Sunday, May 26, 2024

Festus Mutia: Why it’s better to invest in real estate in Rwanda than Kenya

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Festus Mutia, a Kenyan entrepreneur, is among the Kenyans making great strides away from home, with multiple investments, notably in the real estate sector.

The Lenana school alumnus is the founder and lead consultant at Mirage Real Estate Limited, a Kilimani based real estate company that deals with the sale of property.

The businessman also serves as the senior leasing manager and mall expert at Market Shopping Mall in Kigali, Rwanda.

“Besides my work, I also run a small real estate consultancy firm that covers East Africa region dealing with feasibility studies, market research, and property consultancy as a whole,” he said in a past interview with Kenyans.co.

I won US greencard in 2009, now I have built multimillion hotel, hospital in Machakos

According to him, Rwanda is one of the best real estate investment hubs in East Africa due to its favorable business environment.

He notes that Rwanda’s real estate and construction industry contributes about 14.8 percent of its Gross Domestic Product (GDP) and has higher rental incomes than Kenya.

“Rwanda’s real estate market is a very young market and historically challenging due to the low purchasing power of its citizens hence selling out spaces is not a walk in the park.

“However, the rate of growth of the market and the economy at large is the highest in the region. Rwanda has been ranked highly on the easiness to do business and hence it is an ideal place to invest,” he states.

Mutia’s day to day activities involves overseeing the processing and approval of client applications and drafting of lease documents,  as well as coordinating lease negotiations,  and lease renewals.

He holds a Bachelor’s degree in Economics & Statistics from the University of Nairobi. He is also a holder of CPA-K, a Chartered Financial Analyst (CFA) and a post-graduate diploma in Project Management.

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