As tourism in Kenya has developed, so has the international demand for quality real estate. According to some experts, it is now five times higher than the supply from buyers living abroad, as well as migrants, whose number has increased by 80% in five years.
The local real estate market is young, and the legal mechanisms for transactions are not yet fully established. Therefore, experts urge buyers to be especially careful.
This means, firstly, a thorough study of the area in which the property is located. It is worth driving and walking around, making sure that there are no slums nearby that make life in this area unsafe.
You should study the condition of the roads to the nearest city, center, airport, etc. It is also necessary to keep in mind that some parts of the country are characterized by frequent interruptions in electricity and water supply.
Experts advise visiting nearby stores and asking how often such problems occur: a realtor is unlikely to answer questions as honestly as local residents.
In addition, experts recommend paying close attention to the legal verification of the property.
To do this, you need to make a request to the land office and the municipal council.
This will help to ensure that the seller is actually the owner of the property, and accurately determine the leasehold period if the property was acquired under this scheme.
Thus, you should not purchase an object if the lease on the land is issued for less than 20 years.
In addition, before buying, you need to clarify whether there are any encumbrances on the property. For example, if it was purchased on credit, then most likely it is pledged to the bank.
So, no matter how tempting the offers in Kenya are, a real estate buyer should not relax.