Land prices shoots up as focus return to Kisumu real estate

Kisumu real estate

The new wave of investor is currently concentrating on Kisumu real estate in the whole Kisumu County already has jolted land rates in the region. After a decade or perhaps even decades during dormancy, Kisumu land possessor are now having a view of unlocking capital gains in the region.

The need is conspicuously identified where local residents as well as worldwide developers who have been noticed returning gradually to Kisumu to invest in the overflowing lake side vicinity.

 The high prices of property in Kisumu have obtained a considerable boost from the continuously infrastructural upgrade; Kondele bypass, Kisumu- Nairobi road, modern construction of latest Kisumu international airport etcetera. Definitely the Kisumu airport expansion is among the projects which generally have instilled substantial excitement into the city economic activities.

Kisumu real estate firms are now having several investors streaming from abroad pushing at this time there focus on Kisumu real estate investments, all of this have been evidently noticed where the competition to obtain prime land within and around Kisumu CBD has subsequently seen a rally, attracting previously incredibly asking prices.

“Kisumu real estate has just begun to reap the best returns, no one has ever purchased ¼ acre of land at one million shilling within the region prior to now, however we’re having circumstances where lots of people are ready to pay as much as 30 million for an acre of land in Milimani and Riat areas so long as the plot of land is secure and conveniently positioned,” Claims an agent in Kisumu real estate.

Considering that there is a high demand for more commercial, hotel accommodation, holiday facilities, the financiers are getting hold of more land to reap out of this tantalizing opportunity. Most of the estates where property valuations are observed to have more than tripled comprise of Milimani, Mountain View estates and Poly view which are slowly turning commercial, as well as land in the expansive Kanyakwar area. In the up-market Riat Hills estate, which often overlooks the airport directly, half an acre now goes for Sh4 million and above.

Without doubt the high values being realized at present are also justified by the fact that Kisumu’s periphery and areas adjacent to the CBD have remained undeveloped over the years, according to West Kenya Real Estate Agency. “If you look at towns like Nairobi, those who have property in far-off places as Rongai and mlolongo are undoubtedly still viewed as residents of Nairobi, nevertheless for Kisumu the issue is only when you're few metres from the CBD,” said Otieno.

He also attributed to the new wave of demand will not prevent  people who had previously owned properties  in other areas of the county even though they went through nasty experiences during the 2007/08 ballot violence, are still willing to purchase and own at least a property in the region.