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The entry of Chinese property developers in Kenya has resulted in huge gains for the country’s land owners, industry officials said on Friday.

Real estate firm HassConsult Head of Development Consulting and Research Sakina Hassanali told Xinhua recently in Nairobi said that Chinese investors typically pay more for land as compared to other investors.

“As a result, land owners have reaped big due to the huge price appreciation especially in the major towns,” Hassanali said.

Hassanali noted that Chinese contractors have been attracted into Kenya’s real estate due to the huge returns in the sector.

“Over the past decade, the real estate has emerged as one of the top performing the best asset class to invest in,” she added.

Hassanali noted that Chinese property developers have helped to unlock the value of land holdings in Kenya. China is currently the biggest contractor and financier of infrastructure projects in the East African nation.

Contractors from the Asian nation have played a significant role in modernizing the real estate industry which is among the fastest growing sectors of the economy.

Hassanali noted that Chinese owned firms have had an overall positive impact on the real estate sector by bringing more activity into the market.

“It is always good to be pushed to do better by foreign competition as long as there is a level playing field,” she said.

The real estate firms noted that Chinese contractors are more efficient as compared to local firms and are able to win competitive tenders.

“Chinese companies tend to rely more on technology and machinery which results in cost savings for many building projects in Kenya,” Hassanali said. Enditem

Source: Xinhua/Newsghana.com.gh