- LIVE TV
A real-estate developer says Kenyans receiving money for property investments from relatives in the diaspora have turned into fraudsters, forcing many to stop investing.
Enkavilla Properties chief executive Meshack Muhoho said investors have to engage established real-estate firms with past records of completed projects when seeking to invest back home.
“Look at organisations with a history on real estate not beginners who post glossy pictures on social media. Engage professionals in conveyance matters to cross check details on any property you have identified and its documents before you strike a deal,” he said.
Mr Muhoho, who has implemented four multi-million gated communities in Kiambu’s Juja and Kajiado’s Kitengela and Isinya areas, said the loss was a big drain to the Kenyan economy as many people in the diaspora have shunned investing at home.
“Failing to invest when property prices are affordable and available is the biggest mistake anyone in the diaspora can make. They need to think about their future in a more proactive way where their investments will earn them rental income monthly,” he said.
He said for off-plan projects, Kenyans should scrutinise a company’s history of handling similar projects, adding that the government must put stringent mechanism to deter unscrupulous people from defrauding Kenyans of their hard-earned money.
“Information technology has enabled everyone to open a social media account where they post pictures for shambas and houses they do not own. We must be careful to shun such fraudsters giving the real estate sector a bad name,” he said.
– Business Daily