In the United Kingdom, home-buyers reveal they bought property because they fell in love with the location, price, and the luxury of having a garden.
Kenyans on the other hand, are just too happy to receive finance and be able to afford property. Getting a home loan in Kenya has always been frustrating.
According to The Mortgage Company, a Kenyan real estate firm, only a fifth of Kenyans can afford a home priced at $10 000. Part of the problem is the high interest rates of home loans charged by Kenyan banks.
As previously stated by the World Bank, mortgage finance is only accessible to a small amount of the population.
The situation is changing slightly for many first time home-buyers thanks to Suraya Properties who are making more affordable apartment units on the outskirts of Nairobi.
According to Suraya Properties, the units are currently sold out, selling out way before construction even began.
Anthony Wamburu, a 35-year-old technology enthusiast, is one of the lucky ones to be in the market for his first property.
Wamburu said he has been saving for a while now and has his eye on a ‘starter home’ apartment by Suraya Properties valued at $50 000 in Nairobi.
“They are not very expensive for somebody like me who is looking to start a family quite soon,” he said. “And also I like the way it comes with different benefits. It comes with a gym. It also comes with a swimming pool, so I would not have to get gym membership somewhere else. So a starter home would be quite perfect for me.”
Suraya Properties started four years ago with their starter homes aiming at the low and middle-income market. Most of their units range between $10 000 and $80 000.
Peter Muraya, CEO of Suraya Properties, said the company started to supply affordable homes to first-time home buyers.
Now that you are more aware of how home loans work, there is no stopping you owning your own home.
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