The handshake effect on Real estate
The Infamous handshake somewhat put an end to Kenya’s economic turbulence especially In the Real Estate industry.
Many economic sectors, including real estate breathed a huge sigh of relief, and are seemingly performing better.
The handshake was one of the defining moments as it brought a level of political stability into the country.
Following that, business has picked up and investors are back to the market.
Wait -and-see-attitude
Owing to the political instability, investors deliberately withheld their money due to constant rioting and violent engagement with law enforcers. As a matter of fact, residents of Nairobi were becoming accustomed to teargas in the C.B.D and its environs.
Were it not for the handshake, politicians would still be actively engaging in politics.
There is nothing that stalls projects in Real Estate than heightened political temperatures. The big sigh of relief came in March,2018 when that Handshake happened.
Is it all rosy?
Despite the handshake, late 2018 and early 2019 witnessed so many properties being demolished.
Even the handshake couldn’t save houses built on riparian lands and road reserves.
The brand-new multi-million-shilling Grand Manor Hotel in Gigiri was brought down by government bulldozers in December 2018.
This only proves that despite the handshake, real estate continues to incur millions of loses.
Association of Construction Project Manager chairman Nashon Okowa says demolitions will not stop anytime soon and there is need for investors to consult widely before putting up structures.
Complete ‘makeover’
This year, real estate is headed for a complete makeover as more buildings embrace peculiar shapes and designs.
There’s no telling what creativity and new technologies will bring to the market. We are already witnessing apartments that are ahead of their time with speed lifts and heated pools as part of the package.
Fintech and mobile app technology
Fintech has made rapid inroads into the Kenyan economy and real estate industry, offering innovative solutions.
Globally, there is a cloud-based software which allows mortgage applicants to securely share financial data with lenders to cut down on approval time. Thus, It is only a matter of time before it arrives in Kenya.
More real estate-related apps are expected to come up in 2019 as mobile app technology consequently continues to prove to be the next big thing when it comes to buying basically anything.
This year holds some promise that things will improve in the real estate industry. Already, we have seen a healthy appetite for local property.
Despite a few mishaps here and there, notable developments are expected to shape the real estate industry in 2019.
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