Kenyan suburb 'hotspot for property development'

05/05/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenyan suburb 'hotspot for property development'
Property investors in Kenya might be keen to learn that the Nairobi suburb of Eastleigh has become a "hotspot for real estate".According to reports from AllAfrica.com, the area has attracted huge investments in recent years, with developers competing on modern residential and commercial structures.As such, many of the older buildings in the region are being torn down with skyscrapers being erected in their place.An influx of Somalis looking for investment opportunities in Kenya has contributed to the demand.Dr Faisal Guhad of Al-Bushra Properties Ltd, a developer in Eastleigh, told the news source that communities have adopted the build-operate-transfer model to allow them to finance the housing."This method has opened up the area for investment and land owners are not left dry since they get monthly incomes as part of the agreement as they wait for their investment to mature, maybe after 20 or 25 years," he added.