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Kenya Property
Thoughts on Buying Property in Kenya
Kenyan Property Market & Economy
 Tourism plays a major role in the economy of Kenya. Records show, in 2007, tourism contributed some £500 million, or roughly 12% of the Gross Domestic Product of the country, to the economy, an increase of just over 11% on 2006 figures. Tourism is, likewise, still the most popular market sector for property investment in Kenya, although second, or retirement, homes are becoming increasingly popular. The eastern, Indian Ocean coastal resorts of Lamu - the oldest Swahili settlement in east Africa - Malindi and Diani remain popular with foreign property investors, but other opportunities exist elsewhere in Kenya. Residential property in, and around, the capital city, Nairobi, for example, is attracting attention, not least because of the influx of foreign businesses into Kenya, and the increased demand for high end, residential property by businesspeople and professionals.
Buying Property in Kenya
The popularity of Kenyan property with overseas investors has led to the availability of more, and more diverse, mortgage products from financial institutions - such as the Kenya Commercial Bank, and its subsidiaries - in Kenya. The process of buying property in Kenya, however, is not without its `quirks and foibles`, so legal advice, from a lawyer, or solicitor, is advisable throughout the process. Indeed, it is possible to assign power of attorney to a local solicitor, who will complete the entire buying process in the absence of a foreign buyer. A solicitor should obtain the title deeds of a property, and ascertain the authenticity of the vendor, the `class` of the property - property, or land, classed as `agricultural` cannot be purchased by foreigners, other than via a Kenyan registered company - and its exact dimensions. If you decide to make an offer on a property, a preliminary contract and a deposit of 10% are usually required, and a final contract is normally signed within 3 months. Fees and taxes - including property tax, at around 1%, and land tax, at up to 8%, depending on location - are usually payable within 30 days of the final contract being signed.
About Kenya
Kenya, in eastern Africa, is renowned for the diversity of its landscapes, from the tropical beaches of its Indian Ocean coastline, to its central highlands – dominated by Mount Kenya, at over 17,000 feet – bisected by the Great Rift Valley. The climate, too, varies considerably, from tropical in coastal regions, to arid, and desert-like in the interior of the country. The unique land formations and climate of Kenya support an abundance of fauna and flora, making it a much sought after destination for safaris, and eco tourism, as well as more traditional beach holidays.
Text supplied by www.sunshineestates.net
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