Skunks, I read this article in the standard that had some interesting statistics on the housing market in Kenya. It got me thinking a lot in light of the perceived housing "BOOM" with real estate agents saying that houses are going like hotcakes yet as an IT professional with a modest income, am yet to come to terms with a decent mortgage package in a middle class estate that I can afford, and im not talking about Kilimani etc But Buru Buru south C etc Just to give article excerpts :- - Highlights of a report by Central Bank<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#>and World Bank released last week that says only eight per cent of Kenyans — 320, 000 households — can afford a mortgage was shocking - The report commissioned by CBK that will be released fully in a month’s time, also indicates that for one to buy a house worth Sh2 million, for example, one must have a net salary of Sh100,000, and service the loan at Sh42,000 a month for a period of 15 years at an interest rate<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#> of 14.5 per cent. - The shocking revelations also indicate that the total mortgage loan book in the country is only 16,000 accounts, while the total value of mortgage loans, as at the end of December last year was Sh133.6 billion. - It is also an indication that buying property in Kenya is predominantly for the rich, who opt for cash sales as opposed to mortgages. This alludes that much of the housing market is a cash market with money acquired through dubious means. Methinks there must be a bubble somewhere that does not correspond to the tenets of economics. You may read the entire article here http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16... Regards Kevin Omondi
As interesting as the topic might be, this is OT...!
dude i also think there is more than meets the eyes in this 'Housing Boom', and it will all come crushing down sooner than later On Tue, Mar 1, 2011 at 3:45 PM, Kevin Ouma <kevin.ouma@gmail.com> wrote:
Skunks,
I read this article in the standard that had some interesting statistics on the housing market in Kenya. It got me thinking a lot in light of the perceived housing "BOOM" with real estate agents saying that houses are going like hotcakes yet as an IT professional with a modest income, am yet to come to terms with a decent mortgage package in a middle class estate that I can afford, and im not talking about Kilimani etc But Buru Buru south C etc
Just to give article excerpts :-
- Highlights of a report by Central Bank<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#>and World Bank released last week that says only eight per cent of Kenyans — 320, 000 households — can afford a mortgage was shocking - The report commissioned by CBK that will be released fully in a month’s time, also indicates that for one to buy a house worth Sh2 million, for example, one must have a net salary of Sh100,000, and service the loan at Sh42,000 a month for a period of 15 years at an interest rate<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#> of 14.5 per cent. - The shocking revelations also indicate that the total mortgage loan book in the country is only 16,000 accounts, while the total value of mortgage loans, as at the end of December last year was Sh133.6 billion. - It is also an indication that buying property in Kenya is predominantly for the rich, who opt for cash sales as opposed to mortgages.
This alludes that much of the housing market is a cash market with money acquired through dubious means. Methinks there must be a bubble somewhere that does not correspond to the tenets of economics.
You may read the entire article here http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16...
Regards
Kevin Omondi
_______________________________________________ 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
Sadly.....some Kenyans, me included, see mortgage as a good product..but b4 we attain such an income to even service a 2mil mortgage....balaa tupu!! On Tue, Mar 1, 2011 at 3:51 PM, Chris Mwirigi <mwirigic@gmail.com> wrote:
dude i also think there is more than meets the eyes in this 'Housing Boom', and it will all come crushing down sooner than later
On Tue, Mar 1, 2011 at 3:45 PM, Kevin Ouma <kevin.ouma@gmail.com> wrote:
Skunks,
I read this article in the standard that had some interesting statistics on the housing market in Kenya. It got me thinking a lot in light of the perceived housing "BOOM" with real estate agents saying that houses are going like hotcakes yet as an IT professional with a modest income, am yet to come to terms with a decent mortgage package in a middle class estate that I can afford, and im not talking about Kilimani etc But Buru Buru south C etc
Just to give article excerpts :-
- Highlights of a report by Central Bank<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#>and World Bank released last week that says only eight per cent of Kenyans — 320, 000 households — can afford a mortgage was shocking - The report commissioned by CBK that will be released fully in a month’s time, also indicates that for one to buy a house worth Sh2 million, for example, one must have a net salary of Sh100,000, and service the loan at Sh42,000 a month for a period of 15 years at an interest rate<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#> of 14.5 per cent. - The shocking revelations also indicate that the total mortgage loan book in the country is only 16,000 accounts, while the total value of mortgage loans, as at the end of December last year was Sh133.6 billion. - It is also an indication that buying property in Kenya is predominantly for the rich, who opt for cash sales as opposed to mortgages.
This alludes that much of the housing market is a cash market with money acquired through dubious means. Methinks there must be a bubble somewhere that does not correspond to the tenets of economics.
You may read the entire article here http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16...
Regards
Kevin Omondi
_______________________________________________ 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
_______________________________________________ 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
-- Regards, Greg -------- Life is not a rehearsal, you only live once!
and talking of which, What kind of hao is worth 2 milli in todays market? On Tue, Mar 1, 2011 at 4:00 PM, Gregory Okoth <gregory.okoth@gmail.com>wrote:
Sadly.....some Kenyans, me included, see mortgage as a good product..but b4 we attain such an income to even service a 2mil mortgage....balaa tupu!!
On Tue, Mar 1, 2011 at 3:51 PM, Chris Mwirigi <mwirigic@gmail.com> wrote:
dude i also think there is more than meets the eyes in this 'Housing Boom', and it will all come crushing down sooner than later
On Tue, Mar 1, 2011 at 3:45 PM, Kevin Ouma <kevin.ouma@gmail.com> wrote:
Skunks,
I read this article in the standard that had some interesting statistics on the housing market in Kenya. It got me thinking a lot in light of the perceived housing "BOOM" with real estate agents saying that houses are going like hotcakes yet as an IT professional with a modest income, am yet to come to terms with a decent mortgage package in a middle class estate that I can afford, and im not talking about Kilimani etc But Buru Buru south C etc
Just to give article excerpts :-
- Highlights of a report by Central Bank<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#>and World Bank released last week that says only eight per cent of Kenyans — 320, 000 households — can afford a mortgage was shocking - The report commissioned by CBK that will be released fully in a month’s time, also indicates that for one to buy a house worth Sh2 million, for example, one must have a net salary of Sh100,000, and service the loan at Sh42,000 a month for a period of 15 years at an interest rate<http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16&story=Fresh+ideas+needed+to+boost+home+ownership#> of 14.5 per cent. - The shocking revelations also indicate that the total mortgage loan book in the country is only 16,000 accounts, while the total value of mortgage loans, as at the end of December last year was Sh133.6 billion. - It is also an indication that buying property in Kenya is predominantly for the rich, who opt for cash sales as opposed to mortgages.
This alludes that much of the housing market is a cash market with money acquired through dubious means. Methinks there must be a bubble somewhere that does not correspond to the tenets of economics.
You may read the entire article here http://www.standardmedia.co.ke/editorial/InsidePage.php?id=2000030176&cid=16...
Regards
Kevin Omondi
_______________________________________________ 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
_______________________________________________ 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
-- Regards, Greg -------- Life is not a rehearsal, you only live once!
_______________________________________________ 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
-- *“The twentieth century has been characterized by three developments of great political importance: the growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy”* ~ Alex Carey ~ Tel No: 0x2af23696
I think many are waiting for the bubble to burst and move in for the kill...but then again this may never come to pass! Do your research and consult, observe the market, and make your move. Nobody is getting any younger anyway.
Folks, The current housing boom in Kenya has been the subject of debate from many quarters. I think our sentiments are being swayed by what happened in the western world a while back. The demand for housing is big. As we speak, there is a shortage. Then we are forgeting that middle income households who are sophisticated are moving towards purchasing houses rather than renting them. Combined income from middle income households ( husband and wife) would be sufficient to service a mortgage of about 100k per month. A key thing is to look in the next five to ten years. All the young fellows in their late teens and in campuses will require housing. In summary, I don't think KCB and Housing Finance are wrong in lending out billions and the hundreds of applicants trooping to banks sourcing for loans. Kind regards, Kevin On Tue, Mar 1, 2011 at 3:04 PM, Haggai Nyang <haggai.nyang@gmail.com> wrote:
I think many are waiting for the bubble to burst and move in for the kill...but then again this may never come to pass!
Do your research and consult, observe the market, and make your move. Nobody is getting any younger anyway.
_______________________________________________ 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
On Tue, Mar 1, 2011 at 1:17 PM, Kevin Oeba <oeba.kevin@gmail.com> wrote:
Folks,
The current housing boom in Kenya has been the subject of debate from many quarters.
I think our sentiments are being swayed by what happened in the western world a while back.
True, and this is not correct. What happened in the west is not simply a function of demand vs supply, but the result of pure greed and financial crimes. I found this Wikipedia entry very enlightening - http://bit.ly/icKnna - as I did the movie Inside Job - http://www.insidejob.com/. This does not reflect what is happening in Kenya. But, as another post mentions, with better transport, the devolved governance structure etc. there's already a move towards out of town. What I see happening is market correction - for example some upmarket apartments are grossly overvalued I think their prices could soon tumble. But wiser choices will continue doing well. Two factors that hold Kenyans back from owning housing is cost and lack of access to mortgages. The latter has been discussed in this thread, but the former has me thinking. We've all been hearing well-meaning noises about low-cost housing over the last 8 or so years, yet the building code has never been updated to allow newer technologies to be fully implemented and actually lower the cost. <conspiracytheory> The conspiracy theorist in me thinks there's a deliberate effort to derail the implementation of newer tech to allow some fat cats milk the market dry for as long as possible . </conspiracytheory> BR, S
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??} In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best. I stand to be corrected.
There are some NHC flats in Langata that we're on sale last year. 3 bedroom going for about 4.3m. Some guys are paying monthly installments of sh. 53,000. You can't charge rent over sh. 30,000 because of the location. It appears to be the same story in many areas. Where is the sense in such an 'investment'? Even if you were to live in it, why not rent at 30k and use the extra 23k for an investment with better returns. Do houses need to be built of stone? Can they be wooden (US), brick (Europe) or say, shipping containers? Check this out - http://www.thedailygreen.com/green-homes/latest/shipping-container-homes-460... 2011/3/2 Nd'wex Common <flexycat@gmail.com>
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following
option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts
option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??}
In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best.
I stand to be corrected.
_______________________________________________ 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
-- Gichingiri Kuria _________________________________________ www.website.co.ke / www.sokoletu.co.ke
Real Estate in Nairobi is overpriced in most locations. I was reading up on Capitalisation rate which can be used to determine the actual value of a property. Capitalisation rate = annual net operating income/cost (value) For example, if I can rent a 3bedroom apartment in Kileleshwa for ksh 45,000 a month, and I bought it for ksh 10,000,000. My capitalisation rate is 45,000x12/10,000,000 yielding 0.054. So to justify an asking price of 14,000,000 for a 3 bedroom apartment in Kileleshwa, you should be able to get annual income of 14,000,000x0.054 = ksh 756,000 per annum i.e 63,000 per month. The only good deals in nairobi right now are the Karen's and Runda's of this world. But the question is, given the demand, will the prices come down anytime soon? On Wed, Mar 2, 2011 at 8:24 AM, Gichingiri Kuria <gmail@gichingiri.com>wrote:
There are some NHC flats in Langata that we're on sale last year. 3 bedroom going for about 4.3m. Some guys are paying monthly installments of sh. 53,000. You can't charge rent over sh. 30,000 because of the location. It appears to be the same story in many areas.
Where is the sense in such an 'investment'? Even if you were to live in it, why not rent at 30k and use the extra 23k for an investment with better returns.
Do houses need to be built of stone? Can they be wooden (US), brick (Europe) or say, shipping containers? Check this out - http://www.thedailygreen.com/green-homes/latest/shipping-container-homes-460...
2011/3/2 Nd'wex Common <flexycat@gmail.com>
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following
option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts
option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??}
In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best.
I stand to be corrected.
_______________________________________________ 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
-- Gichingiri Kuria _________________________________________ www.website.co.ke / www.sokoletu.co.ke
_______________________________________________ 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
The thing with bubbles, is that they happen when least expected. Usually at this point everyone talks about how great things are going. So it might not happen soon coz i havent heard too much talk about how good the property market is, but then again it just might happen The biggest losers will probably be developers stuck with property that is not selling, or buyers who end up with leaking houses because they were hurriedly constructed. The mortgage defaulters will only surface of maybe if we have an economic shrinkage of some sort, which is not likely..... On Wed, Mar 2, 2011 at 2:34 PM, John Doe <fivepings@gmail.com> wrote:
Real Estate in Nairobi is overpriced in most locations.
I was reading up on Capitalisation rate which can be used to determine the actual value of a property.
Capitalisation rate = annual net operating income/cost (value) For example, if I can rent a 3bedroom apartment in Kileleshwa for ksh 45,000 a month, and I bought it for ksh 10,000,000. My capitalisation rate is 45,000x12/10,000,000 yielding 0.054.
So to justify an asking price of 14,000,000 for a 3 bedroom apartment in Kileleshwa, you should be able to get annual income of 14,000,000x0.054 = ksh 756,000 per annum i.e 63,000 per month.
The only good deals in nairobi right now are the Karen's and Runda's of this world.
But the question is, given the demand, will the prices come down anytime soon?
On Wed, Mar 2, 2011 at 8:24 AM, Gichingiri Kuria <gmail@gichingiri.com>wrote:
There are some NHC flats in Langata that we're on sale last year. 3 bedroom going for about 4.3m. Some guys are paying monthly installments of sh. 53,000. You can't charge rent over sh. 30,000 because of the location. It appears to be the same story in many areas.
Where is the sense in such an 'investment'? Even if you were to live in it, why not rent at 30k and use the extra 23k for an investment with better returns.
Do houses need to be built of stone? Can they be wooden (US), brick (Europe) or say, shipping containers? Check this out - http://www.thedailygreen.com/green-homes/latest/shipping-container-homes-460...
2011/3/2 Nd'wex Common <flexycat@gmail.com>
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following
option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts
option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??}
In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best.
I stand to be corrected.
_______________________________________________ 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
-- Gichingiri Kuria _________________________________________ www.website.co.ke / www.sokoletu.co.ke
_______________________________________________ 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
_______________________________________________ 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
-- Sent from my Voice Recognition Watch© -------------------------------------------------------------------- Our greatest fear is not that we are inadequate,but that we are powerful beyond measure.It is our light, not our darkness, that frightens us.There is nothing enlightened about shrinking so that other people won't feel insecure around you.As we let our own light shine, we consciously give other people permission to do the same. As we are liberated from our fear,our presence automatically liberates others.
Hi Guys, Here is a house worth 2 Mil this days . Click Here<http://natakanyumba.com/index.php?option=com_properties&view=properties&task=showproperty&sid=1:nairobi&lid=12:mlolongo&cid=1:apartments&tid=1:for-sale&id=607:one-bedroom-apartment-in-mlolongo&Itemid=1>. Its pretty cool for a well to do single person in Mlolongo. seethe link below. http://natakanyumba.com/2 Million House<http://natakanyumba.com/index.php?option=com_properties&view=properties&task=showproperty&sid=1:nairobi&lid=12:mlolongo&cid=1:apartments&tid=1:for-sale&id=607:one-bedroom-apartment-in-mlolongo&Itemid=1> cheers On Wed, Mar 2, 2011 at 3:09 PM, Joram Mwinamo <joram.mwinamo@gmail.com>wrote:
The thing with bubbles, is that they happen when least expected. Usually at this point everyone talks about how great things are going. So it might not happen soon coz i havent heard too much talk about how good the property market is, but then again it just might happen
The biggest losers will probably be developers stuck with property that is not selling, or buyers who end up with leaking houses because they were hurriedly constructed. The mortgage defaulters will only surface of maybe if we have an economic shrinkage of some sort, which is not likely.....
On Wed, Mar 2, 2011 at 2:34 PM, John Doe <fivepings@gmail.com> wrote:
Real Estate in Nairobi is overpriced in most locations.
I was reading up on Capitalisation rate which can be used to determine the actual value of a property.
Capitalisation rate = annual net operating income/cost (value) For example, if I can rent a 3bedroom apartment in Kileleshwa for ksh 45,000 a month, and I bought it for ksh 10,000,000. My capitalisation rate is 45,000x12/10,000,000 yielding 0.054.
So to justify an asking price of 14,000,000 for a 3 bedroom apartment in Kileleshwa, you should be able to get annual income of 14,000,000x0.054 = ksh 756,000 per annum i.e 63,000 per month.
The only good deals in nairobi right now are the Karen's and Runda's of this world.
But the question is, given the demand, will the prices come down anytime soon?
On Wed, Mar 2, 2011 at 8:24 AM, Gichingiri Kuria <gmail@gichingiri.com>wrote:
There are some NHC flats in Langata that we're on sale last year. 3 bedroom going for about 4.3m. Some guys are paying monthly installments of sh. 53,000. You can't charge rent over sh. 30,000 because of the location. It appears to be the same story in many areas.
Where is the sense in such an 'investment'? Even if you were to live in it, why not rent at 30k and use the extra 23k for an investment with better returns.
Do houses need to be built of stone? Can they be wooden (US), brick (Europe) or say, shipping containers? Check this out - http://www.thedailygreen.com/green-homes/latest/shipping-container-homes-460...
2011/3/2 Nd'wex Common <flexycat@gmail.com>
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following
option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts
option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??}
In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best.
I stand to be corrected.
_______________________________________________ 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
-- Gichingiri Kuria _________________________________________ www.website.co.ke / www.sokoletu.co.ke
_______________________________________________ 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
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-- Sent from my Voice Recognition Watch© -------------------------------------------------------------------- Our greatest fear is not that we are inadequate,but that we are powerful beyond measure.It is our light, not our darkness, that frightens us.There is nothing enlightened about shrinking so that other people won't feel insecure around you.As we let our own light shine, we consciously give other people permission to do the same. As we are liberated from our fear,our presence automatically liberates others.
_______________________________________________ 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
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For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks. ./Ok3ch On Tue, Mar 1, 2011 at 4:04 PM, Haggai Nyang <haggai.nyang@gmail.com> wrote:
I think many are waiting for the bubble to burst and move in for the kill...but then again this may never come to pass! Do your research and consult, observe the market, and make your move. Nobody is getting any younger anyway. _______________________________________________ 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
Kevin; I have time and again prophesied in the imminent fall in property industry, 4 years now, only that im not heard (well, maybe IT people should never be heard). I just dont understand why there hasnt been a bubble (again, with the pirates in the high seas, I doubt there will be a bubble). Kes. 2 milli is worth a servants quarter in South C, so basically, and in other words, we cant afford to buy a servants quarter. The speculators have set shop countrywide with the devolved governments, im watching with deep breath. Finally, on a good day, I can educate a few skunkers on how to built cheaper housing and make a killing, and not complain, just like the land shark developers, @brainiac are you listening? Peter On Tue, Mar 1, 2011 at 4:18 PM, Okechukwu <okechukwu@gmail.com> wrote:
For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks.
A house worth 2 million? where?????????? On Tue, Mar 1, 2011 at 5:21 PM, Peter Osotsi <peter.osotsi@gmail.com> wrote:
Kevin; I have time and again prophesied in the imminent fall in property industry, 4 years now, only that im not heard (well, maybe IT people should never be heard). I just dont understand why there hasnt been a bubble (again, with the pirates in the high seas, I doubt there will be a bubble). Kes. 2 milli is worth a servants quarter in South C, so basically, and in other words, we cant afford to buy a servants quarter. The speculators have set shop countrywide with the devolved governments, im watching with deep breath. Finally, on a good day, I can educate a few skunkers on how to built cheaper housing and make a killing, and not complain, just like the land shark developers, @brainiac are you listening? Peter
On Tue, Mar 1, 2011 at 4:18 PM, Okechukwu <okechukwu@gmail.com> wrote:
For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks.
_______________________________________________ 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
A bubble would occur if there is more supply than demand. I haven't even seen one developer complaining that there is no uptake of his houses. On Tue, Mar 1, 2011 at 4:24 PM, Alvin Jason Ochieng <ajochola@gmail.com>wrote:
A house worth 2 million? where??????????
On Tue, Mar 1, 2011 at 5:21 PM, Peter Osotsi <peter.osotsi@gmail.com> wrote:
Kevin; I have time and again prophesied in the imminent fall in property industry, 4 years now, only that im not heard (well, maybe IT people should never be heard). I just dont understand why there hasnt been a bubble (again, with the pirates in the high seas, I doubt there will be a bubble). Kes. 2 milli is worth a servants quarter in South C, so basically, and in other words, we cant afford to buy a servants quarter. The speculators have set shop countrywide with the devolved governments, im watching with deep breath. Finally, on a good day, I can educate a few skunkers on how to built cheaper housing and make a killing, and not complain, just like the land shark developers, @brainiac are you listening? Peter
On Tue, Mar 1, 2011 at 4:18 PM, Okechukwu <okechukwu@gmail.com> wrote:
For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks.
_______________________________________________ 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
_______________________________________________ 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
People are buying, but the market is also depressed, according to the latest statistics. At 15,000 bank accounts ask yourself where the rest of the boom is coming from. With only 20% of adult Kenyans are in salaried employment, maybe we have suddenly grown too rich. Statistics don't lie. Peter On Tue, Mar 1, 2011 at 5:30 PM, Kevin Oeba <oeba.kevin@gmail.com> wrote:
A bubble would occur if there is more supply than demand. I haven't even seen one developer complaining that there is no uptake of his houses.
On Tue, Mar 1, 2011 at 4:24 PM, Alvin Jason Ochieng <ajochola@gmail.com>wrote:
A house worth 2 million? where??????????
15,000 bank accounts ? I think that is misrepresented. Even a small size bank has more than 15,000 accounts. Then 80% are in business and earn an income that is sufficient to purchase a house , right ? On Tue, Mar 1, 2011 at 4:41 PM, Peter Osotsi <peter.osotsi@gmail.com> wrote:
People are buying, but the market is also depressed, according to the latest statistics. At 15,000 bank accounts ask yourself where the rest of the boom is coming from. With only 20% of adult Kenyans are in salaried employment, maybe we have suddenly grown too rich. Statistics don't lie.
Peter
On Tue, Mar 1, 2011 at 5:30 PM, Kevin Oeba <oeba.kevin@gmail.com> wrote:
A bubble would occur if there is more supply than demand. I haven't even seen one developer complaining that there is no uptake of his houses.
On Tue, Mar 1, 2011 at 4:24 PM, Alvin Jason Ochieng <ajochola@gmail.com>wrote:
A house worth 2 million? where??????????
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
Kevin, The 80% are not in business, they are at bus parks posing as makangas, they are drinking themselves silly in the villages and siring more sorrows with their wives, they are carrying luggages from Muthurwa and country bus, they are your local mama mbogas and maasai's that take care of your estate. You see. You dont have a mortgage account yourself, count the people around you, they too dont, so do their friends and so on. Thats why we have only 15,000 mortgage accounts. Peter On Tue, Mar 1, 2011 at 5:44 PM, Kevin Oeba <oeba.kevin@gmail.com> wrote:
15,000 bank accounts ? I think that is misrepresented. Even a small size bank has more than 15,000 accounts.
Then 80% are in business and earn an income that is sufficient to purchase a house , right ?
On Tue, Mar 1, 2011 at 4:41 PM, Peter Osotsi <peter.osotsi@gmail.com>wrote:
People are buying, but the market is also depressed, according to the latest statistics. At 15,000 bank accounts ask yourself where the rest of the boom is coming from. With only 20% of adult Kenyans are in salaried employment, maybe we have suddenly grown too rich. Statistics don't lie.
If we had a good and fast transports system in the country 2 Million would be enough for a good house in the outskirts of Nairobi i.e Naivasha, Konza, Magadi etc. and with 2M you can get a good house in other towns in Kenya. Watch the way housing prices are going to hike in the estates on Thika road since it would not cost much to get to the CBD (where most people work)with the traffic jam that has plagued the highway will have been sorted.In the west people commute for about hours in tubes to and from work. At the speeds at which the metro travels, imagine the distance it would coverfrom the CBD towards the outskirts of Nairobi in 1 hour.With quick access in and out of the CBD the bubble should burst! Atudo Ayodo Systems Analyst atudoayodo@hotmail.com +254 721 912151, +254 737 587726
Date: Tue, 1 Mar 2011 17:24:02 +0300 From: ajochola@gmail.com To: skunkworks@lists.my.co.ke Subject: Re: [Skunkworks] Shocking The housing market in Kenya
A house worth 2 million? where??????????
On Tue, Mar 1, 2011 at 5:21 PM, Peter Osotsi <peter.osotsi@gmail.com> wrote:
Kevin; I have time and again prophesied in the imminent fall in property industry, 4 years now, only that im not heard (well, maybe IT people should never be heard). I just dont understand why there hasnt been a bubble (again, with the pirates in the high seas, I doubt there will be a bubble). Kes. 2 milli is worth a servants quarter in South C, so basically, and in other words, we cant afford to buy a servants quarter. The speculators have set shop countrywide with the devolved governments, im watching with deep breath. Finally, on a good day, I can educate a few skunkers on how to built cheaper housing and make a killing, and not complain, just like the land shark developers, @brainiac are you listening? Peter
On Tue, Mar 1, 2011 at 4:18 PM, Okechukwu <okechukwu@gmail.com> wrote:
For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks.
_______________________________________________ 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
_______________________________________________ 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
How I also wish the bubble would bust. But I strongly suspect, with quick access in and out of the CBD the housing prices in the outskirts of Nairobi will sky-rocket! Case in point is Thika road, both land and houses. On 1 March 2011 09:52, Billy A <atudoayodo@hotmail.com> wrote:
If we had a good and fast transports system in the country 2 Million would be enough for a good house in the outskirts of Nairobi i.e Naivasha, Konza, Magadi etc. and with 2M you can get a good house in other towns in Kenya. Watch the way housing prices are going to hike in the estates on Thika road since it would not cost much to get to the CBD (where most people work)with the traffic jam that has plagued the highway will have been sorted. In the west people commute for about hours in tubes to and from work. At the speeds at which the metro travels, imagine the distance it would cover from the CBD towards the outskirts of Nairobi in 1 hour. With quick access in and out of the CBD the bubble should burst!
Atudo Ayodo Systems Analyst atudoayodo@hotmail.com +254 721 912151, +254 737 587726
Date: Tue, 1 Mar 2011 17:24:02 +0300 From: ajochola@gmail.com To: skunkworks@lists.my.co.ke Subject: Re: [Skunkworks] Shocking The housing market in Kenya
A house worth 2 million? where??????????
On Tue, Mar 1, 2011 at 5:21 PM, Peter Osotsi <peter.osotsi@gmail.com>
wrote:
Kevin; I have time and again prophesied in the imminent fall in property industry, 4 years now, only that im not heard (well, maybe IT people should never be heard). I just dont understand why there hasnt been a bubble (again, with the pirates in the high seas, I doubt there will be a bubble). Kes. 2 milli is worth a servants quarter in South C, so basically, and in other words, we cant afford to buy a servants quarter. The speculators have set shop countrywide with the devolved governments, im watching with deep breath. Finally, on a good day, I can educate a few skunkers on how to built cheaper housing and make a killing, and not complain, just like the land shark developers, @brainiac are you listening? Peter
On Tue, Mar 1, 2011 at 4:18 PM, Okechukwu <okechukwu@gmail.com> wrote:
For those who are in SACCO's, there is a very good mortgage product from KUSCCO, and its basically for construction, but you can use it to finance even an already done house. If banks are frustrating your efforts, then check it out at www.kuscco.com The best selling point I love about this is that your 20% contribution is actually a savings and earns interest - unlike all the banks.
_______________________________________________ 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
_______________________________________________ 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
_______________________________________________ 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
participants (17)
-
[Brainiac] -
Alvin Jason Ochieng -
Billy A -
Chris Mwirigi -
Gichingiri Kuria -
Gregory Okoth -
Haggai Nyang -
John Doe -
Joram Mwinamo -
Kevin Oeba -
Kevin Ouma -
Nd'wex Common -
Ndungi Kyalo -
Okechukwu -
Peter Osotsi -
Steve Muchai -
thea maina