I was reading an economist article on the South American real estate market. The article explains the reasons behind the South American property boom, I believe these reasons can be applied to the Kenyan market as the two markets share similar fundamentals.

The article identifies the following reasons for the boom:

1) The property boom is being driven by a hefty increase in the number of potential buyers
2) Supply constraints, in particular the shortage of land in the economic hotspots.
3) Grand infrastructure projects.
4) The purchasing power of the newly well-off has been boosted further by greater availability of mortgages.
5) The housing boom is due to rising prosperity rather than excessive debt
6) There is a housing deficit and population of urban areas is growing

As long as things remain stable politically real estate will continue its surge forward.

link to the article: http://www.economist.com/node/18651524