Lack of enough student hostels, dwindling of hospitality sector and high rent rates attracts developers in Kisumu real estate sector

Kisumu County alone is a home to 954,000 local inhabitants and is projected to 1.5M by the year 2017, in line to this the pointer to the housing crisis in Kisumu real estate is the acute shortage of students hostels to accommodate all the students in the Maseno University and other higher learning institute in the region. Many investors and developers are now turning buildings formerly used as commercial buildings, residential houses or other different purposes into students’ hostels since the demand is very much on the rise.

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Not very long ago, Maseno University had offloaded more than 700 students to its main city campus has accelerated the lack of accommodation and housing. In this way, the developers who have their premises with full facilities have been charging the student exorbitantly.
Even though most people in Kisumu real estate are looking for houses and premises with affordable rates, currently even getting rental houses below Kshs 10,000 is becoming very difficult in the region.
With the ever rising population of Kisumu County, the demand for such high cost houses is definitely high. But again the segment of Kisumu real estate market is small compared to majority of the residents who cannot afford them, and will soon become saturated. Survey indicates that majority of investors expanding their businesses outside Nairobi to other regions like Kisumu tends to “copy paste” their previous projects disregarding the disparity between Kisumu and Nairobi.
There is no way that the two similar projects in different locations can goes of the same prices simply because Kisumu doesn’t have industries like those stimulating growth in the capital city of the country.
Evans Otieno a Marketing executive at west Kenya real estate Company is advising other real estate developers to take up large scale low cost schemes like storey bedsitter buildings to narrow down the broadening niche. For more articles and lands for sale within Kisumu County visit www.westkenyarealestate.com

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