Then why are 99% of buildings in Kenya in a state of complete disrepair?
Real estate is no longer lucrative. Every person with a few coins is buying their plots and building their own house. The competition from the dirty cash being washed in the sector is quite humongous. Guys who had one or two flats in major towns in the 90s were doing quite well yet they depended on savings and bank loans. Saa hii you are competing with guys who have stolen billions of cash from county and national government, Somali pirates, Nigerian wash wash etc
1.Lack of creativity while building.
2.Cost of building is very expensive forcing people to use shortcut and cheaper options hence grotesque appearance
3. Lack of design and planning.
Vile landlord birrioneas watasema led by Wakanyama
Just like the public transport business Kenyans lack creativity they cant create a new way kama hio ndio njia @ChifuMbitika made his millions mwingine mpaka a copy paste …kuna nyumba nilikua naona going for as much as 80mill 2013 mpaka sai still bado ziko on sale hapo kwetu homes.
I think real estate in Kenya is a barely profitable business if you factor in all the macroeconomic factors eg inflation, interest rates etc that eat away at the value of the rent over time. Couple this with a lack of understanding from most landlords of this basic stuff and a lack of will for most tenants to accept rent increases.
The end result is a building who’s rents are largely stagnant while inflation and interest eats away at the your returns. Skimping on renovations is a side effect of this
Hawa landlords waliringa sana wakati rentals zilikuwa in demand, acha waskie hivyo. Siku hizi wetu huwa mpooooole, mpaka unashindwa kama ni yule tu mmoja wa 2017 ama ni clone.
Watu huongea vibaya kuhusu real estate huwa hawana at 40×60. Acheni kujipee hopes kama hamjajipanga. Kubali mmesota na muanze kutia bidii.
40*60 labda ujimbe kisima na njoo mbili
Am just wondering where are those empty apartments in Kileleshwa mnasema. Apartments are selling, vizuri kwanza
Its not a wonder. I wonder why you are wondering
Usidharau 40x60 plot. The houses in south C are on 30x60ft plots.
Also many flats huko roysambu and elsewhere are on 40x60 plots
Kwa nyumba yako personal si ni kandogo bana. Minimum 50x100
Boss, mimi siwezi nang’ana with rotting real estate assets. My investments are in crypto and shares
It’s not bad to diversify kiasi. Maybe add just one Airbnb ya kukupea something small incase stock market iende down. Hata watu wa real estate huwa na tushares kiasi
Hizi nyumba hazinanga ata parking space.
for me the descision to delve into rental real estate 13yrs ago upon joining formal employment was the best ever. Right now i can comfortably live off the rental income. I have two flats. I am saving to build another project. the only downside is that prices for prime plots have really gone up. One needs 4m plus for a good prime plot that could yield good rents as opposed to around 1.5m in 2011/12. I always smile when i read adverse stories on real estate because they act as a barrier to entry in this sector.
You are right! I mean if someone got the money by conning, stealing our taxes, etc, how then do you expect them to come up with any Legit Bizna other than low return real estate?
You are either a tenant or not a tenant(landlord/homeowner). That is the only thing that matters. Forget about analyzing the state of disrepair of building all over. Leave real estate business to hass consult, housing finance and so on. Just own your home by any means necessary and leave statistics to statisticians. Most people like analyzing other peoples real estate portfolio yet they are rent payers. Let the owner of the building in disrepair come and put a post on Kenyatalk, but for you just focus on owning your home. I see Kenyans wasting time analyzing estates like Karen, Kileleshwa and so on from their rented houses.
Exactly! Those who own real estate are happy, only those who dont own real estate waste time analyzing other peoples real estate properties.