THE PIRATE CRAP AGAIN... so that's what bought all of the 35,000 housing units built last year... so do you have any pirates that you can single out that have property near you...

And they are not pirates... it is Somalia's informal navy... protecting territorial waters from Japanese fishing trawlers and French nuclear waste dumps...

am blown...thats a totally different way of looking at it. very very nice esp at the nuclear dump bit there maybe sth there

@fantony

You cannot use the pizza and chapati analogy here.....
It is only in the third world where people are denied basics of human existence read food, shelter and clothing. In Italy, where pizza originated, the pizza is a common mans meal same as our ugali, nyoyo, muthokoi. Chinese food would cost you less than a dollar in Guangzhou, yet the same meal costs you more than 50 dollars in Nairobi. It is the same fascination with things foreign that the real estate sellers are exploiting today. Build a crap house and call it something ...ville or something ....brook or meadows and I can bet you will reap the millions from it. Build the same apartment and call it Grogan or Korogocho and nobody will want to pay you a dime for it.
There is nothing spectacular in many of the so called high end apartments that are now going for 10... or 20 m. These are normal structures that normal human beings need to be living in. What @vituvingi calls the median man.
We should remember the history of zoning of Nairobi much of which has to do with our colonial legacy. The three zones ...one for whites, the other for Indians and the last one for the natives were legislated by law then. Today, in the 21 century, years after our independence, there has been no deliberate attempt to wipe out this legacy. Infrastructure in Most of Eastland is what Eric would call “hii si barabara ni shamba”.
Whether the bubble bursts or doesn’t, the common man will still not benefit. What Nairobi needs is over 240,000 new decent housing units annually to house every Kenyan. We should also debunk the myth that one needs to be “white” or “excessively monied” to be able to bring up his or her family in a decent accommodation.

@all: Thank you for your contributions i learnt a lot.DID anyone notice that soon after we all started talking about property here, all the media outlets had a story on how the property market has stagnated?

The local news media should acknowledge WAZUA as one of its news sources.

Read more at: https://www.standardmedi...-a-year-after-completion

However, there is another class referred to as the “floating middle class” which are not poor but can fall into poverty courtesy of a small disturbance on their economic well-being.

A housing shortage exists but the common man hasn't been factored into plans of the real estate developers.. The drop in rent is expected and long overdue

The said bubble burst isn't countrywide.. And NSSF have capacity to deliver Kenyans from this economic suicide by replication of BuruBuru, Nyayo Estate etc But they would rather chase mirage of NBK shares and Hazina Towers.. This country is f×cked up!

For smaller houses yes, but property worth KES 6m or more, a mortgage may be necessary

I am convinced there is creative accounting and mis-reporting going on at banks. Some of them should be quite distressed. There must be a lot of capital tied up in half-finished projects or in projects completed but with no occupancy or buyers, which means the owners are not servicing loans. These loans should be in bad debt / write-down territory now, fire sale mode. But no, everyone remains stiff lipped, probably hoping things will turn around, the turds in the books remain hidden somehow cause the fundamentals don't appear badly off, it is all hunky-dory.
What if there is no turn-around in the next 5 to 10 years? How bad are the books I wonder? Will it be another Nakumatt-like scenario, a shiny edifice that is hollow inside?