Kenya’s real estate industry is crucial to the country’s economy. The sector has risen to become one of the most prominent in Africa. On that account, the following paper will briefly discuss the development of real estate in Kenya and that of one estate in Nairobi called Buru Buru. Whereas the real estate industry in Kenya began before the country got independence from the British, the official records can only be traced back to the turn of the 21st century. Since then, the real estate industry in Kenya has witnessed a rise due to the corresponding increase in demand (Turner, 2013).
Nairobi has one of the largest expatriate communities in Africa due to the large number of multinational firms who have selected the city as a business hub.
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According to Amedeo (2014), real estate has four major types; one is Residential real estate which is comprised of homes instead of stores and businesses. Usually, they will include single family houses, condominiums, coops, town houses, triple-dwellers, high value homes and vacation homes. The commercial real estate is the other category and includes shopping centers and strip malls, hotels and offices. Their sole purpose is to make income by doing activities in them. Thirdly, is the industrial real estate which comprises of manufacturing buildings and property, research purposes, production, storage and distribution of goods. The last category is vacant land, working farms and ranches. In the urban centers, residential property constitutes the largest land …show more content…
In most cases, the state of the economy is measured by the GDP, the manufacturing activity, employment data, the prices of goods and services and the volume of trade. The GDP is usually the market value of all the officially recognized goods and services produced within a country within a given period usually one year. Per capita income which is also the GDP per capita is usually used to indicate the living standards of the citizens of the country. This well plays a role in determining the economic health of the
The state of the economy is important both on a micro and macroeconomic level. On a macro level, those in government pay close attention to these statistics in order to guide fiscal and monetary policy. On a micro level, households can use this data to guide their consumption and investments, while businesses can use this information in their strategic planning. In looking at economic information, there is current data, historical data, and economic forecasts. This enables decision makers to get a more complete picture of economic trends and see the relationship between various economic indicators.
Gross domestic product (GDP) is one of the best ways to measure how a country’s economy is doing. A main component in figuring the GDP is personal consumption expenditures. Personal consumption expenditures accounts for about two-thirds of domestic
Located in the Great Lakes area of East Africa, Kenya is home to an estimated 47 million. The country, covering over 223,000 square miles is bordered by Ethiopia and Sudan to the north, Uganda to the west, Tanzania to the south, and Somalia to the east. The areas around the coast of the Indian Ocean present a tropical climate, while the highlands are more temperate. There is no specific cultural normality with the nation because of such diverse ethnic backgrounds. As much of Kenya is riddled with poverty, her economy is based on labor-intensive industries, such as mining, manufacturing, mining, forestry, and agriculture. The
Global Inequalities and Interdependence Outline, and discuss the value of some of the indices which geographers have used in attempting to define 'a developing country' Measures of development are defined using a multitude of theories. Some focus on economic indicators, others on the quality of life. The economic indicator uses figures from GDP and GNP, which stand for Gross Domestic Product and Gross National Product respectively. GNP is the total value, or output of goods and services which become available during a period of time for consumption or saving within a country, plus income from foreign investors. This is then measured per head of the population, which gives GNP per Capita.
Gross Domestic Product (GDP) is an Economic Barometer which has been widely used around the world to determine whether the country’s economy is under recession or expanding. It is a great tool for the government in aiding in making critical economic decisions whether to input more money or remain constant. It is also expressed in two different functional terms, Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product (GDP). When inflation occurs or price levels change, the Real Gross Domestic Product (GDP) is adjusted. Nominal Gross Domestic Product (GDP) does not.
Gross Domestic Product (GDP) is the market value of all final goods and services produced by factors of production within a country in a given period of time. It can be calculated using either the income, output, or expenditure method as illustrated on the circular flow of income diagram below.
By analyzing the waves of gentrification it can be seen that developers have had federal and state support to help the renew and modify neighborhoods. Emphasizing the question of whether or not gentrification is a natural process. Political and historical evidence comes to show that there is nothing natural about gentrification. It is through power in which these event unfold, and without it is vulnerable and unable to
On attaining independence in 1963, the inaugural Kenya government identified poverty illiteracy, disease and unemployment as the most debilitating of challenges facing the country. Almost five decades later, despite numerous policy efforts, these challenges continue to enslave many Kenyans. The situation is even more debilitating when one is a youth. According to the Kenya Integrated Household Budget Survey , approximately 67 per cent of the unemployed in the country are youth.
Kenya is a country located in the continent of Africa. It is believed that people first roamed Kenya more than 2 million years ago. Cushitic migrated from North Africa to Kenya. Although they were one of the first people to migrate to Kenya they have always been a minority. Arabian traders later emerged in Kenya and took over the country quite rapidly. They were searching for ivory, rhino horn, gold, and slaves to trade with other countries. The focal areas of trade within Kenya were Mombasa, Malindi and the Islands Lamu. As a result of their invasion, they left behind a Muslim culture for Kenyans to adapt to. Kenyans were also taught Kiswahili or Swahili to better communicate with Arabians; which in turn allowed Kenyans to make more money. Later, the Portuguese invaded Kenya and took control from Arabia. They wanted power over the Indian Ocean and control over trade in and out of Kenya. The Portuguese tried to influence Catholicism. During their reign, they
Valuation of real estates or properties basically, refers to appraising a property or a real estate to form an opinion about the value of the property. This value is normally the properties’ market value. Properties are heterogeneous in nature; meaning they are not all identical or alike and thus, they have different values. However, it is possible to get a range for the values. There are some obvious factors like physical location of a property that automatically makes the market value of different properties differ. The materials used on a property and other features also contribute to making property differ in their value. Other factors such as the physical size of a property still determine a property’s market value (Histon Fine Homes, 2008
GDP measures the total value of all goods and services produced within that territory during a specified period. GDP is used to measure a country’s wealth. Basic’s of life, food, etc. shelter and clothing is not likely available to most people in poorer countries. The.
GDP is the total aggregate income of the United States. It comprises consumption, investment, government spending, and net exports. GDP in the fourth quarter of 2000 grew at a 1.1% annual rate, the lowest since a 0.8% increase in the second quarter of 1995. The below par performance in GDP is due to those factors that comprise the GDP. The most important of which is consumption.
Kenya is located on the eastern coast of Africa. It is approximately 224,960 miles squared and is about the same size as Texas. Kenya had five main geographical regions: Lake Victoria Basin, northern semiarid desert, eastern plateau forelands, Rift Valley and other highlands, and coastal areas. Kenya has two rainy seasons and has an average of 80oF along the coast. There is a tropical climate on the coast and an arid climate in the interior. Nairobi is the capital of Kenya and other major cities include Mombasa, Lamu, and Kisumu. Major landforms in Kenya are the Great Rift Valley (fissure 4,000 miles long), Kenyan Highlands, and two major mountain ranges. The major ranges are Mau Escarpment in the West and Aberdare Range in the East. The highest mountain in Kenya and also the second highest mountain in the world is Mount Kenya at 17,058 ft high. There are seven provinces of Kenya and they are Central, Coast, Eastern, North Eastern, Nyanza, Rift Valley, Western and they have one area called Nairobi Area. The bodies of water in Kenya are Lake Turkana and Lake Victoria.
Real estate is a fixed, tangible and immovable asset in form of houses or commercial property (Seldin & Richard 1985). Real estate market involves developing, renting, selling/purchasing and renovating of these assets (houses). Market participants includes developers (contractors, engineers, and so on), facilitators (mortgage companies, real estate brokers, banks, management agents and so on), owners, renters (leasers) and renovators (Seldin & Richard 1985). Like other economic markets, real estate markets have internal and external forces that make impacts in the market (Seldin & Richard 1985).
The Gross Domestic Product (GDP) is the total market value of in a country’s output. The GDP is the total market value of all final goods and services produced by factors in within given period of time that located in the country doesn’t matter they are citizens or foreign-owned companies. Hence, the GDP is the best way to measure the country economy.