Real estate firm Username Investments Limited, says the current slowdown in the economy is perfect for investing in property. The company’s CEO Reuben Kimani says the prices of land have drastically dropped over the last three months because most people are holding back due to the prevailing political environment.
“The political uncertainty in the country has really affected business,” says Mr Kimani. “We have seen a sharp decline in the number of people investing in real estate over this period.”
Like in any investment such as stocks, it’s better to invest when the prices are down. Therefore, this is the right time to invest in real estate as you will get the best properties at the best prices, he says. “Once the situation normalizes, the prices will certainly go up,” he said.
The company is keen to tap into the youth market by offering products at affordable prices as part of its growth strategy. “We are aware of the challenges such as access to finance by many potential homeowners, especially low-income groups. One of our aspirations is to ensure that over the next five years, we will have settled as many youth as possible into home ownership,” said Username Investments CEO, Reuben Kimani.
Speaking in Konza Haven in Makueni County where the company issued 700 titles to new land owners, Mr Kimani said the company will ensure that buyers get value for money in an industry riddled with fraud. Statistics from the Ministry of Land indicate that there have been about 7,052 cases of property fraud, which had been worsened by the collusion with professionals mandated to ensure no fraud.
The Ministry further highlighted the fact that the scams could be costing the economy Ksh60 billion annually, which is the estimated cash that the government loses in land rates, court cases and lost investment opportunities when disputed land lies idle.
Mr Kimani advised Kenyans to purchase land through reputable property ownership companies. Kenyans have to also grapple with rising cost of land, which is making it impossible for many to own property and eventually homes. “At Username Investments, we pride ourselves in making land affordable, and therefore accessible for all Kenyans from all walks of life from as low as Ksh179,000 for an eighth of a parcel,” he said.