Swelling demand for expedited land ownership documentation to fuel expansion in the property market
In the final quarter of the year, the real estate sector in Kenya is showing a significant surge, according to reports by Derrick Samambo. This optimism is largely driven by Kenyans in the diaspora investing in property purchases and development.
Gerald Ndung'u, a project manager at Herencia, a gated community development, shares this optimism. However, he notes concerns about unnecessary bottlenecks in the process, particularly regarding land documentation and efficient land administration systems. Ndung'u emphasizes that giving buyers and developers confidence in their land documentation is crucial to addressing the housing gap.
Samambo, too, stresses the importance of reliable power, water connections, and road networks to maintain this momentum in the real estate sector. He suggests that accessible mortgages and a culture of disciplined saving can empower young people to own homes earlier in life. This call for young people to start investing early to secure their financial future in the real estate market was also echoed by realtors during a customer appreciation event.
Beyond documentation, developers have highlighted the need for stronger investment in infrastructure. Simple things like access roads and reliable utilities, as noted by Ndung'u, determine whether a place attracts buyers. Poor interior roads, inadequate street lighting, and a lack of safety features such as speed bumps are undermining property development in rural and peri-urban areas.
Stakeholders have also emphasized the need to expand affordable mortgage facilities to enable more Kenyans to transition from renting to homeownership. Affordable mortgage facilities have already allowed more Kenyans to do so, but there is a growing need for more such facilities to cater to the increasing demand.
The government is facing pressure to speed up the issuance of title deeds. Reltors and developers claim turnaround times for title deeds are lengthy, with investors waiting months instead of weeks. This delay is causing concern and potentially hindering the growth of the real estate sector.
In conclusion, to maintain and further grow the optimism in the real estate sector, addressing these issues of documentation, infrastructure, and mortgage facilities is crucial. By doing so, Kenya can empower its young population to own homes earlier in life and bridge its housing deficit.
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