A real estate developer Karanja Karau, owner of Kings Pride, has entered into a joint venture with local banks targeting Kenyans abroad seeking mortgage deals.
Mr Karau told Business Daily he intends to launch a two-week ‘Kenyans Diaspora Homes Expo’ in New York in August.
“We will be showcasing affordable investment opportunities in Kenya and provide implementation platform through our partners and banks,’’ said Mr Karau.
The expo is open to other housing stakeholders including banks offering tailor-made products in the construction industry.
“We seek to reduce costs to Kenyans who intend to invest back home while abroad but have no know-how on what and where to invest,’’ he said.
‘‘Right now, we are busy recruiting the exhibitors who will be participating. We have nearly 15 banks which have shown interest in the initiative.’’
The venture seeks to address frustrations and delays for Kenyan citizens who entrust their investments on relatives.
Data shows Kenyans abroad sent home Sh10 billion ($115 million) in the 11 months to November last year, exceeding the total remittances of 2012. (READ: Kenyans send home Sh10 billion)
Diaspora remittances for the month of November were the highest in the country’s history at Sh9.6 billion ($113 million) with Kenyans in North America accounting for 45 per cent while Europe and the rest of the world accounted for 30 per cent and 24 per cent respectfully.
This article first appeared in the Business Daily.