The new wave of investor is now focusing on Kisumu real estate in Kisumu County has jolted land prices in the region. After decades of dormancy, Kisumu land owners are now having a window of unlocking capital gains in the region. The demand is conspicuously seen by locals and international developers who have been noticed coming back to invest in the lake side region have received a massive boost from the ongoing infrastructural upgrade; Kondele bypass, Kisumu- Nairobi road, construction of new Kisumu international airport etc. The Kisumu airport expansion is one of the projects which have instilled huge excitement into the city economic activities.
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Kisumu real estate agencies are now having many investors from abroad driving there focus on Kisumu real estate investments, this have been evidently seen where the competition for prime land within and around Kisumu CBD has subsequently seen a rally, attracting previously incredibly asking prices.
“Kisumu real estate has just begun to reap the best returns, no one has ever purchased ¼ acre of land at one million shilling in the region previously, but we’re having cases where people are ready to pay as much as 30 million for an acre of land in Milimani and Riat areas so long as the plot of land is secure and conveniently located,” Says an agent in Kisumu real estate.
Now that there is a high demand for more commercial, hotel accommodation, holiday facilities, the investors are acquiring more land to reap from this tantalizing opportunity. Most of the estates where property values are noted to have more than tripled include Milimani, Mountain View estates and Poly view which are slowly turning commercial, and land in the expansive Kanyakwar area. In the up-market Riat Hills estate, which overlooks the airport directly, half an acre now goes for Sh4 million and above.
The high values being realized at present are also justified by the fact that Kisumu’s periphery and areas adjacent to the CBD have remained undeveloped over the years, according to West Kenya Real Estate Agency. “If you look at towns like Nairobi, those who have property in far-flung places as Rongai are still considered residents of Nairobi, but for Kisumu the case is only when you are few metres from the CBD,” said Otieno. He also attributes the new wave of demand to people who had previously invested in other parts of the country but had nasty experiences during the 2007/08 poll violence which left loss of life and property and insecurity on its trail. For more articles about Kisumu real estate, kindly visit www.westkenyarealestate.com
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