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One more observation about Kenya’s real estate puzzle.
Support infrastructure [roads, water, sewer services, schools, green spaces] are still mostly abysmal, *but* land and real estate prices still rise, even in places where these services are absent.
Support infrastructure [roads, water, sewer services, schools, green spaces] are still mostly abysmal, *but* land and real estate prices still rise, even in places where these services are absent.
Have we gotten so used to not having, or demanding services that we pay for from local and national governments, that we [i.e. land and real estate buyers] just do not care?
At the very least, citizens shouldn’t be paying taxes on account of public services not delivered.
At the very least, citizens shouldn’t be paying taxes on account of public services not delivered.
Another random observation on Kenyan real estate.
Anecdotally, there are more & more cases of land fraud being reported to the police and handled in courts. Ideally, the risk implied by such improper governance should trigger a fall in asset prices.
Anecdotally, there are more & more cases of land fraud being reported to the police and handled in courts. Ideally, the risk implied by such improper governance should trigger a fall in asset prices.
This has not happened.
Simple case of massive, unmet demand + an odd, cultural insistence on owning land crushing all other rational signals that should inform price discovery? Maybe.
Simple case of massive, unmet demand + an odd, cultural insistence on owning land crushing all other rational signals that should inform price discovery? Maybe.
