When they are marketing these apartments in areas where the rent is in and around 100k, they usually have a show house where the developer went all out and spent millions on the furniture
A bonobo sees that show house and decides that the apartment is good so he buys into the dream. Kumbe him he moves in with furniture worth only 200k or so. The apartment ends up looking like one from Eastlands despite being in the heart of Westlands. I have seen many such cases with my friends
I normally tell my friends kama hawaezi kuuzia hio show house watengeneze ingine, keep your money. But then again, buting furnished apartments in Kenya ni upuuzi tuuuu!
Those cheap pieces of furniture imported from China always look suspicious and exaggerated. You can choose your furniture and still make the house look good. You don’t have to follow the same thing the developer uses in the show house for yours to look great, and you don’t have to stick to the now-common furniture that is loved by the “upcoming middo crass” around the place. Every showhouse you see has to have some Chester beds in the bedrooms! Aaaaaaaaarrrrrggggghhhhhh!
Looking at real estate in South Africa and you can see the stark contrast of beauty and pricing. 70m for an apartment? I guess kuna target market inajijua. For a townhouse kama zile za phenom at half the cost I would understand
That apartment will not get a buyer any time soon. If they stick with that price it will still be on the market in two years. It seems real estate developers have not caught on that Kenyans are becoming smarter and there is a glut in the market. The are approaching the market thinking people are still as gullible as they were between 2007 and 2015
70m can build a state house in Kitengela
In SA this would cost you around 20m and it will be overlooking the ocean
Dog whistle for people looking to launder proceeds of corruption. Also, it’s interesting that the cost of housing rose significantly right around when devolution came about.
With 70m you can build your own block of flats somewhere alafu ujiwekee penthouse ya ajabu pale juu.
Target market wapi?? Some of the apartments in Kile have been on sale since 2018. There are very few rich fools who will buy a 70M apartment instead of a mansion in Karen.
Exactly my sentiments. Hata hizi townhouses huuzwa kwa gated estates the showhouse hukuwa kali sana. The rest hukuwa unfinished na hawawezi kuuzia showhouse juu wanajua what they deliver is shit compared to the house they use to market.
A 70m apartment should rent at 700,000 per month coz in real estate you are supposed to recover your money in 100 months. So the big question is who can rent an apartment at 700k per month while 250k can get you a 5brm house on 1/2 acre at Karen?
The suburbs of Clifton, Camps Bay, Hout Bay, Sea Point and the rest of the Atlantic Seaboard. Further from Cape Town unaweza pata great houses in Constantia, Woodstock etc.
South Africa has real value for money. For 10M Kenya Shillings, you’d get a nice apartment in Jo’burg (bigger and better than these Nairobi overpriced property).
I’m actually interested in real estate and I’ve found there are way better markets out there. Montenegro, Greece, Costa Rica, Bangkok, etc all have nice apartments in the 10M Kenya Shillings range that are in much better, cleaner and more organized cities than Nairobi. A city like Bangkok for example can’t even compare to Nairobi. It’s a world class city yet property is dirt cheap.
Once I started exploring other markets in more mature but still cheap countries, I swore to never waste my money on an apartment in Nairobi. 15M is a lot of money to spend on a dusty chaotic city. Pale Santiago, Chile you’ll get an amazing apartment in one of the most beautiful cities in the world.
True. I see most 30-40m houses have rent range of 200-250k.
Problem with Karen is location otherwise rent would have been very high. Most red plate owners live on the other side of the city. Alafu those 5bedrooms on 5 acres are very old houses and owners usually refuse to renovate…unaambiwa ingia vile iko…ukiamua ufanye renovation you will need upwards of 5m…not economical if you are renting…ndio maana most people prefer modern units on smaller pieces of land even though they are pricier than those on 4-5 acres pale spring valley and Karen
Ile siku tutakuwa na a serious govt in Kenya, Phenom will be reduced to rubble.
Haha hapo constantia wacha tu…hio you have to be among those who pocketed something from the sale of JKIA. I once went to visit a couple nikashtuka…drive way is a full 150m on an ascend. You get up and get a very clear view of the ocean below and the other side gives you a sprawling green canopy forest. I didnt even want to ask how much they bought the propertt for…yet that was just a holiday home…they have another home in Bryanston joburg…wife a prof and hubby a journalist…zero kids.
Places like Somerset West unapata hao ya less than Ksh10m. My wife and i tulisaidiwa na my sister inlaw tukapata a very nice apartment hapo some 10yrs ago…has a very good access to the strand beach. Kwanza my sister inlaw and her friend ended up acquiring 15 more properties ( apartments)because of how cheap they were…non was more than Ksh10m for 3 and 4 bedrooms…sai anakula tu rent ya Nigerians na Kenyans polepole ( the only group that overpays)…hadi ameretire. Go further to the interior to beautiful places like stellenbosch and Franchhoek upate hao ya 4- 5 bedroom own compound for less than 50m…and you are living in the heavenly winelands. You have to be extremely stupid and zero exposure to waste 70m on an apartment in Nairobi.
Shida yenyu hukuwa ujuaji mingi without thinking things through. Why would you invest your only 15M in a property located in a foreign country?? Nilikwambia that is not a peasant’s game. You only invest abroad after kuinvest kutosha in Kenya. Ukiwekelea your peanuts on a property abroad halafu kukuwe nadiplomatic issues wha next?? You spend 99% of your time in Kenya.
Investing abroad suits only three types of people:
a) A very rich person worth millions of USD who would wish yo diversify his holdings outside Kenya. In that case he would buy a property that is large enough to run itself (pay a property manager).
b) A thief hiding his loot abroad e.g governors buying mansions in Dubai.
c) A person who lives in the target country in that property for a significant time each year. E.g if you work abroad, you can make sense buying the 15M property and live in it.
Hii upuzi ya kufikiria it is smart to buy a property in a foreign country with a significant portion of your net worth while still spending 99% of your time outside that country ni upumbavu. You think its smart but its not.
Wewe umeinvest ngapi home and abroad? Ama it’s the usual made up garbage you spew.
You don’t need to be in a car crash to know that driving at 200km/hr is a bad idea you dumbfuck. You are expected to use your brain sometimes and not have to learn everything through experience.
Kwa hivyo kuniuliza how much I have invested abroad is a stupid line of questioning.
About home, I sold the house I had juu side hustle yangu ni kununua mashamba, I subdivide and sell kule reserve. I just happened to buy one piece of land that had a house. I am a happy tenant and land seller buroti maguta maguta. You’re welcome.
My point is meant for people without boundaries in their risk-taking abilities and NOT for the timid/comfortable/safety investors like yourself. See beyond where you were born. The world of today is a global village. It’s a fact that property managers in the parts of the world that I mentioned are trustworthy and only charge a 10% fee on proceeds.
You actually missed my main point - investing in a safe and stable market 10000 miles away is much better than spending 15M on an apartment in Nairobi any day of the week. Of course, opinions are my own. Wewe nunua apo Syokimau and let us go buy a cheap apartment in Madrid and get perpetual tenants who actually pay rent on time at all times.
