Knight Frank is an internationally renowned real estate consultancy. Their global network encompasses more than 165 offices in 43 countries across six continents.
With some 5,300 staff spread around the globe, they handle some £18.3 billion (US$36.1 billion) worth of commercial, agricultural and residential real estate each year. Their clients range from individual owners and buyers to major developers, investors and corporate organisations.
With a business turn-over of Sh280 million a year, it is self-evident that they are in control of a commanding portion of the property market and plan to remain the dominant player. Their presence accounts for between 40-50 per cent of the market share.
The MD, Mr Ben Woodhams, sees a brighter future based on the fact that the property market was largely unscathed by the global economic meltdown that ravaged the Western economies.
This is attributed to the fact that not many people lost their jobs and, consequently, not many banks had to foreclose on mortgages.
“When people lose their jobs, they are unable to service their loans, which means the banks are forced to sell their houses at knocked down rates, pushing the market down. This did not happen in Kenya”, says Woodhams.
The property market has grown from strength to strength as evidenced by the increased volume of trade since 2008. “Kenya’s situation is very strong and very buoyant. The economy is growing rapidly so the supply will be absorbed by the demand” says the MD.
In addition, another trend in the market is to take the retail trade, a fast growing sector, beyond the capital to Mombasa, Kisumu, Eldoret and Nakuru over the next few years.
An increased demand from ICT-based companies has also fuelled demand for properties, especially along Mombasa Road, which will be a hot spot.
