By Eric Akasa
Kenyan women are
emerging as the biggest investors in mid-market real estate, with 62 per cent of property
purchases at Eastland’s development Casa Mia having been made by female buyers,
echoing a trend that has seen women rising globally as property investors since
the late 1990s.
A study by the National Association of Realtors in the US
found the share of house-buying made by single women rose from 14 per cent in
1995 to 21 per cent by 2009, with single woman making up an even larger
share of first-time buying, accounting for a quarter of purchases.
Further reporting by Alpha G: Corp a real estate company in
India, found around 30 per cent of the property buyers in Indian urban areas were
now women, with the figure expected to rise further.
However, Africa appears to be running ahead of the global
trend. In South Africa, Standard Bank found female buyers of residential
property rose from 28 per cent of all buyers to 37 per cent, between 2000 and
2005.
But Kenya's mid-market is now displaying some of the highest
proportions of purchasing by single women across all real estate, with sales in
the first two courts of Casa Mia dominated by single women buyers.
“Female buyers are emerging in quite extraordinary numbers in
this property class. Most have done their research, and know exactly the kind
of house they would like to invest in,” observes Sakina Hassanali, Marketing
Manager Hass Consult.
This rising trend comes as women’s socio-economic status
continues to rise in Kenya, with the Institute of Economic Affairs showing that
women now run 54 per cent of the country's enterprises, while the number of
career women is also rising.
Real estate is drawing female investors because they see it
as a safe investment. In the UK, the Post Office Mortgage Report found that 41
per cent of women buying houses preferred mortgages to rent because they felt
it was "better value for their money".
“Even with the high interest rates, real estate provides
investment security as property, unlike stocks, doesn’t lose value overnight,”
said Ms Hassanali.
“I had been looking
for a house for the last one year. When I saw Casa Mia, apart from the design,
what I noted was that it was secure and spacious with a garden for my son to
play,” says Jane Wambui buyer.
“I wanted something in a beautiful environment that is not
congested and is convenient. I went to a few places before a friend finally
referred me to Casa Mia,” remarks Hellen Gathoni.
Casa Mia is a mid-income property development, with homes
designed for upcoming professionals with young families seeking a first home in
a beautiful environment that their children can grow up in, at a viable entry
price of Sh5.25m, and with properties expected to be worth 30 per cent more
within one-and-a-half years.
The development is
set 15 minutes from the Kangundo Road junction with the Eastern Bypass, within
45 minutes of CBD and less than 30 minutes from Jomo Kenyatta Airport. Each 3
bedroom house measures 915 sq.ft and is built on approximately 1/12th
of acre.
