In October 2024, a group of students from Global Institute of Property Studies embarked on an educational trip to Nairobi, Kenya, to learn about the country's dynamic real estate landscape. The week-long tour, spanning October 22nd to 25th, provided us with firsthand insights from leading institutions and key players in Kenya's property market. Here's a summary of our experiences:
22nd October: University of Nairobi
Our journey began with a visit to the University of Nairobi's Department of Real Estate, Construction, and Quantity Surveying. We received an informative briefing on Kenya's real estate industry, covering how the sector operates and highlighting various trends and opportunities. Key areas included valuation for real estate financing and environmental management - fields that are essential as Kenya's real estate market continues to grow and evolve.
The session also featured a representative from the Royal Institution of Chartered Surveyors (RICS), Bonface Waweru, MRICS who outlined the qualifications required to join the prestigious organisation. We discussed the advantages of RICS membership, from professional recognition to access to a global network of industry professionals.
23rd October: Shelter Afrique
Our next stop was at the headquarters of Shelter Afrique, an organization based in Nairobi dedicated to providing real estate financing, particularly for affordable housing and urban development across Africa. This focus on financing and affordability is crucial in a countinent where housing demand is high amidst an ever-growing population, and Shelter Afrique's model is making strides toward addressing the housing deficit.
24th October: Leo Residences, Lavington
In Lavington, Kenya, we visited Leo Residences, an upscale condominium development. At Leo Residences, we observed innovative approaches to urban housing. The developers have maximized limited space while incorporating cutting-edge building designs, green building practices, and affordable housing options. Smart fittings, such as sensor lights and smart locks, are integrated throughout the building, underscoring the blend of sustainability and technology.
We explored condo management and development strategies and learned about the importance of amenities, security, and location when managing high-end residential properties. This experience was showed us the nuances of managing luxury real estate and maintaining tenant satisfaction.
We also met Christabel Ojuok from RentScore, a company "making homeownership possible for first-time buyers by converting their rent into equity", who introduced us to the realm of PropTech (property technology). She emphasized how PropTech innovations like Al, data analytics, and digital tenant management systems are transforming property management. Students learned how these tools make operations more efficient, transparent, and user-friendly.
25th October: Qwetu and Qejani by Acorn Holdings
Our final visit took us to Qwetu and Qejani, student accommodation properties located on Bogani Road in Nairobi. Owned by Acorn Holdings, these facilities emphasize affordability and quality living for students, while incorporating green building principles. This session also provided us with insights into how Real Estate Investment Trusts (REITs) operate, which was particularly enlightening for those interested in real estate investment.
Overall, this study trip to Nairobi was a unique learning experience that expanded our understanding of real estate in a regional context. The exposure to Kenya's housing innovations, sustainability efforts, and the integration of PropTech was invaluable, showing us new ways to approach real estate issues and solutions across different markets and most importantly, advance them in the Ugandan real estate sector.