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Alex Muema: How I founded my multi-million property firm

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Alex Muema: How I founded my multi-million property firm
Ndatiani Enterprises Limited founder Alex Muema. PHOTO / THE STANDARD.

For those who will finalise the transaction in 60 days, will get a discount of 10 per cent while those who will complete in 90 days will get a final discount of 5 per cent. Ordinarily, Muema’s company accommodates for purchases to be made through installments.

“Buyers usually make as little deposits as Sh10,000 and pay in 40-monthly installments,” Muema explains. Ndatiani’s land for sale is perched in such promising areas as Kitengela, Rongai, Utawala, Kenanie, Athi River, Isinya and Bamburi in Mombasa. Apart from housing, Muema is encouraging buyers to buy land as an investment and also for speculation.

“The average appreciation rate for land in Kenya annually is 25 per cent. That is a good deal for any would-be land investor,” Muema says. The real estate developer says in current trends, demand for housing for high-end houses (Sh10 million and above) is low.

This contrasts with demand for low end housing which is high. Muema explains that this is because many people, from Saccos to Chamas have gone into real estate business and a glut has been created. Also the lack of credit from banks again has significantly cut down the demand.