I remember very well the launch of Vision 2030; the year was 2008, a year before I joined real estate. I was met with a lot of pessimism by the Millennials and older generations. Kenya had gone through a couple of white elephants, a sharp economic decline, and looting of taxpayers’ money. The promise of a better Kenya was captured in a meticulous plan. I focused my attention on the areas that concerned my career, including infrastructure urbanisation and housing.
At that time, the market had just begun to climb up bolstered by the new leadership. We moved from building 4 storeys to 7 storeys, then we moved from observing the distance between the buildings and boundary walls to building very close to the beacons. Greed had set in by 2015, and urban planning was corrupted; the prices skyrocketed, and investors continued to stream in for a piece of cake in the affluent neighbourhoods just before the prices began dropping.
Yes, the market started declining in 2015. Those who bought their properties at this time could not sell them above the purchase price. More affordable inventory had taken over the market. Since land is the only limited resource, the “main strategy” developers have employed is as follows:
Build as high or as many floors as possible
Build the smallest yet acceptable unit type (e.g. smaller 3 beds)
Build as close to the boundary as possible.
This strategy was meant to be complemented by the provision of infrastructure and resources. Mainly roads, expanded sewer lines, water, and social amenities. While observing the urban planning guidelines derived from the nations that were once at the same level as Kenya.
By now, you can see how the prophecy is fulfilling itself. Unfortunately, this is not just a Kilimani issue. It is a countrywide problem.
Fortunately, the laws of demand and supply are in favour of the investors. The demand for housing in Nairobi and the main cities outstrips the supply. Your estate agent should be able to guide you on what demographics to target, and their purchase power will inform you on what unit types and prices to go for.
The Vision 2030 is designed to concentrate as much of the population in the cities and reduce encroaching on agricultural land. The road network has continued to improve in some areas. Could this plan save our nation in years to come? I have the same questions and some faith that the plans will eventually be fulfilled if we play our roles and take responsibility for community engagement.
I suggest that you take a peak at the cities worldwide that have a dense population and skyscrapers. These cities have continued to grow because of the workforce that is migrating into the cities. The convenience of work, amenities, and social status continue to influence the purchase and rental decisions. Could this be the same case with Kenya? I am open to receiving feedback about this through [email protected].
By Admin