Investors urged to venture into East Africa, global market
Kenyan investors have been challenged to cast their nets wider and tap into the East African market and beyond.
An economist and local investor in real estate George Wachiuri said there are limitless opportunities out there and told Kenyans to go for the big business lying unexploited areas beyond our boundaries.
In particular, Wachiuri who is also the patron of Real Estate Stakeholders Association, said investors in the sector should go beyond the business of selling plots which he points out is a “limiter of opportunities.”
“You should go beyond Kenya, think East Africa, think Africa and even global. Let us stop focusing on the business of selling 40 by 80 or 50 by 100 plots even if it may sound like good business,” he said.
Speaking during the launch of a website and a short code for the association, Wachiuri said besides dealing in property transactions, Kenyans should look for construction contracts even in America and other continents.
“The building industry which has been there for hundreds of years is still thriving in countries like the US. That is where we should cast our eyes. You only need to do research and even learn more foreign languages,” said the official.
He added that, for instance, there are huge business opportunities in the DR Congo but not many Kenyans understand French language which is the official language.
Wachiuri said Kenyan investors stand a big chance of helping the country leap from a middle class economy to a regional or even global player.
“When you are just sitting in Ruiru and selling plots, Chinese businessmen are making billions of dollars all over the world because they think globally. Let us borrow a leaf from these people,” he quipped.
The association’s Chairman Kinyua Wairatu said in the near future it will be very difficult for people who are not in the association to sell property because the group in collaboration with government agencies is tightening the noose against fraudsters in the sector.
