The property development sector continues to play a key role in the development of Nairobi into a world class city. Some analysts have even made the suggestion that the Kenyan property market awfully lucrative especially for foreign investors because of the high profit margins of 20 to 30 per cent, which some have argued is impossible even in the US or European markets.
Investment and continued interest in this sector has been growing tremendously. New projects that have been recently announced or commenced include Nairobi Office Park phase 2 financed by Actis, the emerging markets fund, Tatu City backed by Renaissance Capital and Konza Technology City, the first technolopolis project in East Africa.
HR&A Advisors have recently been appointed as master developers for the Konza project. Other notable projects currently under construction include Thika Greens, a US$650 million gold estate with 4,000 housing units. Migaa, a development of Home Africa Communities Ltd is set to deliver 2,500 homes and an 18 hole golf course. Abadare Hills Golf Resort in Naivasha is also underway.
Despite the successes, there has been a slow down in the second quarter of 2012 due to weakening of the local currency, inflation and high interest rates. This has negatively affected the sector. Ground breaking for some of the major projects has been delayed. Some developers have had to scale down operations or reconsider size and scope of projects.
The purpose of the Nairobi Property Summit is to bring together key stakeholders to discuss and exchange ideas regarding the development of real estate in the growing metropolis of Nairobi while providing an opportunity for key industry players to network. The one day event is structured with the busy executive in mind for ease of participation and time management.
The Summit will appeal to real estate financiers and their guests, and to senior players from every aspect of the Property and Construction sectors. The Nairobi Property Summit will also be attractive to organizations and individuals focused on the Nairobi market and interested in making new connections and identifying new business opportunities. Core service providers and professionals including local authorities, property lawyers, surveyors, architects, contractors, and advisors will also attend.
A distinguished panel of speakers will engage in panel discussions and presentations during the summit. There will be discussions on how to develop Nairobi into a world class city, challenges of structuring and financing real estate projects, meeting the housing challenge (with special emphasis on low cost housing and building technologies. The delegates will also be updated on the status of major real estate development projects in Nairobi.
Spotlight sessions will include presentations on the Nairobi office and retail property markets. Efforts to regenerate parts of the city will also be showcased during the summit. The summit will also highlight on the proposed regulatory framework for real estate investment trusts (REITs).
A partial list of confirmed speakers so far include Wagane Diouf, a seasoned entrepreneur in the low cost housing sector and founder CEO of Urbanis Africa which is currently developing the large scale low cost Kenani Housing Estate on the outskirts of Nairobi. High profile speakers include Frank Ireri, Managing Director of Housing Finance Company of Kenya, Gikonyo Gitonga, Managing Director of CB Richard Ellis Kenya,
Other speakers are Koome Gikunda of Actis, David Mavindu, CEO of Rafiki Deposit Taking Microfinance, Pete Muraya, CEO of Suraya Property Group, Morris Omolo, Property Consultant at CB Richard Ellis, Osman Elsek, Chairman and Group CEO of Elsek Group, Martin Dias, CEO of Financial and Property Consultants Ltd., Maurice Nduranu, Portfolio Manager Acumen Fund.
Karim Anjarwalla, the Managing Partner of law firm Anjarwalla & Khanna will deliver a presentation on property tax laws currently being vigorously enforced by the Kenya Revenue Authority. Lawyer Amyn Mussa will be speaking on managing risks in large real estate projects.
The list of speakers is currently being updated and the most current can be found at the Nairobi Property Summit website www.nairobipropertysummit.com