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Kenya Real Estate
Kenya’s property market is thriving and everyone is looking to have a piece of this vibrant sector. With good economic environment and financial systems, there has been an increase in the mortgage uptake. According to the Central Bank of Kenya, the demand for mortgages in the country stands at 80,000 facilities every year - a clear indication of the strong uptake.
The property listing almost looks too good to be true - it is in the perfect location, has beautiful photos and is well below your budget. You send off an enquiry and receive a quick response: the landlord is currently overseas and cannot show you the home. But if you can wire through a deposit as soon as possible, the property is yours....
Real estate was once considered a man’s world - an industry dominated by male property agents, brokers and investors. Increasingly women are breaking through any perceived glass ceiling to find a wealth of opportunities available to them in this traditionally male-dominated field....
Buying a home will no doubt be one of the biggest purchases you ever make. As a first time home owner, you need to be especially careful to plan out your property purchase. You need to look at your financial needs, as well as your long and short term for the property. Leading property portal Lamudi takes a look at the key mistakes first time home owners make....
“This plot is costing Kshs 1 million in about 4 years it will have gained value to Kshs 5 million, you will make Kshs 4 million!” Land speculative sales pitches are the driver of Kenya economy today. The potential buyer thereafter is offered a plot loan 70% for 48 months by a bank. The person then puts in Kshs 300,000, borrows Kshs 700,000 to repay in 48 months, and the land becomes held for speculative purposes to make Kshs 5 million at the end of 4 years. ...
As population increases more and more developments will be based on sectional titles. Purchasers and investors in property market will need to understand the laws of sectional titles or work with law firms and professional competent on this. The Sectional Properties Act carries the laws guiding the Developer and Purchaser. Article 46 in Act establishes what the Developer should give to Purchaser and denies the developer the right to sell if all documents are not delivered by stating “A developer shall not sell or agree to sell a unit or proposed unit unless he has delivered to a purchaser…” Article 47 of Act states what should be in the Purchase Agreement. Article 48 states how the deposit by Purchaser shall be handled. ...
6 million Kenyans 2010 understood Kenya as a country was not elastic and land diminishes as population increases and a land policy was needed so land could be used efficiently. They passed the constitution law clause. 68. Parliament shall—(c) enact legislation— (i) to prescribe minimum and maximum land holding acreages in respect of private land. After almost 2 years one would have expected the current parliament to consider private land use in light of food and settlement. However lands of 1000 acres and above will surely remain idle as Kenyans leave in slums, in IDP camps and without food. The best the current parliament could do is defer this decision by creating Article 159 in the land Act 2012. ...
The just passed Land Act 2012 has several laws pertaining to the administration and management of private land. Anyone who owns private land in Kenya whether a plot of a farm and has title deed would be glad to know these laws. If anyone in real estate development feels that the laws could be made the sure way is to support the candidates that can make them better next Parliament. ...
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