Post date: Oct 21, 2012 2:54:33 PM
Kenya-Homes Expo -- Nairobi's property market booms
China Central Television (CCTV) - The 16th edition of the Kenya Homes Expo wrapped up in Kenya's capital NairobiSunday.
Nairobi, a city rapidly expanding amidst economic uncertainty over the years. But with Kenyans pouring into the streets endlessly searching for employment, the demand for a house is now putting pressure on home prices inside and on the outskirts of the city.
Property agents and real estate players are a happy lot. They say the current boom in prices, caused by Kenyans' rush to own property, has been long in coming.Limited access to mortgages due to high interest rates and a history of wrangles over landownership in Kenya have been huge hindrances to home ownership. But thanks to an expanding middle class with higher disposable incomes, real estate business is booming.
More than 120 firms exhibited their products, ranging from new housing projects to building materials. Here, home buyers have a chance to sample what the market is currently offering.
"Home at the Kenya expo is a platform for the people who are selling to meet the best potential buyers. Our main target is to try to make people own homes and get into the real estate industry and see how it can help them," said Anthony Nabiliki, head editor atGo Places Magazines.
Most people who attended the expos are looking for homes, construction materials, interior and exterior decoration, solar panels, and landscaping ideas. Having been endorsed by Kenya's Ministry of Housing as well as big players in the construction industry, the Expo have gained more acceptance.
"Also, you don't have the full amount, you can buy in bits. We have that system, we call the 'gift voucher system'. So whereby you can see a product, you pay in bits. So it encourages you. Once you get some money, you come to pay the deposit, keep on paying," said Stella Wangari, exhibitor and buyer.
Private exhibitors also rushed into the property market with international companies fromSouth Africa, Germany, Turkey, and China showcasing their wares in this lucrative business, but with a few setbacks.
"Accessing facilities still remains a challenge, and most people who are in a position to buy homes are either middle age or the elderly. It's still a challenge for the young people to own homes," said Gideon Ngure, assistant marketing manager at Villa Care Kenya.
The growth in the popularity of home expos is mainly fueled by the lack of reliable market information in the country's property sector.
This home expo will enable potential home owners to have some hopes and encouragement to own a home one day.
More downloads available at http://newscontent.cctv.com
For any questions please call +86-10-63969499, or email [email protected]. If you want to learn more, please go to the CCTV website at http://newscontent.cctv.com.
© Copyright CCTV. The content in this story, including video and script is provided byChina Central Television (CCTV) and is copyright CCTV. Thomson Reuters does not guarantee the accuracy of, or endorse the views or opinions given in, this package. THIS STATEMENT SUPERSEDES ALL OTHER STATEMENTS RELATING TO COPYRIGHT ATTACHED TO THIS CONTENT.