Property investment in Kenya is no longer a thing for the wealthy. People in the middle income bracket are actively investing in the property market, which is why demand keeps soaring.
Investing in property has become a trendy thing in Kenya today. Demand for housing and land has grown rapidly, creating a surge in the price of real estate.
In effect, prime property in major cities has become too expensive. As an investor, you still have options in medium-sized towns where land and housing is more affordable.
Understand the property market in major cities
If you are looking to invest in real estate in Nairobi, Mombasa or Kisumu, you will have to dig deeper into your pockets. Housing is always more expensive in the cities, and so is land. Besides, there isn’t enough land in the cities to cater for housing demand.
So, if you cannot own a house in the city, what options do you have? The good news is that medium sized towns are growing to accommodate the needs of property investors.
Property investment in Kenya; medium-sized towns
Land and housing is more readily available in towns near major cities. In Nairobi, you will find more affordable property in Kitengela, Kiambu, Ruiru, Thika and Juja. Real estate companies have moved into these towns swiftly. You can now own a lovely home in a gated commun ity in these towns.
As a land investor, you can also access land more easily in the medium-sized towns than you would in the major cities. As an individual investor who goes out, buys land and builds your own home, it will be more cost effective for you outside the major cities. Building materials and labour are cheaper too because it is easier to source for them locally. With improved infrastructure, it has become quite convenient to commute from such towns into the city every day.
When it comes to property investment in Kenya, medium sized towns is not any less valuable than investing in major cities. If anything, these towns are growing rapidly and soon, prices will be quite high there too.
The best way to make your way into property investment is to begin now. As long as you have a stable income, you can start looking at options outside the city. In no time, your investment will have appreciated.
Besides, as property investment grows in these towns, major amenities are coming up including schools, shopping malls, and government offices. Should you choose to relocate here, you get the bonus of living in a less crowded environment but still close to the city.