Nairobi Highway Elevator for Real Estate


Nairobi Highway Elevator for Real Estate

Motorists at the Nairobi Expressway Mlolongo Toll Booth on Sunday June 26, 2022. PHOTO | DENNIS ONSONGO | NMG

After months of disruptions, road closures and diversions, the Nairobi Expressway became a reality in May 2022, adding new features to the Nairobi city skyline.

The 27 kilometer route provides a quick and easy passage from Mlolongo to Westlands to Nairobi in a quarter of the time commuters would previously spend.

As a result, tenants and landlords have gained the confidence to move to less cluttered and quieter environments away from the city. The 10,000 people who registered to use the highway when it opened are a clear indicator of this.

Property developers are working overtime to secure land for development along Mombasa Road, Athi River, Mlolongo and Lukenya. These areas still have undeveloped land, which has attracted the interest of savings and cooperative societies (saccos), pension funds, chamas and individual investors.

For example, looking ahead, Safaricom Staff Pension Scheme (SSPS) secured land in Athi River and created Crystal Rivers, a mixed-use development that changed the face of the area. The project offers a modern, spacious and secure gated community with a state-of-the-art shopping mall.

Another key factor of interest for developments is the Athi River area close to Mombasa Road, Syokimau Standard Gauge Railway (SGR) Station, Jomo Kenyatta International Airport (JKIA) and Park Nairobi National.

Additionally, the post-Covid-19 way of working has underscored the value of internet connectivity as more organizations embrace the hybrid or work-from-home concept.

This reality has challenged Internet Service Providers (ISPs) to expand connectivity at scale in response to this new world in which we operate.

This infrastructure development is a boon to property developers whose selling points are access to good roads, electricity, water and other amenities. The other positive result is the creation of jobs in the construction sector.

In 2020, the sector recorded a growth of 11.8% compared to 5.6% in 2019, with cement consumption increasing by 20.3%, according to the Kenya National Bureau of Statistics (KNBS).

Masons, plumbers, carpenters, painters, engineers, welders, project managers, architects will continue to be busy as more suburban areas open up.

As the country emerges from the ashes of Covid-19, sectors such as housing and construction can support economic rejuvenation by making it easier for homeowners to access finance. Sacco and mortgage lenders have reported an increase in inquiries from members wanting to own homes.

The newly formed Kenya Mortgage Refinance Company (KMRC) is a game-changer for low cost housing as the government strives to ensure more people have access to the affordable housing scheme.

Apart from investment diversification, the Safaricom Staff Pension Scheme gives its members and Kenyans the opportunity to own great real estate at a relatively affordable price.

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