The population of Kenyans living in the diaspora is estimated at three million. It is believed that this group consists of well-educated people, mainly residing in the USA, Canada and Europe. However, Kenyans living overseas are wary of investing their hard-earned money at home.
Diaspora Kenyans planning to invest at home have heard horrific stories and fears from others who have been deceived by agents or their own families. If you live abroad, you need to be very careful when investing your money.
One group formed to help diaspora investors is Manyatta Capital. Founded by a Kenyan citizen who has lived and worked in the United States for over 10 years, this firm helps Kenyans living in the diaspora buy land through syndication. The firm brings together several foreign investors who buy shares into one project. This project is then subdivided and individual title deeds are issued to buyers.
Investors can then decide to build apartments, build houses or lease this land – the choice is theirs. It is recommended to refrain from communicating with relatives, as your money can go down the drain for many reasons. For example, sending money to a relative who knows nothing about investing is guaranteed to end badly. If possible, hire a lawyer from a reputable firm to handle your investment process for you. It’s better to spend more on a lawyer who will ensure that your investment is legitimate, negotiate for you, and handle the ownership process for you, rather than sending thousands of dollars to a relative who might end up being cheated.
When choosing a real estate company to work with, choose wisely. This is because some of them are fake, while others tend to inflate prices in order to make huge profits. Look for a company that allows you to keep your money in escrow. This way you eliminate the risk of fraud. Keeping money in escrow means that a third party – basically your lawyer – will hold your money and transfer it to the real estate firm only after they have personally verified that the piece of land exists and the title deeds have been processed.
How do you determine if the prices given to you by the property are legal?
When it comes to determining costs, markets in Kenya and other foreign countries tend to be very different. In the US and other countries, it is fairly easy to understand how the price of real estate came about because the real estate commissioner keeps a record of all sales. However, this is not the case in Kenya, and as a result, most agents overcharge. Many people living abroad have lost their savings due to such schemes.
When investing in real estate, consult a firm that consults with appraisers to identify properties with great potential. Find a company to help you identify properties, prove ownership and negotiate prices on your behalf, while allowing your lawyer to participate in the process.
How can our Kenyan government help?
“Kenyans living overseas have been victims of fraud on more than one occasion. Our government needs to provide guarantees to Kenyans in the diaspora so that they know that if something goes wrong with their investments, they can be protected from staggering losses, ”said Mr. Robinson. Guitae, Kenyan Ambassador to Washington DC. “Our government should reimburse investors who were defrauded after using a registered company to buy real estate,” he said.
This model has worked well in other countries and, when implemented, can help those brothers and sisters who want to invest their fortune back in their homeland.
The Kenyan government is making every effort to educate Kenyans overseas about investment opportunities. Some Kenyans have been away from home for so many years that they don’t know how best to invest there. Ultimately they rely on international media, which unfortunately does not create a positive image for Kenya. Our government is making every effort to educate Kenyans living overseas in investment opportunities through seminars and workshops organized by embassies in foreign countries. If you hear someone holding next to you, be sure to come.
Last year, Kenyans living in the diaspora donated about 89.1 billion Kenyan shillings to finance investments at home. By providing key information and protection, Kenyans living in the diaspora can transfer more money to our country and, in turn, strengthen our economy.#Diaspora #Investing #Kenyan