Rants, Raves & Reviews
Another reason why I do NOT believe investing in property in Kenya. I also blogged on why I don't invest in property in Kenya... Here is the link to that.
AFTER planning approvals, AFTER construction permits, AFTER construction, AFTER occupancy permits, AFTER... AFTER... the government wakes up and condemns the Westgate and Ukay malls.
I do not have the full details on the matter... nor who is right or wrong...
The concept of property rights simply does not exist in Kenya.
Examples:
- Land-grabbing by the political elite (jomo 'crooked wa ngengi' kenyatta & cronies) in the 60s & 70s.- Land purchased from the 'White Farmers' redistributed to the politically connected. Real landless lose to the already landed in the 60s.
- Expropriation of property & businesses of Kenyan-Asians in the 1960s & 1970s.- Forcible removal/eviction of 'up-country' folk during the Likoni clashes in the 1990s.- dan moi would sign away government land as a reward for his cronies.- Forcible removal (through violence) of Kikuyus from many sections of the Rift Valley in 2008. - Fake Title Deeds and 'missing' files at the Lands Office.
- Adverts in the newspaper on a regular basis about caveats on land for sale (or not for sale).
- Signboards all over Nairobi proclaiming "This Land Is Not For Sale".
I believe in investing in Africa (incl Kenya) but not in land or property. For residents/citizens,I recommend at most a modest (or affordable within their portfolio) house but not much more than that!
Now... I am thinking how much exposure Kenyan banks have to 'condemned' land or buildings. I am worried...
Of course, while pretending to care about the environment... the government is on a tear condemning fragile eco-systems like the Tana Delta & Masai Mara.
