Kenya will enhance its capacity to deliver on its promise of adequate and affordable housing under the Big Four agenda by putting in place proper regulations for the real estate sector.
This is according to Mr Chip Brekken, the executive director of RE/MAX LLC, a US-based firm.
He said the regulatory regime in the country should be robust enough to encourage investment and discourage fraud.
Mr Brekken, who oversees business development in 71 countries in Africa, Middle East and Europe, said Kenya’s real estate sector has bright prospects that can be enhanced with a tighter regulatory framework.
“Kenya is a growing market and the potential for real estate business growth in this country is immense, second only to South Africa,” Mr Brekken said on Thursday when he opened two new Re/MAX offices in Nairobi’s Upper Hill and another at Ciata Mall on Kiambu road.
Mr Brekken, who was on a three-day visit in the country, shared best practices with the Kenyan franchise, on the growth of business. “We are delighted to support RE/MAX Kenya bring more real estate agents under its umbrella. Opening two new offices shows that we have confidence in this market,” Mr Brekken said.
He said about 100 real estate agents in Kenya have joined the RE/MAX brand in the last 18 months compared to only 20 agents less than two years ago.
RE/MAX chief executive James Muratha said the company targets at least 500 agents in the next five years.
“RE/MAX agents are actually real estate consultants. They are not your typical agent. These are professionals who have undergone significant training and enjoy market support from RE/MAX Kenya,” said Mr Muratha.
The firm’s core business is to enhance professionalism so that buyers and property owners get the services they deserve and are not cheated out of their hard-earned money.
“Unfortunately, this is not the norm in this market. This negatively affects buyers, sellers and other agents involved in the transactions,” Mr Muratha said, citing the recent demolitions of properties in Nairobi.