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Over three million Kenyans live in diaspora, by August 2017 their remittance stood at Kshs 166.4 billion according to data from Central Bank of Kenya. Generally, its considered that this population is well-educated with the majority living in Europe and the US. The remittance was only made through formal channels such as commercial banks and authorized international remittance providers; these did not include informal means. The transfers make the country’s largest source of foreign exchange earnings.
Most of the funds are sent to relatives with real estate, food, education, health consuming the lion’s share. For real estate the monies are sent to invest in land that can be turned into a home upon retirement. However, this has turned out to be a disappointment to many who send money to friends and relatives only to realize the funds were diverted for personal gains. Below are tips to follow when investing and avoid being conned by friends and relatives because the biggest mistake a person in diaspora can make is failing to invest when property prices are affordable and available back home.
Contact a reputable real estate firm directly
The world is now a global village and information is readily available on social media, blogs and websites. Look through the various websites and social media pages and give more attention to the feedback given by clients. This is easily available on the review section; you can also obtain testimonials from clients who have done business with the companies. When navigating through the information look out for the projects they have done and the actual number of title deeds issued. The more a company issues title deeds the better because the success of any real estate company is delivery of title deeds. Look out for award winning companies and subscribe to receive updates of their projects. This will save you the trouble of blaming lack of opportunity and information about credible real estate companies back home.
Cross check details before striking the deal
The inability to safely and conveniently transact and close a deal through a trusted representative is one of the major causes of diaspora clients fearing to invest in their home country. Always seek to ascertain the information given on the website by contacting a relationship manager in your select real estate, you can afterwards proceed to do online purchase on the website and make direct payments to the company without a third party. Read through the terms, conditions and policies around the purchase process to ensure you are well informed before making the final purchase decision.
Avoid companies that inflate prize when they realize they are selling to a diaspora client
You may navigate through a company’s website and identify a project of your interest but when you contact a relative or a real estate company you are informed of a different price. The difference may come as a collusion between your relatives with the real estate company, this is a red flag that might turn out to a fraud. Always stick to a company that has an online purchase system that does not change the pricing and allows you to make a direct transaction without extra charge for being a diaspora client.
Allow your relatives and friends play a supervisory role but not decide for you
Many of the clients who have fallen victims of diverted cash by relative’s blame lack of credible parties to represent their interests. After conducting intensive research and settling on your preferred investment company, ensure you reach out to a relationship manager who will share first-hand information with you. This includes the project location, value adds and prices of the property. You may allow your friends attend site visits and open days but ensure you have direct contact with the investment company from where you can deposit your payment and receive scanned receipts and your friend takes the hard copy. Request for the projects layouts and select your preferred plot and seek advice both from the real estate and family member. Create a balance between the two and ensure you are the final decision maker.
Do not over rely on internet information
You may information on the internet is known for portraying negative information about African countries, take caution and do not over rely on the negativity. Information provided by them may discourage you from investing in your home country for fear of lack of attractive returns yet they will themselves invest in projects in the same country. Always seek to obtain information from real estate companies and compare the percentage returns of real estate with annual growth reports on your home country.
Ensure you sign the legal documents and receive your title deed personally
Land transfer is a process that is regulated by the law, ensure you fill in an offer letter, sign sale agreements and land transfer forms. These documents can be shared to you directly on email for signing, this ensures the process you have undertaken is within the law. The availability of international courier services also provides you with the opportunity to personally receive your title deed.
By Reuben Kimani. The write is the CEO of Username Investment Limited.
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True. Unfortunately not all registries. This is only available in Nairobi and Kajiado registries. For the other registries on has to go and carry out the search physically at the specific registry.
Folks, why complicate an otherwise simple matter? Why all the hullaballoo? Thing is, it starts with trust - who said that you should trust anyone? Obviously, it's difficult, if not, impossible to transact business in the absence of trust, I know. But you can do a good job yourself minimizing the degree to which you gona rely on trust. If you are buying a pricey thing like land (probably the most expensive property you'll ever buy, WHY NOT MAKE ARRANGEMENTS TO TRAVEL TO KENYA YOURSELF???? After all, you are gona spend a fortune, most of which you've probably taken loans! Most of us have made coming abroad to sound like a journey to the moon which has convinced village cons that you are vulnerable and they end up pouncing on you. Do intense research on the internet, talking to as many people as possible ... basically, arm yourself with as much info as you can. Zero down on a few areas where you wanna buy and once you decide what you want, cultivate a rapport with the neighbors who know the property very well. The community is such a rich source of info the kind of which you can never access in any other way. You get to know whether there are any ongoing tussles over the land, the history of the land, past attempts at sale, valuation of neighboring pieces of land or house, whatever the case. Once you have done all this, then you can contact the so called professionals to thrash out the nitty-gritties for you. If you think this is too much, then you don't mind losing your hard earned moneys. It's a choice, people!
For those who cannot travel for one reason or another, it's a bit complicated but it's still doable. You gona need to trust somebody yes, but this is how you do it: Contact one person who's very close to you and have him / her do the above things for you. At the same time or after a while, have another person do the same but never let them know you are using them both. This way, you are able to triangulate the info and you'll come out with fairly reliable info about the said property. From there, you can talk to the "professionals" .....I have been doing it for years, never lost a single cent
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Dear Kenyans
Not all real estate people are con artists. Contact me if you want to buy a maisonnette in Edenville today. We are the pioneer mini city project in Kenya.
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If you are in diaspora wish to buy plot at juja feel free to contact me you can do your search with the title send someone to view the plots like my page NEEMAneema plots
I Recently Invested with URIITHI SACCO and they are in the verge of bankruptcy. My plea to get my refunds back have fallen to deaf ears and I would advise anyone , or if you know anyone trying to invest with that Company to STOP right away. They will loose their money.
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Dear Kenyans, my name is Susan Wachira, I reside in Nanyuki, Laikipia . I have 7.2 acres of land in the outskirts of Nanyuki, a place called Segera. I have a title in my name. Kindly contact me on ±254728455612 if interested.
(1) Mlachake makes a good point (June 2018). Once you have done as much research as you possibly can online and by phone and you are still doubtful/hesitant, why not spend a tiny % of the purchase price to travel to Kenya and finalize your findings personally? Movement, accommodation and food in the country are comparatively cheap, and almost free if you have a genuinely loving relative who understands your needs and your timeframes.
(2) Like in any other country, there ARE gilt edged legal firms and real estate agencies in Kenya, whose reputations have been untainted through the decades. Find out who they are and negotiate your requirements with one/both of them. It is money truly well spent.
(3) A well-intending seller (Yes, they do exist!) will also insist on transacting ONLY through his/her lawyer. I have retained one legal firm in Mombasa for over 25 years and one in Nairobi for 6 years. I do NOT transact on ANY property without their full involvement, and their advice and help have always been invaluable. I have never had regrets.
Who am I? I am a potential seller to the diaspora. COVID 19 has been a real party pooper all of 2020, but by mid-this year my family hopes to offer for sale about ten quarter-acre plots in Diani (south coast Mombasa) and some highly developable prime land in Embu county, just beyond the capital city limits. When the decision is made, we will make a genuine effort to publish as widely as possible.
Catch you then. Stay safe!
John.
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