by Bedah Mengo NAIROBI
(Xinhua) -- International property
developers are increasingly finding Kenya a fertile hunting ground
for wealthy buyers of their projects located in top cities.
The firms are pitching tent in the East African nation advertising
the properties that include residential apartments and holding
property clinics as they seek to woo buyers.
Deyaar, a Dubai-based company, is the latest firm to sell its new
project in Kenya, targeting the super-rich with the luxurious
property consisting of mainly residences.
Besides putting adverts in Kenyan newspapers for the 218 million
U.S. dollars serviced apartments, the firm will also hold a one-day
exhibition for potential buyers.
"With contemporary hotel apartments, elegant residential units
and thoughtful amenities, this living address is the hallmark of the
good life," said Deyaar of the property dubbed Atria, which would be
completed in the fourth quarter of 2017.
Deyaar, however, is not the only Dubai property developer to seek
rich buyers from Kenyans. Recently, Emaar Properties, another
Dubai-based real estate firm, reached out to wealthy Kenyans with
its 634,616 dollars one-bedroom units.
Other international property firms that have sought buyers in
Kenya include Seer Acquisitions, a British firm which was selling
residential properties and student accommodation facilities in
Industry reports indicate that most of Kenya’s rich who buy
properties abroad either have children studying there or are buying
Analysts noted that the vibrant Kenya’s real estate sector, which
has increased appetite for property acquisition, coupled with a
growing class of high income and wealthy individuals is wooing the
"The kind of property developments going on in Kenya shows there
are individuals and firms that have money to invest in projects such
as that in Dubai.
"Foreign property developers have done market research and know
this fact, that is why they are trooping here," said Antony Kuyo, a
real-estate consultant with Avent Properties in Nairobi.
He noted that Dubai, a city in United Arab Emirates, is an
attractive destination for many investors in Kenya because trade
between the two nations remains vibrant.
However, according to Kuyo, there is a high chance that some of
the buyers being sought may take the chance to launder dirty money.
"Corruption and drug trafficking being a major problem in Kenya,
wealthy individuals with ill-gotten wealth can use such opportunity
to clean their money by buying property in such addresses where it
is difficult to track."
UAE was at one time Kenya’s top source of imports, with the
latter importing goods worth up to 1 billion dollars annually.
Imports are mostly made up of oil and petroleum products, with an
estimated over 40,000 Kenyans working in the UAE.
Knight Frank’s Global Cities Index of 2016 notes that Dubai is a
global commercial and tourist hub where demand for residential and
office space remains high. Prime property prices in Dubai rise by up
to 20 percent annually.