Property For Sale in Kenya
Successful property investment requires extensive due diligence, irrespective of where you choose to invest. There are many areas with untapped potential across the globe, particularly countries with the capacity and demonstrable demand for growth. Kenya shows this promising growth potential, and serious investors should consider it when growing their worldwide property portfolios. In this article, we will look at property for sale in Kenya, the costs, and reasons to invest in the nation.
In 2020, Kenya was home to 53,771,300 residents, dispersed across a healthy range of demographics. 13.1 per cent of Kenya’s population (the largest part of its population bracket) comprises children under the age of 4. The population pyramid of Kenya’s demographics, combined with the average fertility rate of 3.5 births per woman, promises decades worth of generation growth. This, in turn, will create and drive further demand for real estate in large cities such as Nairobi.
Furthermore, Kenya plays a key role in contributing significant exports across the globe. Tea, coffee and tropical fruits are among the main items exported by the country, which provides a driving force in employment opportunities. In turn, the growing number of jobs in the country provides financial security for the residents and gives investors a wealth of prospective residents for any properties they invest in.
Infrastructure and development are crucial to a nation’s economic engine, and cities such as Mombasa and Nairobi are proving to be key drivers of this. Mombasa, the second-largest city in Kenya, is full of fast-paced infrastructure developments. While other nations worldwide restrict road access or fail to invest, Nairobi’s traffic is continuous, with expansive roads carrying residents to their destinations.
How much do houses cost in Kenya?
As with all properties, some factors determine the value and cost of a property in Kenya. Properties in rural locations that are further away from up and coming developments and local amenities are commonly cheaper than houses and apartments situated in built-up residential areas.
The HassConsult Database lists the average price of a property in Kenya at
Nairobi has 29.3 per cent of the nation’s online property searches. When splitting the city across its various areas, the average price fluctuates. Muthaiga, an affluent suburb of Nairobi, has an average property price of KSH 430,000,000. This equates to $3.7m, or £2.7m.
On the other side of the scale is Embakasi, one of the fastest developing areas. The current average property price here is KSH 11,500,000, which equates to $101,000 or £74,000. Given the developments in this particular area, property prices are anticipated to rise significantly in the coming years as demand also grows.
Cheap Property For Sale Kenya
There are also purpose-built housing districts such as Komarock, a mortgage-housing scheme that was developed by Kenya Building Society (KBS) under sponsorship from the Housing Finance Company of Kenya (HFCK). There are 2,700 three and four-bedroom housing units in the district at present, with an average price of KSH 7,800,000. This equates to $68,000, or £50,000.
Can foreigners buy property in Kenya?
The common concern with buying property in Kenya and investing abroad, particularly for the first time, relates to legislation surrounding foreign investment.
In simple terms, yes, foreigners can buy property in Kenya.
Investing in property and land in Kenya gives you the same legal rights and protections as Kenyan citizens. The catch, however, is that these are subject to restrictions relating to the sort of tenure held in the land. Foreigners are also prevented from owning or dealing with agricultural land, which contributes to Kenya’s economy.
The restrictions on land ownership by foreigners are contained in Kenya’s Constitution and the Land Control Act.
The Land Control Act restricts the ownership by foreign overseas property investors and non-citizens of agricultural land or land within designated land control areas. This land, in general terms, is land that is situated outside a municipality, a township, or a market or land that the Minister of Lands designates as being controlled and subject to the protections in the act.
Many properties in areas of Kenya are not registered, so it is important to carry out a title search prior to purchasing. The typical time frame from carrying out a title search on a property in Kenya through to completion is 72 days.
Highly Skilled Workforce
Kenya is home to over 50 million people, 48% of whom constitute the working population. Additionally, the country has the highest literacy rates of any other country in the region (approx. 90%). The country has well over 30 public universities which churn out a huge number of graduates who are qualified to work in all sectors of the economy.
How much does land cost in Kenya, Africa?
The cost of land, much like properties, can vary depending on certain factors. Size, location and demand all contribute to the pricing of land available for investors to purchase.
Kenya Property Centre reports that the average cost of a plot of land in Kenya is currently KSH 2,800,000. This equates to $24,000, or £18,000. Prices for land have been reported for as low as KSH 395,000 per plot ($3,400 or £2,500), and extend all the way through to KSH 280,000,000 ($2.4m or £1.8m). Many popular land developments are sold by the side of Kenya’s vast array of rivers, which typically see bar/restaurant style amenities built on them.
Living and investing in Nairobi Kenya
What are the 5 biggest cities in Kenya? Cities and towns in KenyaNairobi, Kenya’s capital and largest city.Mombasa, Kenya’s oldest and second largest city.Kisumu, Kenya’s third largest city.Nakuru, Kenya’s fourth largest city.Eldoret, Kenya’s fifth largest city and largest in the North Region.Malindi, the second largest urban centre in the Coastal Region.