Kisumu Real Estate Business Booming.
Kisumu real estate business is experiencing a property price boom with land and house prices surging exponentially, as masses move in to tap into the city’s flourishing market for available properties.
According to Marketing Executive Mr. Otieno of West Kenya Real Estate, the expansion of industries in Kisumu have attributed to recent infrastructural upgrades, has fuelled demand for housing in the city as workers in these sectors seek accommodation.
This has seen land, house and rental prices towering by nearly 1000 per cent amid fears that the rapidly rising prices risk becoming a bubble.
At the up-market Riat Hills estate (along the Kisumu-Kakamega Road), for instance, land prices have gone up to between Sh3 million and Sh7 million for an acre with rents for three-bedroom houses now ranging between Sh35,000 and Sh60,000.
Other city suburbs such as Nyamasaria , Kibos, Rabuor, Molem are also experiencing rapid real estate growth, which has pushed up property prices beyond the reach of many people.
“In 2010, half an acre plot in Nyamasaria just 5km from Kisumu CBD used to be sold at Sh300, 000. Now the same piece of land goes for Sh2, 000, 000,” said a one of the property agents in Kisumu, adding that rents for bed-sitters in the area have surged to the region of Sh6, 000 per month.
Due to the persistence of the steady trend and in effort to cushion themselves against the rising costs of accommodation, many residents are now moving further away from the city centre where property prices are lower. This trend has opened up areas further away from the city.
“Areas such as Kibos, Holo and Awasi which were empty shrub lands several years ago are now dotted with residential units with most of the rentals being fully-booked months before completion,” said Mr. Omondi.
It is in response to high prices of land and growing demand for housing that developers are now building high rise buildings to fully maximize on land use.
This is evident from the high number of apartment blocks under construction in various estates in Kisumu, including areas such as Milimani, which were previously a no-go zone for developers of high-rise buildings.
Many investors contend they stand a better chance of getting good returns of their investments courtesy of the relatively higher rents in the lake-side city compared to Nairobi, Mombasa, Eldoret and Nakuru.
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