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Land Price Rise Hits 10-Year Low On Polls, Bad Economy

Land prices in Nairobi last year grew at the slowest pace in a decade, affected by the prolonged electioneering last year amid a slowing economy and lack of access to credit.

Realtor HassConsult says in its 2017 quarter four price index report that land price in Nairobi suburbs only increased by 3.3 percent while that of satellite towns was up by 5.4 percent, both the slowest since the index began in 2007.

HassConsult head of development consulting and research Sakina Hassanali said the slowdown in price growth indicated the value of land is no longer immune to political risk, having previously been seen as a safe haven investment whenever there was political or economic uncertainty.

“If you look at the overall trend in the last five years, land prices have been growing but at a decreasing rate. It was exacerbated last year due to the uncertainty in the economy. It is only in areas where we have infrastructure coming up that we see prices going right back up,” said Ms Hassanali. Read more…

Source | Business Daily Africa

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Tatu City Land Price Rises to Sh10.5m per Quarter Acre

The price of land at Tatu City real estate in Kiambu has jumped by nearly a third to Sh10.5 million per quarter acre over the past 18 months after the developer recorded brisk sales last year.

The developer, American firm Rendeavour, Thursday said that individual buyers snapped up 148 plots last year, or nearly half of what has been sold over the past three years, revving up demand and prices.

The residential land, dubbed Kijani Ridge, is part of Tatu City’s upcoming mixed-use development of a satellite city that will feature high-end homes, private schools, offices, shopping malls, hospitals, hotels, light industries and entertainment spots.

The land price for aspiring homeowners appreciated to Sh10.5 million per quarter acre plot from Sh8 million a year ago, according to Rendeavour Country Head Nick Langford. Read more

Source: Business Daily Africa

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You Own A Unit In A Building, With Common Areas

Sectional property ownership is not well understood by many people, so to discuss it, let’s begin with a story.

Among the interesting tales in Swahili folklore are stories about a hilarious and witty character named Abunwasi.
In one such tale, Abunwasi built a storey building and sold the upper floor to someone who was looking for a new home. A few months down the line, however, the neighbour upstairs crossed Abunwasi and matters escalated to a point where Abunwasi wanted his neighbour out.

So Abunwasi approached the neighbour and asked him to move out. But even after several eviction notices, the neighbour remained resolute that he had legally bought the house from Abunwasi and would not be forced to move out.

One day, Abunwasi went up to his neighbours’ house and told him: “It seems like you’ve decided you’ll live in this house forever. That’s all fine by me. I have come to let you know that from midnight tonight, I’ll be demolishing my ground floor home and you can’t stop me because it’s my house.”

“What am I supposed to do?” asked the agitated neighbour. “It seems that you love your house very much,” Abunwasi said cockily. “I suggest is that as I’m demolishing my house, you hold tightly to your upstairs apartment so it doesn’t come tumbling down.” The stubborn neighbour moved out that very night.

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