Chinese are creating housing oversupply

[KenyanPlato]

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This ghost city has a capacity of 1 million. In USA new York and California has so many houses that are ghost towns. Bought to launder money from China. Same thing in Vancouver and Sydney

[GeeMail]

Zamunda heading that direction as well. Real estate is a gone case. Prices falling to rock bottom in a few months. The only barrier is the Okiya Omtatah court ruling that Uhuru cannot force workers to buy Chinese ghost cities with their own sweat.

[Georgesoros]

This news is 20yrs old.

[Ole]

The housing bubble has been predicted for the last 20 years but it has not happened so far. Reason being as a growing economy populations are constantly moving upwardly economically thus the need for better housing. Real estate is still the busineas to beat.

[gout]

Kenya and Africa has huge demand for decent housing. 70% in the urban areas are living in slums. The challenge is with corrupt officials and CONsultants lying about a non existent middle class which requires expensive apartments as long as they get their cut. Look at all the developments going on in Nairobi - any 3 bedroom house is 5m+ plus. This is despite the upper market segment stalling with vacant apartments all over Kilimanis, Lavingtons, Parklands and such middle classish estates.

People are commuting from likes of Rongai, Kitengela, Naivasha, Thika, due to affordability of houses there - ownership and renting.

The Sonko kanjo dream houses have also come a cropper after he got threats probably to let Nortlands thrive - maybe reason Tatu seems to never get anywhere.

[gout]

https://www.businessdailyafrica.com/markets/marketnews/Cytonn-launches-off-plan-sale-of-Sh120m-a-unit-homes/3815534-4944956-sjckq6z/index.html

[RV Pundit]

Hiyo bubble aint coming soon. The population is growing. Urbanization growing.

[hk]

Kenya and Africa has huge demand for decent housing. 70% in the urban areas are living in slums. The challenge is with corrupt officials and CONsultants lying about a non existent middle class which requires expensive apartments as long as they get their cut. Look at all the developments going on in Nairobi - any 3 bedroom house is 5m+ plus. This is despite the upper market segment stalling with vacant apartments all over Kilimanis, Lavingtons, Parklands and such middle classish estates.

People are commuting from likes of Rongai, Kitengela, Naivasha, Thika, due to affordability of houses there - ownership and renting.

The Sonko kanjo dream houses have also come a cropper after he got threats probably to let Nortlands thrive - maybe reason Tatu seems to never get anywhere.

Demand for decent housing is there. The problem is low incomes. Even low middle class areas like Eastleign, umoja, zimmerman, etc the vacancies are there. Almost all the buildings have to let sign. The price of building isn't coming down and the government hasn't addressed the land issues. Kenyans incomes not rising to afford the available decent housings and the prices not dropping enough. The realestate market has stagnated, the sector is the biggest contributor to non performing loans.

[RVtitem]

Kenya and Africa has huge demand for decent housing. 70% in the urban areas are living in slums. The challenge is with corrupt officials and CONsultants lying about a non existent middle class which requires expensive apartments as long as they get their cut. Look at all the developments going on in Nairobi - any 3 bedroom house is 5m+ plus. This is despite the upper market segment stalling with vacant apartments all over Kilimanis, Lavingtons, Parklands and such middle classish estates.

People are commuting from likes of Rongai, Kitengela, Naivasha, Thika, due to affordability of houses there - ownership and renting.

The Sonko kanjo dream houses have also come a cropper after he got threats probably to let Nortlands thrive - maybe reason Tatu seems to never get anywhere.

Demand for decent housing is there. The problem is low incomes. Even low middle class areas like Eastleign, umoja, zimmerman, etc the vacancies are there. Almost all the buildings have to let sign. The price of building isn't coming down and the government hasn't addressed the land issues. Kenyans incomes not rising to afford the available decent housings and the prices not dropping enough. The realestate market has stagnated, the sector is the biggest contributor to non performing loans.

Herein lies the reason why crony capitalist uhuru will go ahead and open floodgates to foreigners who can prop house prices (talk Nigerian scammers and lately Chinese)!

If Kenyans cannot afford, why not bring in people who can?