Constructions with foreign architectural designs are
developing across many real estates industry in Kenya. The magnificence of that
is some remnant of the buildings in Kisumu real estate, used to be considered
posh and luxurious in the recent times are now being wiped out of existence. A
big number of real estate investors; home buyers and tenants in these days do
not just look at a location, and most importantly the price as major factors to
consider during buying or renting a home.
Nowadays people take a good look at security matters and building
designs just to have a little more ambience in there preferences.
For example a spot-check in Kisumu municipality indicates
that majority of residential houses constructed more than three decades ago are
now being demolished and being replaced with the latest ultra-modern structures
within the city. The enforcement of zoning regulation within the local
authority is mainly contributing to the latest mode of architectural designs
not only in Kisumu real estate but also in urban settlements. This drift has
not spared the institutional housing schemes in Kisumu region, for example,
estate like Kenya-re, pipeline, Kenya railways, Tom Mboya and even Robert
Ouko are finding it very rough to compete with the emerging developments of
bungalows, maisonettes, town houses, flats etc. consequently the rental and
land prices here exceeds the others overwhelmingly.
Players in Kisumu real estate industry conversely view this
as very healthy to the construction sector since it generates more room for
competition. Mr. Onyango, the legal
consultant for Kisumu property says that the new architectural designs will
help boost property value and magnetize urbane clients with higher buying power
and therefore higher rental returns.
A good number of property developers and owners are coming
to terms with this vicious reality and now opting to renovate and modernize
their old properties so that they can also compete with the new architectural
designs. For example, more that Kshs 40 million has been used to bring back to
life Nyalenda railways estate. For
instance, a three bedroom house which was around Kshs.5000 in rent is now
ranging from Kshs.25000 going upwards, that is an increment of about 500 per
cent. Onyango says that the hidden
beauty secret of this is that; the tenant who can afford to pay high rent also
has a low default rate of rent payment.
This competition on architectural designs facilitates for
local authorities to continue enforcing zone regulations and slam messy
development in the region then at the same time, property investors continue to
gain more from the value appreciation. “the surfacing of new structural designs
do really hinders the city planning in several ways, categorically it keeps the
planners on toes and also create room for durable buildings” says Evans Otieno, a Marketing Executive at a
real estate firm.
“Most home owners are in search for
sophistication; these are delineated by structural a design that complicates the
need to enhance security and incorporate technological gadgets, while atthe same time taking into consideration the climatic conditions. A house
installed with pay TV, alarm system and CCTV will attract clients more compared
to just a standard structure,” says Otieno. A town planner in Kisumu real estate industry says new zoning
regulations will help create sustainable real estate development without the
No comments:
Post a Comment