I think we are very far from any bubble forming / bursting. Most of the land / developments on sale are conversions from marginally-profitable farms or previously-unutilized land left fallow. I think the tipping point will be when Kenya has a plethora of middle-income earners all on mortgages...which is nowhere near happening. Correct me if I'm wrong, but I keep seeing a statistic of only 40,000 mortgages in the entire country currently. If that is true then the mortgage (and therefore housing) market is nowhere near a glut on either the supply or demand side.

One lingering question for me is...with only 40k mortgages, how on earth do Kenyans finance house purchases? Are they that flush with cash?