The Real Estate Investment Market in Nairobi, Kenya - Overview

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I spent a few weeks in Nairobi looking at real estate and trying to understand whether it is a good investment for non residents.
Time stamps:
00:00 Introduction
00:20 Overview of the real estate market in Nairobi, Kenya
02:50 Overview of real estate prices in Nairobi, Kenya
03:30 Some segments have too much supply
05:27 Maintenance issues with real estate in Kenya
08:17 Example of an apartment in Westlands
10:07 Examples of a few developments
11:26 On the reputation of developers - how to choose as a non-resident
13:08 The challenges of property management in Kenya
15:30 Real estate taxes in Kenya
16:28 No taxes on investment income outside of Kenya for Kenyan tax residents
17:28 Listed equities with high dividend yields, good growth and low debt
18:41 The Kenya Citizenship by Investment programme
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No part whatsoever of the discussion and presentation is, or should be considered as, investment advice, financial advice, legal advice, or tax advice. Always do proper due diligence and speak to a qualified professional advisor in your jurisdiction. Also, be advised that Ladislas Maurice and The Wandering Investor staff may own real estate or investments in the specific markets or opportunities that are discussed. The Wandering Investor may also have marketing agreements in place with certain opportunities that are mentioned.

[@mickyjagah]

I cannot dispute anything you said on this video. Every bit of it was well researched and honestly conveyed.

[@PhonkEcho]

except the 'people eat with their hands' part

[@AdventuresWithKoech]

When you see an off plan 70% sold off is pretty much a marketing statement because you have no proof. The complete blocks had 70% sold poster during construction too. Don't fall for it without proof Kenyans are tricky, I support your ending verdict on investing

[@kmuinde]

True

[@brianamke1987]

True

[@CaneBTC]

Yes, I kinda agree here as well - when you see "3 badroom 6M" that doesnt actually mean there are 3 bedroom apts for 6M. It means once 1 bedroom on groundfloor was sold to the developers best friend for 6M...

[@ahmedeeqnur4047]

Somali building is sold 70 or 80% before it is finished,

[@axelkunyu3960]

Was waiting for (part two) and It's finally here. Good content.

[@philodaniell6681]

I truly enjoy this Chanel which is so well researched and gives a very honest well rounded picture of Nairobi real estate. As a diasporian planning on returning to Kenya this year all these bits of honest information is key. Love your passion and keep posting Blessings plus plus

[@TheWanderingInvestor]

Thank you. I’m glad it was helpful.

[@creecemugho5921]

What about office blocks all over westlands and upperhill would cover on that too?

[@eugeneochieng4165]

From kenya I just love how you explain every details 💯

[@StudioQM]

Such a shame that the property's swimming pool area looks like that. Last year I started an exterior cleaning company because I feel there's a big gap when it comes maintenance of exterior surfaces.

[@wakerlymedia]

Hey Carol. Can I reach out to you, I'd love to be part of the initiative.

[@johnmark7799]

I have made over $75000 trading cryptos,l even made a whopping profit of $40000 on my last trade with a capital of $5,725 due to the aid of expert Mrs jane

[@johnmark7799]

Oh sure➕𝟏𝟕𝟏𝟓𝟔𝟗𝟐𝟕𝟏𝟐𝟎

[@stanleymwangi6524]

the way you analyze these thingz is just impressive, and thorough

[@MarthaFynest]

Clearly your best niche! Really find these videos super informative 👏🏾 thanks

[@zachplayz6882]

This is an enlightening analysis of the Kenyan real estate industry. Thank you.

[@allisadrokarisa7462]

Hello can you help me how to withdraw from realetates investment in kenye

[@AAAAAAAAAA-kh8rk]

Awesome job, very thorough, very useful! Appreciate it!

[@blessedmama5367]

What a great video and eye opening information!!! Thanks 🙏🏿

[@irynasymonenko2565]

Very insightful as usual ❤️

[@jacquelinewangechi8896]

This video earned you a direct subscription...very informative and on point.

[@b-790]

Very eye-opening. Thank you.

[@sharonwangari3693]

Thanks for another great video...... insightful!

[@Dok2023]

Another great video. Well researched and informative. Thank you for this videos.

[@jgm3620]

Great research, very helpfull. Thank you

[@stillmiketheone]

Brutal honest content. Thanks for sharing.

[@JunaidSalehHayat]

Thanks for honest reviews and original content!

[@lamarlayne]

Love the detailed, honest review 'SUBSCRIBED'!

[@ericb950]

You never disappoint man, always good info.

[@fatumaali6403]

This is very good. We really needed this as new investors. Asante sana

[@colinsmuteti2306]

After watching your first video in Kenya I just had to subscribe. Content 💯💯👌

[@ewangai]

Incredibly accurate and useful info. Only bit I would contest is the off-plan 70% . I'd need to see evidence of that as many developers in Kenya use that as a marketing strategy.

[@maryannekinyanjui4784]

You have great content. Could you please do a video on the real estate market in the Kenyan coast, focusing on both residential and commercial developments .,(if possible)

[@Spinkly]

Wow! Very insightful, I’m impressed. Noted!

[@brillwatuma4973]

Fortunately for landlords, there are gadgets you can install on doors & hallways to make management accountable.

[@eurohousewindows8334]

On point.Quality materials used in most cases by developers ↘️,Property management ...thorough DD needed.

[@abdullahih.590]

Very informative, highly appreciated.

[@KelvinKim-desu]

Great evaluation. I've lived in Kenya my whole life give or take a bit of travel now and then. I am enthusiastic about investing in Kenya but I find it hard to justify an investment in Nairobi in the short term. If you want to keep property assets for long term returns then Nairobi makes sense, otherwise you're much better off putting your money in the frontier counties where new highways and other infrastructure is opening up previously locked potential. If you're investing in Nairobi right now, go into Tech and service.

[@musaburgal9334]

Thanks a lot the wondering investor your assessment is amazing and excellent.

[@Mraei0u]

very insightful video :) Thank you for sharing your knowledge

[@bmwegypt]

Great video Ladislas 👌

[@arthurgachanja7142]

Hey You should watch out for the Homes Kenya Expo guys. I always attend. Awesome informative video wandering investor.✨

[@my0.02cents]

Your content is excellent. We went to nairobi looking for property. 2019. The prices looked attractive relative to toronto. The conclusion is the same. Its excellent for a holiday home. Nothing else. Property management is rent collection. Also no such thing as a reserve fund. That right there is what makes spartment/ condo investing impossible.

[@TheGithiomi]

Very smart analyst. We have observed this but the problem is getting data to back these observations

[@dannyosolo2752]

Thanks big Investor!!

[@uleinfamous]

This is a good video. Quite informative

[@goodheartedgal8001]

Following...you’re brutally honest, did burst my bubble a little bit, but I usually wonder who these developers are targeting as I don’t see Kenyans rushing to fill those “high end” apartments given that most youth in mid 20-30-40ish don’t have jobs or aren’t earning income sufficient enough to allow for these pricey apartments. Who is buying, who are they targeting, because foreigners won’t fill up all those high rise apartments. I’d rather invest in low to mid priced apartments for rentals. For the price of one of these at say 20 million, I’d have bought 3-5 apartments going for between 4-6 million and earned more returns per month in rentals or Airbnb.

[@stevelumumba1824]

And that is the naked truth but i think they targert the kenyans in the diaspora who are willing to invest back home

[@mistersitati]

Management capacity in the real estate sector is an interesting constraint to explore. Some developers are working to mitigate this via centralized planning e.g. Tilisi, Tatu City, and gated communities... but this is not sustainable as it is essentially trying to privatize trust based systems. There are plenty of cases where investors have lost their life savings due to unscrupulous developers, so what happens to Kenyans who cannot access these communities? Efficacy of law and order at a system level is still a gap area. However, it also reflects a market opportunity for Management as a service.

[@salehothman449]

I was very eager to buy between Nairobi/ Kuala Lumpur but your advice have definitely gave me very important guidance, thanks.

[@TheWanderingInvestor]

I’m glad it helped 🙂

[@felicitymecha8329]

Very informative. I had no idea

[@ndungutse]

Wow interesting insight! It is very true, Property management in Kenya is a little off. Maintenance of properties tends to be very basic. Things like swimming pools and gyms are poorly maintained.

[@kim1570]

I agree, property management in KE is a big problem. The thing is, every Tom, Dick and Harry thinks they can get into that line of business because they think it only involves collecting rent every month from tenants, making a few phone calls here and there and locking peoples' houses when they're late to pay rent. There's also no property management oversight body to keep property managers in check (or if there's one, they clearly are ineffective). You should hear some of the horror stories from tenants, particularly in the mid-to-lower segment of the market. I'm glad you touched on the money laundering issue. For a developing country, Kenya sure does have an oversupply of high end apartments that experience up to 80% vacancies and one asks themselves, who can afford to put up all these high rises and have them nearly empty, sometimes for years on end??

[@naturalgirldiy]

Excellent info.

[@fatumaali6403]

Please do a similar analysis of real estate in the Kenyan coast. Thank you 🙏

[@Cmunene]

Very well researched. Would have been interesting if you also looked into the auction space, as there is a decent chunk of supply there. Also note govt paper yeilds 9%-13% (15%wht) and some have tax exemption.

[@cn-yg6vf]

Very true, if an investment in Kenya yields less than 9%, just invest in government paper. I think people don't have the information on real estate returns before they invest.

[@user-mz6tj8po5v]

as non Kenyan, this guy is on point. He speaks with knowledge and is unbias

[@ephraimblack5578]

Straight to the point on your review..👍🏾😁

[@MrJairforce]

Great insight . Would you mind doing a quick re-visit on the commercial real estate space in Kenya whenever you’re in the country again?

[@waceera1513]

I like your analysis

[@usa_kenyan]

I really like your videos! In case you do not know, there's a really good collection of Kenyan real estate profiles on KZbin. They are actually from a TV show (I think the show stopped). Anyway, if you're a real estate nerd like me, you'll find the KZbin videos really interesting. They describe individual Nairobi neighborhoods. The show was called Area Code. If you're interested, I highly suggest you check out the one entitled, "Area Code: Nyayo Estate Embakasi." I think you might be impressed with the property management in this housing development. I'm afraid of giving you the direct link because sometimes KZbin will delete a comment that contains a URL. Anyway, this series is a great way to get a taste of the different neighborhoods of Nairobi. I found it very fascinating since I live outside Kenya.

[@TheWanderingInvestor]

Thanks for sharing

[@wayando]

Definitely knows what he is talking about ...

[@cremedelakrimz]

Very informative. Keep it coming and please ignore the trolls.

[@matungarobert5986]

This is a true depiction of our real estate industry. However on the offplan projects one needs to be very careful with them as some say they are sold out while in reality the uptake is less than 10%. Currently some investors are doing joint ventures or acquiring rundown properties redeveloping and then selling.

[@TheWanderingInvestor]

Good points. Thank you.

[@ajmwa1982]

THANK YOU

[@allcontent196]

The high end real estate market is quite flooded. Just wish you could check areas like Ruaka or Thika Road all the way to Thika for low income housing with quite organized management. Rent is as low as $130 per month but with proper due diligence you could get a high growth area that can guarantee at least 70% occupancy

[@cynfulification]

Ruaraka and Thika rd are not ideal places to stay for white folks. Cmon!! Plus there is so much traffic.

[@GK-zu8zs]

@@cynfulification you missed the point of the video. It's not about ideal places for white folks or any folks for that matter to stay, but the best places to invest if you want good returns on your investment

[@cynfulification]

@@GK-zu8zsI haven't missed any points in this video. Ofcourse as a Kenyan you think buying property in Ruaka or Thika is good investment because that's your Kenyan perspective of thinking however I worked with foreigners and none of them want to be anywhere far from Westlands, Hurlingham, Lavington, Karen or even Gigiri. Infact their Embassies have marked these areas as safe zones for them to live. So don't recommend what you don't know out of lack of experience with foreigners.

[@TheTororist]

Great video. Wish you touched on stand alone houses. They're so many new gated communities

[@mikeshabaya2041]

Informative

[@Makmeshy]

Such an important video

[@mercymacharia4465]

great content

[@elijahatambo2717]

Very informative.I have always had a bad feeling about this off plan and gated community hullabaloo

[@fuugu]

thanks fella, very informative, i was sort of interested in investing in a couple of those chinese built appartements from the other vid.think you have put me straight on that, being a foreigner myself, 30 percent tax is a nono,, keep em coming, kind regardz

[@kinyuakariithi]

Good Content Sir when are you visiting Konza City & Tatu City new Development projects in Kenya,..vast amount of opportunities there Sir

[@e.a8045]

This is great analysis hope you do Rwanda soon

[@lucywanyika]

I think the Tax issue needs clarification and perhaps you might want to speak with tax experts about this. While the 30% withholding tax is present you need to note that withholding tax is not a final tax and can be expensed for other income tax as well as you can get refunds if you expense properly when doing your annual returns. That said you're right about most of insight. However for an investment channel you should have also looked at lower to middle income rental investments where some developers are making good money. Many though don't do adequate feasibility studies before investing so they end up burning.

[@marymwongeri9989]

Welcome come back to Nairobi

[@marymwongeri9989]

What is your name on Instagram?

[@allanleyian9364]

Very good Analysis.The average yield seems below the fixed income ones.

[@TheWanderingInvestor]

Good point

[@souadmahamoud2564]

My analyses put in words I was also extremely underwhelmed with the quality and finish.

[@cicigitao977]

True...off plan house in kenya, Maintenance is always an issues ..

[@kwannp6141]

Thank you very much for all this information! You have saved us from making an absolute horrible investment in this country! Not sure of they will ever change their paradigm conducive for foreign investors!

[@derrickmutuma7185]

The current tax rate is 7.5% on gross rental income.

[@kwannp6141]

@@derrickmutuma7185 Ok???? Honestly, does it really matter based off the information in this video?

[@amuranday9862]

This is a very important video for most people looking to invest in real estate in Kenya. Saved me a shit tonne of money. Thanks and no thanks to Kenyan apartments.

[@TheWanderingInvestor]

I should have a patreon button somewhere 😂

[@amuranday9862]

@@TheWanderingInvestor i think your'e sleeping on that hahaha

[@dennismombo4343]

You immediately earned my subscription. God job.

[@TheWanderingInvestor]

Glad you enjoyed it 👍

[@dennismombo4343]

@@TheWanderingInvestor I'm already on your second video kzbin.info/www/bejne/i6WmcmRngNmSmc0 I'm an Architect and I concur with everything you've said. Real estate companies sponsor most real estate shows on TVs that majority of Kenyans use as their staple for information on the industry. Your video is sadly the only objective one out there and from on inside. It's a true reflection of the state of real estate.

[@kim1570]

@@dennismombo4343 Interesting to hear this. Years ago, I heard someone say that HassConsult is very influential in skewing real estate/property reports about Nairobi and its environs. It makes sense though, that the big players will want to control the narrative to their advantage.

[@dennismombo4343]

@@kim1570 That Hass consult price index is bogus. As he said "This is Kenya not Switzerland". All those shows are adverts. Most these fellaz have now started targetting the diaspora. What he said is TOTALLY true. It's extremely difficult not to get conned by at least one person in the value chain. Realtor Consultants included.

[@levinjuguna2809]

For me I see a market gap or opportunity in property management. For every negative side there is a positive. As a Kenyan I would advice anyone to invest mainly in agriculture majority of kenyan economocsis from agriculture. It's smart of you to have such a deep analysis in only three weeks of time here

[@freedomm]

I hope they turn all those spaces into public squares and parks which, for all the greenery, are sadly lacking in Nairobi.

[@TheWanderingInvestor]

I doubt it ☹️

[@dalemcdonald4950]

I will be in Nairobi this November, thinking of possibly investing

[@ROVERSTV_KE]

Welcome to Kenya, welcome to Nairobi I can host you

[@bibiantf4438]

Good analysis but I wonder why cant real estate companies consider investing in Land upcountry?. I have trying to sell 50 Acres land upcountry but am yet to find a real estate company which can sell it.

[@faithmemo1]

New subscriber ❤️

[@user-bd3ce5le7t]

Africa is the future

[@kangethenjoroge3416]

would you invest into the higher end realestate, westlands if you had a kenyan pasport?

[@TheWanderingInvestor]

To use for myself, yes. Or else I’d go for a small allocation. If I was Kenyan I’d want to have assets outside of Kenya as well.

[@waceera1513]

Good info. Waiting for the next one.

[@cn-yg6vf]

Very insightful view on real estate in Kenya. As a diaspora I find it very overpriced, for the same amount of investment, I can get an income earning property in the Midwest with top notch management, and enjoy a tax advantage for owning rental property, low interest rates, allowed depreciation and other expenses and increasing equity. 30% tax on gross income is actually stunning and set with no consideration of foreign investors.

[@exemplarystyles1321]

Where is there which country which city

[@Kainhand10]

Does it mean a resident based on citizenship or actually living in the building?

[@freedomm]

Excellent analysis, as always, Ladislas. Just one tiny error: while the Chinese, Somalis and South Sudanese developers are, indeed foreign. The “Indians” are actually Kenyan and local. That’s the difference.

[@namiin3034]

The somalis are not foreigners the northern part of Kenya is somali, and there are also somalis from Somaliland who have been there as long as the Indians since the British.

[@freedomm]

@@namiin3034 Most of the ethnic Somali property developers aren’t Kenyan Somalis, but refugees from Somalia living in Western countries. Kenyan Somalis, like other Kenyans, have no need to emigrate abroad in large numbers.

[@XY-rh3if]

Unlike in Nigeria where the developers sometines build, then stick around for more profit by taking charge of maintenance, it appears the developers in Kenya just build, sell and make their profit, then move on to the next project.

[@webiplus]

Is it true that in Kenya, foreign investors can only get up to 99-year leasehold on a property? It's a bummer because I wish there was more info on this & how can a foreigner get citizenship?

[@robinson5218]

Yes, foreigners cannot own freehold property. However, there is no issue with a 99-year leasehold as it's standard for most properties

[@mwirikiamm]

Kenyan citizenship arises as follows. Through birth and by registration. Persons who have continuously legally lived in Kenya for 7 years qualify to make an Application for citizenship through registration, a person who has also been married to a Kenyan citizen for more than 7 years also qualify for citizenship provide that the marriage was celebrate in a system recognized by Kenyan laws. A foreigner must apply for an Alien identity card so long as they have been in kenya for more than 90 days and have a valid permit or pass to be in Kenya. Leasehold land is common even for Kenyan citizens hence not a big issue before the end of the leased term the registered proprietor is given the first priority to make an Application for extension of the lease for another lease term of 99 years.

[@africarain8294]

Please try find certified home in sukuri Heights they building now try and find them Please

[@bukeaor2961]

The inventory numbers are quite high, but based on location the prices are holding . Apparently the real estate prices seem solid and I thought the huge inventory sold favor buyers with great prices but nope ! But most developments are geared towards the diaspora market and quite overpriced!! Some of the prices I'd rather just buy in Lavington or high end Mombasa !! The quality is better !

[@MrTosh21]

The taxation is 10% withholding on gross rental income or you may choose to pay 30% on the net income that's my understanding on the taxation provision.

[@TheWanderingInvestor]

different rules for non-residents

[@expand9487]

What about investment in Ethiopia?

[@jackjosephtz3]

Where is the public bathroom?

[@RetoHartinger]

People do not use the pools in Nairobi. Weather is too cold. The pool is cooling out over night. When you buy off plan you ll find out that at the end not everything that was on the plan will be built and the finishing is lower quality then expected. That is mostly like this in mombasa. Because investors are in arab countries and will never see the end product. The arabs do this investment because they are not allowed to charge interest rates. Real estate is an intrestratish investment but still islam conform. The middle class market is completely overbuilt in momnbasa. I guess it is same in nairobi too.

[@petermwangi8605]

kindly share the link to real estate stocks insights

[@TheWanderingInvestor]

Check on The Wandering Investor website 👍

[@XY-rh3if]

That's the reason wise men don't allow others to manage their Airbnb. The only thing that should be managed by others is the cleaning of the Airbnb. And even that needs to be approved before the cleaner accepts their pay and vanishes into thing air, just to ensure that the place is thoroughly cleaned

[@Tata-bd9nx]

I'm Kenyan and you are spot on on the poor property management. I was like someone at last said what I was thinking. What would be the solution for this though?

[@TheWanderingInvestor]

Start a property management company and do a great job 😉

[@SpiderOG]

Property management can’t do nothing about structural problems.

[@lwm2985]

@@SpiderOGIsn't that what structural repairs are for?

[@SpiderOG]

@@lwm2985 property management is building maintenance, aeshetics. Structural problems are permanent, caused by poor construction.

[@Tata-bd9nx]

@@SpiderOG I have more issues with the building maintenance, aesthetics part of it. For instance, there should be someone maintaining that pool he just showed ,also a gardener to keep the surroundings trim and tidy. Plus keep the gym clean. I can imagine paying a lot of money to live in that apartment with all these nice amenities yet i cant even use them.😒

[@millymaj762]

Ist Cold season in Nairobi to swim

[@victoruwe4137]

Hi, what is the cost of a 3 bedroom apartment in Westlands and Mobasa?...I want to buy.

[@samwelmeja9903]

A three bedroom would range between kshs.18M to 20M with modest finishes & kshs. 22M to 26M with high end finishes in Westlands Nairobi.... I'm a practicing Associate Valuer and the current firm I'm in specializes in sales and agency too.

[@boybecomesmanke]

@@samwelmeja9903 Hi, how can I reach you kindly?

[@jmaatgreen7894]

Thank you for this. Can our US based company invest in a few apartments for staff?

[@TheWanderingInvestor]

Yes. You may or may not need to create a local subsidiary. Depends on your objectives / tax situation

[@henrygurwood]

Wondering how the Kenyan construction is coming along, if the developers were Chinese firms, given the mess Chinese developers are in back home

[@XY-rh3if]

It seems to me like it's much better to buy a land and build ones private home in a place where maintenance isn't taken very seriously