A local real estate firm will stage an expo in New York targeting Kenyans in the diaspora keen on owning property back home.
In an interview, Kings Pride director Karanja Karau said his company has entered a joint venture with local banks for Kenyan investors in the diaspora to access mortgages.
Mr Karau said the three-day ‘Kenya Diaspora Homes Expo’ is expected to attract a huge interest among Kenyans living in the US.
“The expo was founded for the chief purpose of linking the diaspora directly to the local real estate industry and other investment corporations in Kenya. We will be showcasing affordable investment opportunities in Kenya and provide implementation platform through our partners and banks,’’ said Mr Karau.
The expo is open to other housing stakeholders including banks offering tailor-made products in the construction industry and is set to take place during the Labor Day weekend in August.
“We are seeking to reduce costs to Kenyans who intend to invest back home while abroad but have no know-how on what and where to invest. The expo will be a one-stop package both to the exhibitors and the diaspora, where the seller/buyer, developers, financiers, insurers, suppliers will share a common platform and identify opportunities in real estate’’ said Martha Kanyumba who is coordinating the expo.
“Currently, we are recruiting the exhibitors who will be participating. We have nearly 15 banks which have shown interest.
“The venture seeks to address frustrations and delays for Kenyan citizens who entrust their investments on relatives only to get a raw deal,” she noted.
Data shows Kenyans abroad sent home Sh100 billion ($1.177 billion) in the 11 months to November last year, exceeding the total remittances of 2012.