Shocking The housing market in Kenya
Nd'wex, Let me give you a quick review of the property Market,the figures below could have worked in 2008; Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out.... Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase. Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate My take, Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
On Sun, Mar 13, 2011 at 3:11 PM, Eunice Wa <tewafula@gmail.com> wrote:
Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
There is nothing definite. The well known script reads something like this -- 1 some people (i.e. "the depositor") have money, so they keep it in the banks 2 banks cannot easily lend to retail operations, a hotel, a bar, a mall etc. 3 but banks can lend to a property developer. 4 property developers borrow from the (same) bank and buy (and hold) lots of land. 5 property developers build property on the land 6 the depositor "borrows" from the bank and buys a house Note points 1, 4 & 6 -- and 4 & 6 in particular ...the builder is "borrowing" (in financial terms "leveraging" ) to buy land and develop property ...and you are "borrowing" to buy from the builder ... So clearly there is a vested interest in keeping the prices high because if it comes down all three -- the bank, the property developer and the people keeping money in the bank will lose. Of course -- when the price does fall (as it has happened everywhere else during these price cycles ) .... the emperor wont have any clothes left.
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece. On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
highrise apartments in Karen...... which karen? On Sun, Mar 13, 2011 at 4:09 PM, [Brainiac] <arebacollins@gmail.com> wrote:
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece.
On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
@Mutinda: Lower Karen On Mon, Mar 14, 2011 at 10:49 AM, Nicholas Mutinda <mutindah@gmail.com>wrote:
highrise apartments in Karen...... which karen?
On Sun, Mar 13, 2011 at 4:09 PM, [Brainiac] <arebacollins@gmail.com>wrote:
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece.
On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
Hehehe, Lower Karen == Kibera ./Ok3ch On Tue, Mar 15, 2011 at 2:42 PM, skunk works <skunkworks100@gmail.com> wrote:
@Mutinda: Lower Karen
On Mon, Mar 14, 2011 at 10:49 AM, Nicholas Mutinda <mutindah@gmail.com> wrote:
highrise apartments in Karen...... which karen? On Sun, Mar 13, 2011 at 4:09 PM, [Brainiac] <arebacollins@gmail.com> wrote:
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece.
On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
@nicolas was just illustrating... and i bet you i can find a five storeyed highrise apartment or two in karen. On Tue, Mar 15, 2011 at 2:42 PM, skunk works <skunkworks100@gmail.com>wrote:
@Mutinda: Lower Karen
On Mon, Mar 14, 2011 at 10:49 AM, Nicholas Mutinda <mutindah@gmail.com>wrote:
highrise apartments in Karen...... which karen?
On Sun, Mar 13, 2011 at 4:09 PM, [Brainiac] <arebacollins@gmail.com>wrote:
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece.
On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
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.
Also be careful of the types taking advantage of hapless kenyans <attached> who have saved and suddenly find a good deal that sounds too good to be true;; The attached advert guys (one called Maina and Omondi) fleeced Kenyans of Ksh. 44 just this month.. Some paid full amount; many paid the deposit that was within reasonable budget. I almost fell for the deal (230k deposit?? Very good !!!) ; but luckily my lack of trust for people who come from my community [?] saved me abit. They could not explain how they were gonna put up 3 bedrooms for 1million only (ati their profit was the other 1m) So watch out !!
Note: Prices to Go up after ground breaking 55% sold
A Bloomberg article this week reminded me of this thread. The first sentence says it all. HT: http://www.bloomberg.com/news/2011-03-22/kenyan-properties-ranked-as-africa-... Kenyan Properties Ranked as Africa’s Most Expensive, Daily Says
By Eric Ombok - Mar 22, 2011 8:54 AM GMT+0300
- - - inShare1 - More<http://www.bloomberg.com/news/2011-03-22/kenyan-properties-ranked-as-africa-s-most-expensive-daily-says.html#share> - Print<http://www.bloomberg.com/news/print/2011-03-22/kenyan-properties-ranked-as-africa-s-most-expensive-daily-says.html> - Email<?body=Kenyan%20property%20prices%20are%20the%20most%0Aexpensive%20in%20Africa%20at%20148%20times%20the%20annual%20income%20of%20most%0Acitizens%2C%20while%20South%20Africa%20has%20the%20lowest%20house%20price%20to%0Aincome%20ratio%20of%2060%2C%20Business%20Daily%20reported.%0A%0Ahttp%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2011-03-22%2Fkenyan-properties-ranked-as-africa-s-most-expensive-daily-says.html&subject=Bloomberg%20news%3A%20Kenyan%20Properties%20Ranked%20as%20Africa%E2%80%99s%20Most%20Expensive%2C%20Daily%20Says>
Kenyan property prices are the most expensive in Africa<http://topics.bloomberg.com/africa/> at 148 times the annual income of most citizens, while South Africa<http://topics.bloomberg.com/south-africa/> has the lowest house price to income ratio of 60, Business Daily reported.
Kenya’s average annual personal income was 35,461 shillings ($416.70) in 2010 compared with an average mortgage cost of 4.4 million shillings, the Nairobi-based newspaper said, citing a study by the Global Property Guide. Tanzania’s house price to income ratio stands at 134, the Gambia at 134 and Madagascar’s is 113, the newspaper reported.
Property prices in Kenya rose an average 5.8 percent last year, Nairobi-based HassConsult Ltd. said on Feb. 1.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.
On 15 March 2011 16:13, Dennis Kioko <dmbuvi@gmail.com> wrote:
Note: Prices to Go up after ground breaking 55% sold
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On 24 March 2011 12:53, Chris Kiagiri <ck@google.com> wrote:
A Bloomberg article this week reminded me of this thread. The first sentence says it all.
HT: http://www.bloomberg.com/news/2011-03-22/kenyan-properties-ranked-as-africa-...
Kenyan Properties Ranked as Africa’s Most Expensive, Daily Says
I don't have the facts but am thinking the results involved Nairobi alone and not the whole country. -- ˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙ Regards, David Njuki @njukey [Google,Twitter,Yahoo]
On Thu, Mar 24, 2011 at 16:27, David Njuki <njukey@gmail.com> wrote:
On 24 March 2011 12:53, Chris Kiagiri <ck@google.com> wrote:
A Bloomberg article this week reminded me of this thread. The first sentence says it all.
HT: http://www.bloomberg.com/news/2011-03-22/kenyan-properties-ranked-as-africa-...
Kenyan Properties Ranked as Africa’s Most Expensive, Daily Says
I don't have the facts but am thinking the results involved Nairobi alone and not the whole country.
But what do you guys expect, with Ransom money from piracy all being laundered in KE, via Real Estate? -- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
Well if Nairobi accounts for majority of the GDP, what do you expect? Mandera here i come for property.... On Thu, Mar 24, 2011 at 5:55 PM, Odhiambo Washington <odhiambo@gmail.com>wrote:
On Thu, Mar 24, 2011 at 16:27, David Njuki <njukey@gmail.com> wrote:
On 24 March 2011 12:53, Chris Kiagiri <ck@google.com> wrote:
A Bloomberg article this week reminded me of this thread. The first sentence says it all.
HT: http://www.bloomberg.com/news/2011-03-22/kenyan-properties-ranked-as-africa-...
Kenyan Properties Ranked as Africa’s Most Expensive, Daily Says
I don't have the facts but am thinking the results involved Nairobi alone and not the whole country.
But what do you guys expect, with Ransom money from piracy all being laundered in KE, via Real Estate?
-- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
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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.
Housing Prices will continue to rise so long as the people continue to get easy access credit from Banks. For those who want to become wise How a the housing bubble can destroy wealth (casing point US). http://www.khanacademy.org/video/wealth-destruction-1?playlist=Finance http://www.khanacademy.org/video/wealth-destruction-2?playlist=Finance Which is better renting vs buying a house http://www.khanacademy.org/video/renting-vs--buying-a-home?playlist=Finance http://www.khanacademy.org/video/renting-vs--buying-a-home--part-2?playlist=... http://www.khanacademy.org/video/renting-vs--buying--detailed-analysis?playl... .. this thread should be marked as <OT> MK
Belongs in wazua www.wazua.com Sam On Fri, Mar 25, 2011 at 4:17 PM, Mugambi Kimathi <skunkworksjahazi@gmail.com
wrote:
Housing Prices will continue to rise so long as the people continue to get easy access credit from Banks.
For those who want to become wise
How a the housing bubble can destroy wealth (casing point US). http://www.khanacademy.org/video/wealth-destruction-1?playlist=Finance http://www.khanacademy.org/video/wealth-destruction-2?playlist=Finance
Which is better renting vs buying a house http://www.khanacademy.org/video/renting-vs--buying-a-home?playlist=Finance
http://www.khanacademy.org/video/renting-vs--buying-a-home--part-2?playlist=...
http://www.khanacademy.org/video/renting-vs--buying--detailed-analysis?playl...
.. this thread should be marked as <OT> MK
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Therefore:: It will take 148 years for an average Kenyan to finish paying for a house,, and if he takes a mortgage, 444 years,, No wonder Vampires are usually that rich !!! (The immortal aspect) Are we so desperate to avoid paying our landlord rents that we are willing to accept any price the land and property owners set ?? We could be driving the prices up; and its in the interest of the banks lending to keep the values up; And then there is the "diaspora" aspect, Kenyans out there pouring money into Kenya, driving up property inflation.
N our brothers from Somalia are not making it any better...... On Mon, Mar 28, 2011 at 7:23 PM, ndungu stephen <ndungustephen@gmail.com>wrote:
Therefore:: It will take 148 years for an average Kenyan to finish paying for a house,, and if he takes a mortgage, 444 years,,
No wonder Vampires are usually that rich !!! (The immortal aspect)
Are we so desperate to avoid paying our landlord rents that we are willing to accept any price the land and property owners set ??
We could be driving the prices up; and its in the interest of the banks lending to keep the values up;
And then there is the "diaspora" aspect, Kenyans out there pouring money into Kenya, driving up property inflation.
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-- No mountain is too high to keep you from Climbing it.... Yesterday is history. Tomorrow is a mystery. Today is a gift. That's why it's called the present.* Fear Not,For the Lord God is with you..* Lawrence K
Capitalism's growth model just can't scale forever. Profits can't be made forever, Someone will say it can happen, they will even manage to convince some people that growth is forever (most growth you see is camouflaged inflation by the way) so it tends to work against the consumer; but you can only use and abuse resources so far. Then there will be a stagnation, a major correction (home prices drop - which is not such a bad thing)....it might not be soon but you only need to look to the west to learn a few lessons...If you look carefully, Kenya is doing better than her neighbors economically, the abundance of wealth and comfort will slowly begin to injure the qualities that made our nation and people successful,we'll get more ruthless in the pursuit of wealth, exploit the neighboring countries to fuel our growth,mostly personal growth, our neighbors will call us names and avoid doing business with us like it happens with Nigerians.....that said buying a house might be a terrible investment, it all depends, sometimes it does pay to rent, even in the long term..................... JGitau On Mon, Mar 28, 2011 at 7:23 PM, ndungu stephen <ndungustephen@gmail.com> wrote:
Therefore:: It will take 148 years for an average Kenyan to finish paying for a house,, and if he takes a mortgage, 444 years,,
No wonder Vampires are usually that rich !!! (The immortal aspect)
Are we so desperate to avoid paying our landlord rents that we are willing to accept any price the land and property owners set ??
We could be driving the prices up; and its in the interest of the banks lending to keep the values up;
And then there is the "diaspora" aspect, Kenyans out there pouring money into Kenya, driving up property inflation.
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participants (16)
-
[Brainiac] -
ashok+skunkworks＠parliaments.info -
Chris Kiagiri -
David Njuki -
Dennis Kioko -
Eunice Wa -
John Gitau -
Joram Mwinamo -
Lawrence Kago -
Mugambi Kimathi -
ndungu stephen -
Nicholas Mutinda -
Odhiambo Washington -
Okechukwu -
Samuel Wachira -
skunk works