The boom is definitely fake and by fake I mean that some people are about to get played big time, because they will be left with dead stock in their hands which they have paid too much money for. Property in Karen, Kitisuru is now touching the $1 million mark (IN a developing country - does this make sense?) Properties in Langata, South B and South C are now selling for double figures. And this is meant for the middle classes? Someone mentioned the disapora, while this may be have been true a while back true remember that the global economy has taken a hit e.g. US. The pirates may be a factor (actually maybe they'll just buy the entire country). As for expatriates, they only buy property located on one half of the town, therefore they don't account for what is happening in the middle income areas. The lower lending rates by the banks are definitely a factor. I beleive those who can get mortgages are taking them. There is also the phenomenon of buying houses sight unseen so you pay for the house as it is being built thus giving you time to gather your funds. In fact if anyone wants to get involved in the real estate industry, now is the time to prepare your cash and just wait patiently. I predict that in the very near future there is going to be a high default rate on property payments and a whole flood of auctions. On Mon, Nov 29, 2010 at 4:54 PM, aki <aki275@gmail.com> wrote:
lol! Peter, I've never known any human being to pay more for something just because its an investment or an expensive hobby unless they are pretty much comfortable. Which is okay, its their right to. I also do know that most rich/influential people would rather not pay for a cent for something and get it absoletely free. BTW, are the rents going up in Eastlands and at what rate annually?
On Mon, Nov 29, 2010 at 4:45 PM, Peter Muchemi <pmuchemi@gmail.com> wrote:
for most of us buying a property is like buying an expensive junk. like those cars at concours. Only diff is that the cars are rare so one can find a buyer. When I pass by Kile & other places I can't help but see an umoja innercore in a few years. It is even worse than eastlands coz for the latter, the guy who planned it made it for the masses so Jogoo road is wide.
The jam trail from the leafy @ 8am is unimaginable!
_______________________________________________ Skunkworks mailing list Skunkworks@lists.my.co.ke http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------ Skunkworks Rules http://my.co.ke/phpbb/viewtopic.php?f=24&t=94 ------------ Other services @ http://my.co.ke