outperform the competition”. Karen witnessed rapid growth from the early 2000s, with many of the original five- and 10-acre plots developing into modern housing clusters with shared amenities such as club houses, gyms and swimming pools.

This period saw land prices soar from about Sh2.3 million per acre to the current levels of over Sh50 million per acre, where they have now stabilised. Typically, houses currently sell for around Sh80 million to Sh110 million in Karen, although record prices are being achieved for larger stand-alone houses with more substantial gardens.

“This highlights the scale of the issue (succession planning concerns) and helps to explain why private banks and wealth advisers are putting so much effort into helping their clients with succession planning,” the report states.

On education, 49% of the respondents from Kenya said their clients send their children overseas for education. The majority of wealth advisors (67%) expect the percentage to increase.

Wealth managers and advisors said 18% of Kenyan HNWIs already have a second passport or dual nationality, which is lower than the global (34%) and Africa (28%) scores. Only 16% are considering to acquire second passports or dual nationalities—but even this is still lower than the Africa average (27%) and global (29%).

The low percentage is explained by the insight that most Kenyan HNWIs do not intend to emigrate permanently to other countries, with only 6% of wealth advisors affirming this compared to 21% globally and 19% in Africa. This reflects well on their confidence of the country’s economic future.

Nonetheless, Kenyan HNWIs considering to emigrate prefer the US (42%), Canada (32%), UK (26%), Australia (21%), South Africa (11%), and 5% to France, Germany, India, Netherlands and Sweden. At least 3% of HNWIs in Africa would consider emigrating to Kenya.

On philanthropy, Kenyan HNWIs are most likely to support causes in education and environmental issues (50%), job creation/training (39%), disaster/relief emergencies (28%), social issues (equality/human rights) and healthcare/disease control (17%). Education is the top preference globally at 54% and 58% in Africa. Most wealth managers (83%) feel that their Kenyan clients’ philanthropic activities are increasing.

&nbsp;

Where Africa's super-rich’s love to invest in property

Equity Bank has threatened to auction properties located along Kampala’s Lumumba avenue over failure by the owner, Simbamanyo Estates to service a loan agreement.

Equity Bank yesterday issued a legal notice warning the property firm that it had until October 7 to pay at least 30 per cent (Ksh. 339M) of the amount or face auction.

“All potential buyers, tenants and occupants of the properties contained on Lumumba Avenue and Mutungo-Luzira are informed that if Simbamanyo does not pay to the bank the 30 per cent as ordered by the court, public auction of the mortgaged properties will take place on October 8,” read the notice.

Simbamanyo had taken the matter to court disputing the amount claimed by equity and challenging the legality of loans drawn from Equity Bank Kenya.

Uganda’s High Court had earlier, on Monday, granted Simbamanyo’s prayer to stay the sale of the properties by Equity Bank but added that in order to uphold the decision, the property firm must make the 30 per cent payment.

The dispute stems from an agreement by Equity Bank Kenya and Equity Bank Uganda to advance about Ksh. 600 million to Simbamanyo Estates in August 2012, with at least Ksh. 350 million drawn from Equity Bank Kenya and Ksh. 250 million from Equity Bank Uganda.

According to court documents, the consolidated sum of the loan including interest and fees would come to a total of Ksh. 810 million. However, the real estate firm challenged the figure, claiming it was only aware of Ksh. 719 million.

Among other accusations, Simbamanyo has accused Equity Bank Uganda of providing Equity Bank Kenya with an illegal cover to conduct business in Uganda where it has no jurisdiction.

The real estate company raised an issue on the inclusion of Equity Bank Kenya and Bank One of Mauritius (which provided a bridge facility of $10M) in the loan document despite the fact that it had never applied to the two banks and had no bank accounts with them.

However Equity Bank refuted the claim, stating that Bank One was drafted into the transaction at the request of Simbamanyo who acting through NISK capital had sought to restructure the loan in 2017, with a Ksh. 1 billion Standby Letter of Credit from Bank One.

The bank argued that the real estate company was aware of all the parties involved in the transaction and had benefited from it.

Simbamanyo has also accused the bank of absolute contempt of court for advertising the properties for sale before the expiry of a 30 day period given to pay the 30 percent.

“We find it irregular to find that lawyers for the bank [Equity] are publishing a response to the caveat emptor and giving our client 30 days to clear 30 per cent and before this time elapses they have advertised the same properties for sale,” the firm’s lawyers told the<a style="color: #ff6600;" href="https://www.monitor.co.ug/Business/Finance/We-shall-sell-disputed-assets-Equity-notifies-Simbamanyo/688608-5621098-r8x362z/index.html"> Daily Monitor</a>.

Simbamanyo had sought the funds for the construction of a hotel property in Mutungo, Luzira north-east of Kampala and facilitate the takeover of a prior facility advanced to Simbamanyo by Shelter Afrique.

Equity Bank In Dispute With Ugandan Developer Over Ksh. 600M Loan

Westlands Beats Mombasa Road in Commercial Property Returns

Nanyuki, Kenya – Mister Wok, a home-grown Kenyan eatery popular for its Chinese cuisine, has opened a new branch at Cedar Mall, Nanyuki, in a national expansion drive that now takes the chain to five outlets.
It becomes the first formal restaurant offering Chinese cuisine in Nanyuki and its environs. Mister Wok, which already has four branches across Nairobi, will offer travellers on transit to and from Northern and Central Kenya an interesting alternative to the standard fare. Its menu includes vegetarian, sea food, chicken and red meat options and the restaurant will be offering delivery services and outside catering.
Karim Hadi, Chairman of Mister Wok, said: “We are optimistic that this branch will be a success. Some of our clients based in Nanyuki used to order take-outs from Nairobi or travel to dine with us. Now the cuisine is conveniently available North of the Equator!”
The restaurant also has a fully stocked bar offering wine by the glass and bottle, local beers, juices and soft drinks. As an opening offer, Mister Wok has a Lunch Combo meal at 20% off the menu price from Monday to Friday, while those who spend Sh5,000 and above in June will receive a 10% discount off the total bill.
“If you order a delivery from Monday to Saturday between 4pm and 7pm, you will also get 10% off the bill and a free delivery,” Karim said.
Cedar Mall is located on Rumuruti Road in the heart of Nanyuki. The first phase of the development has 120,000 square feet of retail space. The mall – let and managed by Knight Frank – opened on December 1, 2016.
Other major brands that have opened shop at Cedar Mall include Chandarana Foodplus, Nairobi Java House, KFC, Healthy-U, Top Baby Mart, Zara Beauty World, Liquor City, Goodlife Pharmacy, Optica, Soipas, Bata, RICCO Homes &amp; Developers, Home and Household Accessories, Infinity Gaming, MNessentials, Juttsons Ltd, Favor Royal Men’s Wear, Nimry Tech, Orchards Communications Ltd, Bleinheim Ltd, NHIF, Mawingu Networks Ltd, Luscious Touch and Tecno Mobile.
“Nanyuki has become a property development hotspot owing to its growing population as a result of the town’s popularity as a retirement location, together with a growing economy of ranching, wildlife conservation and agriculture. In addition, the town has a large number of employees working with non-governmental organisations and lodges, as well as hosting the main base for the British Army Training Unit Kenya and a Kenya Air Force base,” said Ben Woodhams, Managing Director at Knight Frank Kenya.

Uganda’s capital is losing clients from its central business districts to more peripheral locations according to Knight Frank's half-year report. The <a href="http://www.monitor.co.ug/Business/Markets/Kampala-properties-losing-clients-to-suburbs---report/688606-4698748-7e968u/" target="_blank" rel="noopener">Daily Monitor</a> reported that companies in the East African city have in recent times grown weary of the costs of maintaining an office in the CBD due to the city’s congestion problems.

It has also become clear that the expansion of the city along various axis outside the urban core has generated industrial pockets which continue to attract companies into shifting base to those new locations.

Mr Gideon Badagawa, the Private Sector Foundation Uganda said that “Key services that previously pulled most people into the CBD such as banks and supermarkets, among others are now well established in the secondary suburbs”, explaining that companies have found it more affordable to establish offices in suburbs of Ntinda and Bugolobi, among others.

Also Read; <a href="https://estatecloud.co.ke/uganda-construction-costs-highest-in-east-africa-report/">Uganda Construction Costs highest in East Africa, report</a>

The Knight Frank report also reported a 5% increase in occupancy rates in prime residential suburbs of Nakasero, Kololo, Naguru and Bugolobi in addition to a 9% increase in demand for residential property for rent in the secondary residential suburbs of greater Kampala particularly Kira, Najjera, Kyanja, Namugongo and Naalya.

This is on the back of an increase in stock of newly constructed residential properties, (apartment blocks in particular) targeting middle-income segment of the city.

In the office sector, demand for Grade A commercial office space increased by 2% in the first half of 2018 while there was a 7% decline in occupancy rates for Grade B office space during the same period.

Kampala’s retail scene has also been growing with Shoprite opening at Acacia and Victoria Malls in April and June respectively. Retailers have been reporting an 11% year on year growth to date.

The Government of Uganda is in the process of establishing a minimum of twenty-two Industrial and Business Parks (IBP’s) throughout the Country to mainly stimulate job creation, and value addition to locally available raw materials. This will boost the industrial segment which is progressively taking shape.

Why businesses are relocating from Kampala's CBD

Transport, Infrastructure, Housing, Urban Development and Public Works Chief Administrative Secretary (CAS) Dr Chris Obure has challenged the Engineers Board of Kenya (EBK) and The Institute of Engineers of Kenya (IEK) to come up with amendments to the Engineers Act of 2011 that will also prevent unlicensed contractors from practicing.

He said the government is looking to reinforce building coded regulations to stem the construction of substandard buildings which have led to loss of lives in the city on several occasions.

The move follows the recent collapse of a seven-story building in Nairobi which led to loss of life and injuries to unsuspecting Kenyans. A section of Kenyans have accused officials of the National Construction Authority for colluding with quacks and enabling them to bypass the standard building requirements.

Institute of Engineers of Kenya (IEK) has called on the government to initiate a national safety audit on buildings in Kenya. IEK President, Collins Juma said the institute will work with the government to provide necessary skills needed in ensuring buildings are safe for occupation.

The Engineering Regulatory Bodies have called on the government to address the skills shortage in the construction sector. They said government needs to create incentives aimed at an increasing the number of professional engineers to weed out unprofessionalism in the industry.

<a style="color: #ff6600;" href="https://www.kbc.co.ke/govt-keen-to-enforce-building-codes-to-curb-substandard-construction/">Statistics</a> show that there are 20 graduate engineers for every three professional engineers.

Related; <a style="color: #ff6600;" href="https://estatecloud.co.ke/kenya-to-adopt-eurocodes-for-construction/">Kenya to adopt Eurocodes for construction</a>

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