Buy Property in Westlands and Parklands

Posted by PARTIK on March 18th, 2016

Kenya’s housing deficit with an annual short fall of 156,000 units and a total shortage of two million units makes it a huge property market. Market research reports project robust growth in Kenya’s real estate sector for 2016.

Properties in the up market Nairobi areas, including Westlands and Parklands, are commanding huge prices which many consider as outlandish.

There has been terrific growth in Westlands real estate thanks to its high returns. An average return of 7.2 percent is assured in Westland.  

In Kenya’s real-estate market, agents have a big say in property transactions. They are the connecting links between sellers, renters and buyers. They also value properties on the basis of prevailing market conditions.
From the vast mass of real estate dealers, it is advisable to deal with registered real-estate agencies operating in urban settings.

Trust worthy real estate agencies can advise on properties to buy Westlands.

Real estate agents earn fees and commission in every deal. In rent, the fee equals one month's rent. In buying, a certain percentage of the asking price is charged.

The charges for commercial property transactions exceed residential estate in searching, viewing and renting. Agents earn commission on sale of a property, by both seller and buyer.

The soaring demand for Kenyan property is partly fuelled by the pumping of remitttance money by expat Kenyans. This has raised property prices and doubled land prices and rental rates. Many expats are on the look out for prime property in cities. The property to buy in Parklands will be advised by reliable real estate agencies.
According to analysts, properties in Nairobi have appreciated more than 100 percent in the past three years.

“Remittances from the diaspora spurred the market and pushed up prices of property by more than 100 per cent,” said an analyst.

He said price rise in areas like Eastleigh, Parklands, Kilimani and Nairobi West had been fuelled by the change of land use from residential to commercial.

In the past, majority of properties in these areas were residential. Now they have been converted into multi-family dwellings, and office and business premises.

As for safe real estate deals, dispense the idea of having ‘cheap is a good bargain’. A house that is not structurally sound will be useless. So, try to get a surveyor’s opinion  on a property’s soundness, location and re-sale price.

Also factor in the ongoing costs that are often ignored by buyers. They include insurance, legal, mortgage and survey fees, taxes, and management fees.



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