Kisumu real estate business is experiencing a property price boom with land and house prices surging exponentially, as masses move in to tap into the city’s flourishing market for available properties.
According to Marketing Executive Mr. Otieno of West Kenya Real Estate, the expansion of industries in Kisumu have attributed to recent infrastructural upgrades, has fuelled demand for housing in the city as workers in these sectors seek accommodation.
This has seen land, house and rental prices towering by nearly 1000 per cent amid fears that the rapidly rising prices risk becoming a bubble.
At the up-market Riat Hills estate (along the Kisumu-Kakamega Road), for instance, land prices have gone up to between Sh3 million and Sh7 million for an acre with rents for three-bedroom houses now ranging between Sh35,000 and Sh60,000.
Other city suburbs such as Nyamasaria , Kibos, Rabuor, Molem are also experiencing rapid real estate growth, which has pushed up property prices beyond the reach of many people.
“In 2010, half an acre plot in Nyamasaria just 5km from Kisumu CBD used to be sold at Sh300, 000. Now the same piece of land goes for Sh2, 000, 000,” said a one of the property agents in Kisumu realestates, adding that rents for bed-sitters in the area have surged to the region of Sh6, 000 per month.
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