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100x50 plot at 15m? - land prices have gone crazy
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S.Mutaga III
#21 Posted : Friday, April 20, 2012 5:32:56 PM
Rank: Member


Joined: 3/26/2012
Posts: 830
I couldnt agree more that land is overvalued in Nairobi.I may soon consider other towns with more or less the same living standards or slightly lower e.g Nakuru or Kisumu.
A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Metasploit
#22 Posted : Friday, April 20, 2012 8:16:27 PM
Rank: Veteran


Joined: 3/26/2012
Posts: 985
Location: Dar es salaam,Tanzania
jamplu wrote:
a4architect.com wrote:
@metasploit..
In US,Australia and Europe, the citizens threw the financial burden to the banks. Banks threw to insurances who threw to Govt.

In Kenya, these guys with property loans can not default and throw to banks-they will be slowly squeezed in a symbiotic method.

I saw Hon. Midiwo has fronted a bill to cap rates to Base lending rate + 4%. This will help slightly if passed.

Its more of a panadol effect on a cancer patient..full solutions lie in land reforms such as LVT.

@tiggertiggy..ok.ok..
Let speculators make hay while the sun shines.
Its good for me to show speculators[me included] the science behind this increase in value and its long-term effect on the economy. Such info is not easy to get.
LVT can not be actualised in Kenya coz the policy makers own most of the land and the voters are not well-versed on matters land/economy hence easily swayed politically.

My prediction is that land speculation and over value will continue for the next 20 years. By then, there will be a critical mass who will understand and come up with solutions to this.


Let speculators enjoy it... but am just wondering
at the rate the prices are going up who will be buying. Because soon an 1/8th meant for single house not a flat around nairobi -Syokimau and Kitengela will be going for about 5M and remember only the middle class is interested in these areas with the kind of interest rates we are seeing will it be possible for people to buy.


In TZ very nice plots are going for many a fraction of the same in Nairobi.For speculators,it is well and good..for the buyers watch out.there are so many dynamics that might offset everything

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
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jamplu
#23 Posted : Friday, April 20, 2012 8:36:31 PM
Rank: Veteran


Joined: 3/25/2010
Posts: 939
Location: Nai
Metasploit wrote:
jamplu wrote:
a4architect.com wrote:
@metasploit..
In US,Australia and Europe, the citizens threw the financial burden to the banks. Banks threw to insurances who threw to Govt.

In Kenya, these guys with property loans can not default and throw to banks-they will be slowly squeezed in a symbiotic method.

I saw Hon. Midiwo has fronted a bill to cap rates to Base lending rate + 4%. This will help slightly if passed.

Its more of a panadol effect on a cancer patient..full solutions lie in land reforms such as LVT.

@tiggertiggy..ok.ok..
Let speculators make hay while the sun shines.
Its good for me to show speculators[me included] the science behind this increase in value and its long-term effect on the economy. Such info is not easy to get.
LVT can not be actualised in Kenya coz the policy makers own most of the land and the voters are not well-versed on matters land/economy hence easily swayed politically.

My prediction is that land speculation and over value will continue for the next 20 years. By then, there will be a critical mass who will understand and come up with solutions to this.


Let speculators enjoy it... but am just wondering
at the rate the prices are going up who will be buying. Because soon an 1/8th meant for single house not a flat around nairobi -Syokimau and Kitengela will be going for about 5M and remember only the middle class is interested in these areas with the kind of interest rates we are seeing will it be possible for people to buy.


In TZ very nice plots are going for many a fraction of the same in Nairobi.For speculators,it is well and good..for the buyers watch out.there are so many dynamics that might offset everything

@Metasploit I think ujamaa helped out tanzanians on this aspect although its being exploited by a few i know of someone in TZ who has been allocated quite a number of prime plots. In Arusha and Dar most of the building within the town belong to their housing cooporation which i think could favor them when if at all the govt wanted to kind of modernize these towns.
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Metasploit
#24 Posted : Friday, April 20, 2012 8:50:44 PM
Rank: Veteran


Joined: 3/26/2012
Posts: 985
Location: Dar es salaam,Tanzania
@jamplu True.Govt aside,its easy to own plots and houses right within Dar es Salaam..and i mean very nice plots (read the equivalent of Karen )Most of the guys i know (Drivers etc)own homes in Dar.This is very difficult for the same grade of people to own homes in Nairobi.Its actually getting harder for the employed middle class to own homes,unless long term thru mortgages etc.
Take a working middle class guy from Nairobi and you will be amazed by what he can accomplish within a year in Dar.I am talking of very nice places at around 800k-2M.Thats why EAC is being given a wide berth by our brothers over yonder

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
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