Violent conditions in any country can wreak havoc on the property market and Kenya is a perfect example of how market values can be drastically affected. In a country where militant factions are able to operate undisturbed, violence usually erupts all over the country. When business and home owners begin to face looting and devastation, it can lead to a mass exodus.
This has certainly been the case in Kenya. Political strife has led to an unstable environment incapable of infusing enough foreign investment dollars to help sustain growth. Land and property owners have begun to raise rent, sometimes by as much as 75 percent. Doing so causes many to leave the area leading to a steady decline. More and more property owners outside of Kenya's cities are working hard to sell their properties as quickly as possible.
Foreign investors play an important role in the growth of any economy. Areas like Kenya would be best benefited by developing a larger travel market. Tourism increases the economy and helps to get foreign investors interested in the opportunities available in the property market. Unfortunately, attracting foreign investors is a difficult task.
Efforts are being made to create a central database that will provide an analysis of the real estate market's future potential. A property market database would be responsible for tracking trends and helping investors see the potential of the market. Kenya faces many challenges on the road ahead to creating this database and efforts must be made to track any and all real estate related information.
Once Kenya can finalize the creation of this central database, foreign investors will begin to gain confidence in the government and will be more apt to invest in the countries future.
