How to search for real estate in Kenya

With a growing housing deficit of more than 156,000 units a year and an estimated shortage of two million units overall, the Kenyan housing market has great potential and great risk: while the significant housing deficit offers an opportunity ideal investment, there is the threat of rampant fraud. and plucking.

Researching and checking the available ways of looking for housing in Kenya can significantly reduce the risk of falling prey to scammers and scammers who are eager to capitalize on the booming Kenyan property market.

Registered Real Estate Agents

Most properties are managed by real estate agents who are responsible for not only managing the properties, but also connecting sellers and buyers, valuing properties based on prevailing market conditions, and providing useful information on renovations and improvements. In the home.

Most of the time, real estate agencies operate in urban settings in Kenya, and most are independent firms or agents.

• Limit your search for an agent to those who are registered to provide services corresponding to Kenyan property market laws and regulations.

• Agents are registered through the Kenya Ministry of Lands

• Agents qualify for registration with the Ministry of Lands only if they are members of a board of qualified surveyors, such as the Institution of Surveyors of Kenya or the Royal Institute of Chartered Surveyors (RICS), or if they have a recognized college diploma or license or school

• Check the reputation and performance of the agent or agency through customer reviews and referrals from friends before hiring them.

• Viewing fees are charged to buyers/renters. They are based on the size and reputation of a real estate agency and, most importantly, the type of property.

• For example, for a three-bedroom apartment, viewing charges can be around Ksh1,000 – 2,000.

• Agent fees are charged to buyers/tenants in cities like Mombasa.

• For rent, for example, rates are usually negotiable but equal approximately one month’s rent.

• To buy, fees are a percentage of the sale price.

• For commercial property, search, viewing and rental fees are often double or triple the amount charged for residential property.

• Agents earn on average a 1.25% commission on the sale of a property, which is paid by both the seller and the buyer.

newspaper listings

Perhaps the oldest, if not the most common way to search for real estate in Kenya – most owners advertise in local newspapers and there are hundreds of listings every day. This is the means most often used to fleece prospective property buyers and investors – proceed with caution.

• Each property ad is charged per word

• Interested parties contact potential sellers using available contact details.

• Viewing fees apply

word of mouth

Often used in rural areas where real estate agencies are rare and newspaper reading is the privilege of a few, word of mouth has proven effective in getting the best deals.

• It is used among family, friends and colleagues who recommend valid and lucrative real estate opportunities, generally with ample security, connected to infrastructure (such as roads or near facilities such as hospitals), and with an efficient and adequate supply of water and energy.

• For competitive real estate, you may need to know the right people to get a chance to rent or buy. Alternatively, there may be a never-ending waiting list. Using a property finder can reduce much of the legwork.

Web portals and social networks

Web portals are the newest way to search for real estate in Kenya and are growing at a high rate due to the increasing competition among real estate organizations in Kenya. Popular web portals include:

• uzanunua.com

• OLX.co.ke

• propertykenya.com

• buyrentkenya.com

However, social networks like Facebook are gaining ground as the fastest and cheapest platform to promote and search for real estate in Kenya.