Buying land or a property in Kenya

Kenya has for a very long time been an attractive place for investors and international tourists. The beautiful landscape, beaches and rich wildlife draw thousands of tourists to Kenya every year and make want to either own a home or come back regularly. Most foreigners invest in businesses and properties in the main tourist areas along the coast as well as national parks.The political situation in Kenya has been stabilising after the elections in December 2007 and overseas investors are beginning to have more and more confident in the Kenyan market again which the Kenyan government is directly targeting foreign investment with special tax, law and financial regulations.Land in Kenya is divided into two types: Commercial and agricultural land.Foreigners are allowed to buy commercial land and build on it. Agricultural land usually belongs to the government or indigenous tribes and can only be purchased by Kenyan companies with a Kenyan holding the majority.Most of the land, however, is owned by the Kenyan government and can be leased for 50-99 years.It is therefore highly recommended to get a registered and experienced lawyer and real estate agent involved when investing in Kenyan property. They will assist you in finding and visiting properties, getting in touch with owners, doing research on the property (making sure the property is registered, the owners are entitled to sell/rent out etc.), helping you to make transfers and payments and changing the documents into your name once the process has been completed. Usually, a deposit of 10-30% is paid as soon as a price has been agreed upon and the remaining amount will be paid within the next 90 days. Taxes are lawyers’ fees are paid within 30 days.It is also possible to buy land or properties in Kenya without being the country. The investor can give complete power of attorney to a solicitor in Kenya who will handle the process in the investor’s absence.