The Kenyan community abroad has taken a strong interest in investing back home and our government also has taken considerable measures to encourage the Diaspora to invest here. This year the government launched the Diaspora policy in January 2015 and in March the Diaspora conference was held where the President was the Chief Guest.
The government has labeled the Diaspora as its 48 county and the richest in the nation, the Diaspora now contributes 3% to the GDP of Kenya which has overtaken tea and horticulture. The Kenyan Diaspora remittance has been increasing over the years and at the end of 2014 the central bank recorded $ 1.43 billion was remitted to Kenya.
In accordance to Vision 2030 ' To create a Globally competitive and prosperous Nation with a high quality of life by 2030' RE/MAX Heritage World Diaspora Expo in partnership with Kenyan High commission Australia and the Ministry of Foreign Affairs have put together an investment and property expo to invite various stake holders to showcase opportunities to the Diaspora community in Australia. It is estimated that there is well over 12,000 Kenyans living in Australia with a high population of professionals living in Sydney, Melbourne and Brisbane. The expo and conference is positioned to provide a one stop shop for Kenyans to get information on how to invest back home. The expo will bring together government, financial institutions, property developers, investments firms and professionals.
The Kenyan property market has seen huge growth over the last decade both in commercial and residential segments of the market. Property values both residential and commercial, especially in urban and peri-urban locations have sky rocketed to unprecedented values. This is in the backdrop of an ever growing demand of housing especially due to the emerging lower and upper middle class income groups of the population combined with the fact that land is a finite resource.
Developers will get a golden opportunity to show case their property portfolio to Diaspora who are looking for solid properties to buy for themselves, family and as investments. Investments will also get a chance to mingle with Diaspora and educate them on a wide portfolio of investment opportunities which they can use as vehicles to grow their wealth and also for retirement benefits.
The government has embarked on huge infrastructure developments that have seen more locations open up to development and this has in turn encouraged savvy investors to embark in developments especially in residential houses. The current supply however does not meet the demand for housing which currently stands at over 200,000 units annually and only a small proportion of this is being met. This has also been compounded by devolution of the government services across the country. The housing shortage in the Counties is acute and many of these County Governments are looking for partnerships to facilitate construction of housing for the citizens and staff. Recently Nairobi City County ?oated and EOI for 22,000 units as part of its strategic housing redevelopment plan. This shows the kind of potential available to investors in the housing sector.
What this means is that there are huge opportunities for investors in both residential and commercial developments and it would be an opportune time for Kenyans in Diaspora to take advantage of the competitive prices on offer that will enable them achieve high growth of return on their investments in real estate. At hand are banks who have the finances to lend to diaspora to purchase these worthwhile properties. The competitive rates that banks offer to diaspora will attract them to purchase while they're still earning in foreign currencies.
Kenyan banks and Saccos have been trusted institutions that Kenyans have used to invest. Kenyans Saccos have been ranked 7 in the world in the cooperative movement. The Kenyan Diaspora has also been keen to use these vehicles to invest back home. The bene?t for participation will provide the banks and Saccos with the following benefits:
We look forward to hosting the first locally organized Kenyan Diaspora Property and Investment Conference in Australia, join us in making this history and opening the pathway in opening up Kenya for business.