Guidelines for buying a property in Nairobi, Kenya.

Owning a house is perhaps a dream of many. People plan, save, sacrifice, and work hard for this dream to materialize. Perhaps, this is how humans feel secure. This nature of feeling secure does not limit to humans only. You can see around and observe a lot of animals following the same quest of building their homes. As a human, either you spend your life acquiring a house or, if you are lucky enough, you inherit one.

If you have always dreamt of buying a house, you must be aware of the stress one faces while looking for the perfect property. You do not want to compromise on major things and want everything to settle smoothly. In short, you want the best of everything.

We understand how difficult of a situation this can be. We believe in sharing our knowledge and experience for people to invest wisely and never regret their decisions. Hence, this blog!

The good news is that we will be tackling some key issues and queries that bombard the minds of every new buyer entering the property market. We promise, after reading this piece you will leave with a clear head and will be able to make better decisions. You can thank us later.

Without further ado, let us jump into the knowledge treasure.

Some basic questions that come to one’s mind while selecting the right property are:

Which is the richest state in Nairobi?

Well, if you have a handsome amount in your pocket and if you can afford the lifestyle of a rich neighborhood, then why not? Living in a rich neighborhood comes with its perks and we believe that anyone and everyone who can afford a lifestyle like that has a right to live lavishly.

Nairobi’s Gigiri suburb is home to the most expensive houses in the capital while Kitengela emerged as the least expensive neighborhood. On average, homes cost about Sh119.3 million in Gigiri, which neighbors the United Nations complex, while stand-alone homes of more than four-bedrooms cost an average of Sh11.2 million in most other areas of the city. Gigiri hosts the United Nations Office at Nairobi (UNON) and the embassies of several Western economies such as the US, Canada, Italy, Sweden, Poland, Belgium, and Norway. It is also home to numerous embassies for African countries besides residences for various ambassadors and high commissioners.

For a clearer picture, we have gathered information that other estates in the city with pricey houses include Muthaiga at an average of Sh80.2 million per house, Lavington at Sh66.7 million, Spring Valley ( Sh65.6 million), and Ridgeways at Sh 63.3 million. Other than Karen and Lavington, most of these neighborhoods lie squarely in what is known as the UN diplomatic blue zone, which is recommended for expatriates due to higher security.

What is the process of buying a house in Nairobi?

TRANSACTION COSTS – ESTIMATES
Who Pays?
Stamp Duty for Draft Transfer 2% – 4% buyer
Legal Fees            1 – 2% buyer
Banker´s Check Charge KES600 (US$7) buyer
Registration KES500 (US$5) buyer
Real Estate Agent´s Fee 1.5 – 5% seller
Costs paid by buyer 3.51% – 5.51%
Costs paid by the seller 1.5 – 5%
ROUNDTRIP TRANSACTION COSTS 4.76% – 6.76%

The process of buying a house in Nairobi is relatively simple. The outline of the process is:

  1. Hire a lawyer who can do due diligence.
  2. Once the price is decided, the lawyer prepares a sale agreement and a sub-lease which is signed by both parties. The buyer deposits around 10% to 30% of the cost.
  3. The closing takes approximately 90 days. Meanwhile, the seller has to produce a clearance certificate. The lawyer then files a Transfer at the Lands office. The officer will visit and inspect the property and give a green signal if everything is fair. This takes up to 2 to 4 weeks.
  4. The lawyer submits documents at the land’s office for the transfer and change of title. The buyer pays the remaining amount.
  5. Foreigners can buy commercial and residential property in Kenya.

It is said that professionals handle matters in the best manner. They are educated, experienced, and trained to do so. Therefore, take care of your hard-earned money by buying property from a trustworthy and reliable seller. Impala Developers is a leading name in this field. if you are looking for a modern house for sale in Nairobi, or a house under 10M or 20 M, we will have something for you for sure.

We assure you we keep our customers first. Call or visit us to know more about what we have to offer.