Corporate News
Models of residential houses. A local real estate firm will stage an
expo in New York August 30 to September 1 targeting Kenyans in the
diaspora keen on owning property back home. PHOTO | FILE
By Ian Mbuti
Local financial institutions are
among exhibitors participating in a three-day homes expo in the US,
looking to tap diaspora cash from those seeking to invest in real
estate.
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The expo, to be held in New York City from
August 30 to September 1, is targeting to attract 300,000 people from
all over the United States.
“A lot of people living abroad
want to be able to invest back home, but lack the know-how on where or
who to contact and the expo will offer such opportunities,” said David
Karau, a real estate developer, owner of Kings Pride, who is chairing
the expo committee.
Among the exhibitors are National Bank,Kenya Commercial Bank, CIC Insurance and New York Stock Exchange-listed real estate firm Remax, which operates through a franchise model globally.
The fair has attracted 20
investment companies, seven financial institutions, insurance providers
and a host of developers keen on gaining access to the diaspora market.
Kenyans living in the United
States account for 45 per cent of the total diaspora remittance,
according to a June 2014 survey by the Central Bank of Kenya.
However, those willing to invest
in the properties market face various obstacles, the most prominent
being the lack of information to make good investment decisions.
“The expo is meant to provide
them with access to key stakeholders in Kenya offering products that
meet their needs,” said Martha Kanyumba, the expo’s director.
The government, in support of the
initiative, will set up a stand through the Ministry of Foreign Affairs
to offer Kenyans services such as registration and renewal of IDs and
passports.
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