Tuesday, 6 October 2015

Why is Kisumu Real Estate a Booming Industry in Kenya?

 The rising wave experienced presently has seen most investors in real estate sector in Kenya move from the big towns and cities such as Nairobi to thriving towns, with highly valuable properties such as Kisumu.

Kisumu is a town located to the West side of Kenya and has an ever growing economy. It is the third largest town in Kenya after Nairobi and Mombasa. It is also a port town and has a very good weather for agricultural practices that contributes to high income and trading practices among the dwellers. There are big time investors who are trickling into Kisumu town to capture the rising and falling prices of the pieces of land and houses.

According to the Kisumu real estate and property dealers, the changes in the market demand of the land and houses in Kisumu are as a result of the upgraded infrastructure in the town. The workers doing the changes in infrastructure state need of accommodation, which creates a niche in the real estate market in Kisumu.

The increased demand of the houses and land in this part of Kenya has seen the market price of houses, land and rentals in Kisumu increase by an estimated 1000%, making the owners of such properties multimillionaires. Kisumu Real Estate as a sector has hence achieved its reputation as the booming sector in town, having attracted very large numbers of investors, land and property dealers and ultimately the attention of all Kenyans.

To know how real estate in Kisumu is being priced presently, you can buy an acre of land at Riat Hills, an estate along Kisumu-Kakamega Road for 4 to 5 million Kenya shillings. To rent a 3 bedroom house in Riat Hills estate in Kisumu, you will have to cough a whooping 35,000 to 60,000 shillings monthly.

This just shows how the real estate sector in Kisumu is making it a midst other sectors.

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1 comment:

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