Fourth Kisumu expo seeks to open up home ownership

After three
consecutive years of exhibition, the Kisumu Homes Expo has made significant
steps in transforming the town’s dormant real estate sector into ‘real estate’.

The fourth
expo now opens its doors on June 24 with a massive call for investment in the
middle income properties. The two-day event kicks off this Friday and aims to
promote development of affordable houses to boost home ownership.

Navic Communications, who have been organising the lakeside
expo since its debut, says investments in Kisumu’s property market are yet to make
it easier even for middle income earners. This is despite a slight opening up
of the market, which still favours the high end market.

Unlike the past three expos, this year’s has attracted
six additional exhibitors up from 40 to 46. The event also seeks to explore
ways to enhance use of new technology, bulk buying and addressing the missing
links in Kisumu’s real estate industry.

Navic Communications director Eban Aba says the past
expos had deliberately left out the low end market by exhibiting luxurious
homes that sold for a minimum of Sh7 million. “The real distinctive feature at this expo was the
numbers of luxury homes on offer targeting the higher end market and leaving
out the other segments uncovered, properties worth Sh5 million and below were
almost completely left out but this time we want to explore the market for the
middle class,” says Aba.

Among the top exhibitors in the homes expo include Kajulu Gardens, Mamboleo Apartments,
Diana Apartments and Gudka Phase 2 – all who have rental properties that attract
rents ranging between Sh7,000 and Sh12,000.

Home
owners will also get professional advice on how to refurbish dilapidated
structures to improve the living standards and attract middle income earners. “The
previous expos helped a great deal in opening the real estate market by
enhancing credit facilities. Banks now have faith in the market and have
increased lending. However, this still focuses on high end property,” adds Aba.

The organisers
say efforts are also being chanelled towards encouraging locals to stop
clinging to ancestral land, a problem that has plagued the town’s real estate
sector. It also seeks to encourage them to form housing Saccos to enable them
access credit facilities and tailor-made products from construction companies. “Another
problem with property market is building of houses for own use especially by people
who own land in town and adjacent areas. These people could utilise the
available land to accommodate more people.”

The expo, which will be graced
by Medical Services Minister and Kisumu Rural MP Anyang’ Nyong’o, also seeks to
encourage investors to start using new technologies that can help deliver mass
housing affordably while conserving the environment. "Rigidity
has led to poor housing and the current shortage. People still fear trying out
new construction methods," he says.

The current
demand for housing in Kisumu has shot up to about 10,000 units per year against
a supply of slightly more than 1,000 units per year.

Locals will
also be encouraged to embrace mortgages, to help arrest the biting house
shortage. Property dealers say rents are rising for both residential and
commercial space.