Kenya Real Estate
Property specialists argue that Kenya real estate has seen a boom during the last years. Some have pointed out that the recent growth is driven mainly by a small, wealthy Kenyan elite plus the effects of increased tourism: Kenya receives between 1 and 2 million foreign tourists each year, bringing in close to US$ 1 billion annually. But it’s a fact that the sector has seen big growth since 2002.
Whether you are buying real estate as an investment or with the intention of living or staying there, there are many choices available in the busy Kenya real estate market.
Real estate in Kenya has 3 main growth areas: Nairobi, the beautiful coast area with 500 km’s of white sand beaches, and popular national parks where safari tours take place. Property built or developed consist mainly of homes and second homes for prosperous and foreigners who retire or recreate in Kenya, and lodges in wildlife parks for tourists.
Finding Kenya Real Estate
Much like the real estate markets in North America or Europe, there are many online search engines and databases dedicated to displaying available properties in Kenya. Some of the smaller ones can be helpful if you are looking in one particular city or area, but a national database of Kenya real estate is your best choice for overall searching.
Two places to start your search are
Their search engines allows you to search for properties throughout Kenya. There are houses, apartments and undeveloped land listings, as well as commercial property. Most of them have photos.
Leasehold is Common
You should be very aware of the rules involved when buying property in a foreign country. Land in Kenya is either freehold or leasehold, with the majority of it being leasehold. That means the government actually owns the land that your house sits on. You lease the property, and leases can run for 50 to 99 years. The lease in question should have at least 50 years left on it or you may have trouble securing financing.
Get a Lawyer
You can call your country's Kenyan consulate about getting a recommendation for a reputable lawyer who deals in property.
It’s recommended that you give your lawyer power of attorney so that all aspects of the transaction can be completed without your immediate presence. This can be particularly helpful if you are buying for investment and don't have any other reason to actually travel to Kenya.
You should also have your lawyer do a complete search on the title of the property. Many land parcels are unregistered, which makes it difficult to establish the true ownership of the plot. You shouldn't get involved in any real estate deal in Kenya unless clear title can be established.
Facts about Kenya
Economy of Kenya
Banks in Kenya
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