As many as 4 million Kenyans are living and working abroad, says the Ministry of Labour and Social Protection. Many of them are working towards higher standards of living when they eventually return to the country.
Among the many dreams harboured by diaspora Kenyans is building homes back home for rental income. There are many success stories of people who went to work abroad, made money and are now comfortably living off the income from the houses they built as they toiled in foreign lands.
There also are horror stories of money sent home for construction being pilfered by relatives, some of whom went to the extent of sending fake photos to fool the financiers of the projects. Imagine the shock of a Kenyan returning home only to find nothing was built.
This is exactly what happened to Jane Mburu, a Kiambu woman. She worked in Saudi Arabia for nine years while sending money to her daughter, but found the money gone on returning to Kenya. "I had planned to start a business and also pay school fees for my children but, as we speak, even money to buy food is a problem," Wambui told Nairobi News.
Yet another challenge faced by diaspora Kenyans lies in navigating the complex legal processes around land transactions. Carolyne Muthoni, a Nairobi-based real estate practitioner, says the prospect of having to travel to Kenya to kickstart the processes makes it almost an unattainable goal for the diaspora.
"Properties with title issues, property fraudulently sold to more than one buyer and a lack of trust between real estate developers and diaspora Kenyans are some of the barriers," Muthoni says.
Financing is another problem as banks are often unwilling to fund diaspora real estate projects for various reasons, such as distrusting the applicant. Furthermore, the interest rates charged by financial institutions are too expensive.
To solve these problems, several real estate companies are offering packages that combine land acquisition, construction, site supervision and property management. Clients who sign up for such packages get detailed reports on the status of their properties. The real estate companies that offer those packages have partnered with developers, land surveyors, lawyers and financial institutions.
How, then, does one find a real estate company that will deliver on its promises?
1. Get referrals: Ask friends or relatives who already own homes through real estate agencies for pointers. It's obviously safer working with real estate companies that have a track record of success with people you know.
2. Do background checks: Find out about the company's track record. Visit their previous projects to check on the quality. It is also helpful to conduct an online search to find reviews and complaints. An online search would help detect any legal cases the company may be facing.
3. Find a real estate company at your location of interest: It is infinitely better to work with people familiar with the locality you wish to invest in. They know the area in detail, its history of land ownership, land values and which places would be suitable for your taste and budget. In short, local knowledge can be very helpful when investing in real estate.