Finsco Africa Limited, a local Real Estate firm specializing in land sales, has recently formed a funding partnership with the National Bank of Kenya. This collaboration aims to provide potential property buyers with access to financing options. Under this agreement, customers interested in purchasing land will be able to secure financing up to 70 percent of the property’s value through the bank. The partnership covers both development financing and user finance, with a repayment period of up to ten years.
Read more: National Bank Of Kenya Appoints George Odhiambo As New Managing Director
John Mwaura – the CEO of Finsco, highlighted that the company is presenting a prime opportunity for the acquisition of two hundred acres of land. The target audience includes the middle and upper middle class, who are interested in establishing residential homes within a planned gated community. This community offers convenient proximity to both Nairobi and Thika towns. Over the last decade, the Kenyan Real Estate and housing sector has experienced remarkable growth, driven by an expanding middle class. The demand for land, especially in satellite towns, has surged due to the rising need for housing.
The final quarter of the previous year saw the highest increase in land prices within Nairobi’s satellite towns. Notably, Ngong, Athi River, Limuru, and Thika recorded appreciations of 4.7 percent, 4.4 percent, 4.2 percent, and 3.6 percent in land prices, respectively. For instance, an acre of land in Ngong cost Kshs 28.8 million, while the same amount in Thika was priced at Kshs 29.3 million.
Finsco Africa’s flagship project, Thika Grove Chania, located at the border of Kiambu and Murang’a counties, is offering one-acre plots for Kshs 9.5 million. Mwaura emphasized that a trend of relocating from Nairobi to metropolitan towns and their environs, where land costs are relatively lower, has led to a surge in land transactions. To cater to customers looking to establish houses, Finsco Africa plans to offer various housing typologies to maintain a cohesive residential layout and prevent mixing different dwelling types.
Email your news TIPS to editor@thesharpdaily.com
