US-based Kenyans targeted in Homes Expo
24 August 2014, 18:46
Nairobi - About 300,000 Kenyans living in US remitting over KES 109 billion annually to the nation’s gross income will have a chance to take part in a three-day Homes Expo to be held in New York from 30th Aug to 1 September, 2014.
The event dubbed, “Kenyans Diaspora Homes Expo” organized by a Nairobi-based real estate developer, King’s Pride Properties, aims at linking diaspora population directly to its property market back home since most of them lack information in making sound investment decisions.
“Kenyans abroad find it difficult and expensive to successfully invest in property back home. The Kenyans Diaspora Homes Expo seeks to erase these obstacles by providing a platform for them to engage with exhibitors on the real estate investment opportunities available in Kenya,” said Martha Kanyumba, the Expo Director Kings Pride Properties.
“Through the exhibition, we address the frustrations accompanied by making property investment decision and monitoring investments from other continents by giving those in diaspora firsthand access to exhibitors to offer them opportunities in the form of joint ventures,” she added.
Citing from the Central Bank of Kenya June 2014 survey, Kanyumba said the US-based Kenyans account for 45% of the total diaspora remittance thus one-stop-shop expo will provide a variety of affordable investment opportunities to engage in back home through partnerships or individual.
She reiterated that the expo has attracted 20 investment companies, seven local financial institutions, insurance service providers and a number of business developers keen on gaining access to the diaspora market in addition to opening up the international frontier for investment in Kenya’s property sector.
“Among the exhibitors are National Bank, Kenya Commercial Bank, CIC Insurance Group and leading real estate franchise RE/MAX. There is also an expo office already set up in the US to enable investors follow up on the new products and services available in Kenya,” said Kanyumba.
She lauded the government’s moved of opening an office abroad to deal with issues of Kenyans in diaspora saying it will assist them to invest back home.
Kanyumba added that the Ministry of Lands representatives will be also at the expo to assist in any land matters and that it will be launched by the Foreign Affairs Cabinet Secretary, Amina Mohammed.
She noted that the launch of the expo will coincide with the US Labor Day weekend in August adding that Amina’s opening will be accompanied by a cocktail for all participants in addition to a Kenyan Gala Night on final day.
Kanyumba further said Kings Pride Properties plans to hold another first ever expo in the United Kingdom in 2015 in an effort to expand Kenya’s economy through diaspora remittance.
The company which has been in operation for now 12 years engages in the development and management of prime property in Kenya including Windsor Homes, Telagen Gardens and the Junction Park, and is also part of the broker network of RE/MAX Kenya, a franchise of RE/MAX, LLC.
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