You Paid A Refundable Deposit When You Rented An Apartment Buying Scenario: CBD – 3 Bedroom Apartment in Nairobi, Kenya

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Buying Scenario: CBD – 3 Bedroom Apartment in Nairobi, Kenya

As the methods and costs of buying real estate in Kenya can vary depending on the location and type of property, this helps explain one of the most popular properties to buy: a 3 bedroom apartment in Nairobi’s CBD.

Buying any property in Kenya it is a simple process guided by the laws and regulations of Kenya. However, the process often differs slightly depending on the type of property you want to buy and how you can finance the purchase of the property. Land is always a factor that can change the way you buy land in Kenya with those in urban areas requiring more permits and documentation than those in rural areas.

Being an inefficient and bureaucratic mining area, buying land in Nairobi should be approached carefully and it is important to know the many hurdles you have to jump through to get the land you want.

Steps to buy a 3BR house in Nairobi’s CBD

1. Real estate contract (5.51% commission)

  • The agent not only helps you search and compare the available 3br apartments, but also has valuable information on where to invest and the prices offered in different areas within the CBD.

  • There are 3br luxury apartments in the upper Nairobi CBD which are more luxurious and more expensive than the ones in the lower CBD.

  • You will need to pay an agent to search and watch for about Ksh2,000 and Ksh1,000 respectively.

2. Hire a lawyer (rate 1.5%).

  • After the agent helps you find the right property, the lawyer will guide you through the purchase process.

  • The lawyer will check the title of the 3br house to make sure it is registered at the Lands Registry and Registration of Persons Bureau (cost Ksh500).

  • Once you confirm ownership, you can go ahead and start negotiating

3. Pay in installments (10-30%)

  • After the sale is agreed upon, you will be required to pay the refund and the balance at the end of the sale.

  • If the tenant has to pay a portion of the property, you must pay the seller’s attorney for the unpaid portion while the tenant’s attorney or your attorney must provide the seller’s attorney with sufficient authority to collect the full amount paid.

  • A stamp of Ksh20 is obtained on signed sales contracts.

4. A lawyer prepares the transfer of property.

Your lawyer will find:

  • From Nairobi City Council certificate of approval

  • From the Commissioner of Lands a certificate of permission to lease land

  • Acceptance of transfer (about Ksh7,500).

  • From Lands Office stamp duty, paid by bank check for Ksh600

Your lawyer will arrange it inspection of goods, valuation of goods and finally, the registration of delivery of goods.

5. Set up an investment with a real estate agent.

  • Legal fees and taxes are payable 30 days after completion of the transaction.

  • From now on, you are the proud owner of a 3br apartment in Nairobi’s CBD!

  • Remember that foreign investors must pay 30% of the total loan amount and 1% of the annual income tax.

  • Additional fees may be charged such as survey fees, accounting fees and utility bills (electricity and water), etc.

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