I dont get it! How is Hass "the best and most professional"after you got shafted on edenville 2?

@user1985...

You may want to consider exchanging your USD for shillings now and investing in short term treasury bills while you shop around for the best real estate deal that is suited to you. After all, buying off plan you will only need to deposit a relatively small percentage of the total price of the property you intend to purchase.

The USD/Ksh rate appears to have stabilised around the Kshs. 105/- plus range, while IF the trend of the last T/bill auction persists you will obtain north of 18% p.a. in yield. Food for thought....

Thank you everyone for these replies, really very helpful and much appreciated!

As for the deposit - they are actually asking for regular payments (as in ~20% every quarter or so). However, I already told them I don't like that, after all, I don't want to keep paying Hass Consult (who then release it to the developer) no matter what is going on with the building site. So I've indicated that if I did this, I want to pay 20-30% as deposit and 70-80% on completion deal, though they may ask for more money in that case.

I am surprised that apparently 10% deposit is more usual? Is that also true with higher-end developments? I know the deal offered by the nearby Purple Haze development from Edifice is also either regular installments or 30% upfront and 70% on completion (but the latter is 10% more expensive).

My impression was also that the developer has not yet completed a project of this high-end nature (their reference buildings are Lenox Park & Skyview which are ok, but not more), so the point that even if they genuinely try, their inexperience may be a problem and cause issues, is a fair one.

The apartments from developers with a proven track-record of building very high-end (e.g. Spartan Developers who did "The Lofts" on wood avenue) are also more expensive e.g. 26m offplan for a 2BR in their newest, so one wonders if the Enclave can really afford to be so nice if they price their 2BR a full 10m lower.

My $2 Zimbabwe advice
- Unlike stocks, in real estate, you are better off investing in what you can see. Take time and drive around, you will be surprised at how many already completed apartments are up for sale (That meet your specifications).
- Investing in a ready apartment is important because you will start collecting your rent immediately or within a short time. However, you may have to realize that the pay back period for high end property is relatively long.

10 years??? And nobody got shot???

I bought a plot (part of a bigger piece of land) and was promised the titles would be processed immediately. I was later informed by the lady owner that the land had boundary issues they hadn't noticed for years. The immediate neighbour had his land encroached by a second neighbour and he encroached on hers. The first surveyor was a joker and did not notice there was a problem with the land. They later realised what was on the ground was not the same as what on the paper! They engaged a new surveyor who noticed the problem.

It became a long back and forth since the second neighbour had already sold his land to a third party who did not want to hear any of it. It took a couple of years and monetary of course to sort out the issue.

Then the son in law of the owner tells me I have to add some money because they had spent money to sort out the issue or they refund my money because the going price had quadrupled anyway (since I bloody cleared my payments!!!) and what they were asking me for "was reasonable". I almost shot the son of a b!tch!!! The lady had to cool me down!!! I can only imagine if it was a house and the delay was 10 years!!! Kwanza for a fellow using a loan knowing very well he will not be paying rent and can therefore survive the loan repayments!!!

Haki maneno ingine ni stress tupu!!