NAIROBI (Xinhua) --
The Kenyan real estate sector is once again booming
following the conclusion of elections, with developers seeking to
complete stalled projects while others start new ones.
transactions have equally gone up as jitters caused by the two polls
dissipate, according to dealers, land registry officials and
Kenya held two elections in 2017, one on Aug. 8 and a repeat
presidential poll on Oct. 26 as ordered by the Supreme Court.
The elections led to a lengthy electioneering period marred by
violence and tension, which affected business.
In the capital of Nairobi, and its environs, that things are
warming up in the sector is evident in increase in construction
The last four months have seen developers start to put up both
commercial and residential buildings.
In Kitengela, one of the fastest growing suburbs on the outskirts
of Nairobi, property developers are seemingly in a rush to
compensate for lost time.
At a section of the town, three five-story residential buildings
are coming up, all having been started in October 2017.
"We want to complete this project by early May because we are
behind schedule," James Angalia, a contractor at one of the
buildings, told Xinhua in a recent interview.
Work on the residential block comprising two- and three-bedroom
houses was to start in July 2017 but due to elections, it was pushed
to late October.
Construction has been ongoing sometimes into the night.
"We will start renting them out as soon as possible.
"Already there are people who’re ready to book units," said
Away from the building in the town’s central business district, a
mall whose construction had been stopped last year in the midst of
electioneering period is being readied for completion.
The huge complex would host a leading supermarket and dozens of
The scenario is replicated in other parts of Nairobi and the
suburbs on the outskirts, including Rongai, Ruai, Ruaka, Komarock,
Kahawa, Juja and Thika.
Major upcountry towns like Kisumu, Nakuru, Eldoret, Mombasa,
Busia and Kakamega are also experiencing the construction boom.
"I am now living in my own house in Katani, Machakos County,
which I started building in September but stopped due to election
uncertainties. I resumed in December and was done at end of January.
I moved in soon after," said auditor Stanley Koros.
Conveyancing lawyer Hellen Loniker said enquiries about land and
transactions have risen in the last two months.
"The reason is people are confident of spending because of the
"I am handling up to 12 transactions in a month, up from four
between August and November last year," she said.
Commercial banks and SACCOs are now willing to lend people money,
boosting property transactions, Loniker said, using the acronym for
"savings and credit cooperative organizations."
Anthony Kuyo, a consultant with Avent Properties, a real estate
firm, observed that not only construction is booming, people are
also confident of moving from one residential area to another.
Data from the Nairobi County housing department showed that the
value of approved building plans rose to 2.4 million dollars in
December 2017, up from a decline of 1.9 million dollars.
Cytonn, a Nairobi-based investment firm, said Kenya’s real estate
sector is set for boom following the conclusion of elections.
"Investors have a tendency to take a wait-and-see approach during
the election period.
"This may be attributed to the uncertainty of the transitioning
to a new government as well as the possibility of political
instability and violence following disputed elections," noted the
firm in a report.