The trend towards rising property investment in Kenya appears to have been bolstered by a recorded increase in remittances.
Central Bank of Kenya data has revealed that remittances to Kenya climbed 4.3 per cent to reach $576.34 million in the first 11 months of 2010, suggesting they are on course to beat 2008's all-time record of $611.24 million, Reuters Africa reported.
In addition, it was noted that money sent home by Kenyans living abroad hit $56.38 million in November last year for a 17 per cent increase on the same month in 2009.
According to the news agency, money sent to relatives living back in Kenya "is typically invested in equities or property", as well as being used to help families pay bills like medical charges and school fees.
News of the data comes after an investigation by Kenyan newspaper The Standard recently found that prices of the popular eighth-of-an acre residential land plots nearly doubled in Nairobi and its environs last year.