ISK Holds 2015 Real Estate Conference In Collaboration With RICS, AfRES and UON
The conference was graced by the Ag. Cabinet Secretary Ministry of Land, Housing & Urban Development Dr. Fred Matiang’i and the Principal Secretary Arch. Mariam Elmaawy.
Speaking during the conference,Matian’gi said the Ministry is working towards getting rid of rogue agents in the real estate sector noting that there has been alot of self regulation among them which has highly increased fraud leading to loss of money and property.He lamented that this is happening despite the existence of an Estates Agent Act which states that “ No individual ,partnership or corporate body shall practice as estate agent(s) unless he/she/they are registered.
He reported that the Ministry was liasing with the Information Communication Technology Authority to develop a mobile app that will provide information on an estate agent at the touch of a button so that the potential buyer can determine wether they are genuine.
The conference proceeding included discussions of various topics ranging from real estate valuation standards, sustainability of property development, ongoing regulatory reforms, risks and rewards assessment in the industry and financing strategies, to facilities management, new innovations such as Real Estate Investment Trusts and viability of capital-intensive investments.
Participants in the conference walked away with enriched industry insights from various speakers and leaders with vast experiences in the public and private sectors, as well as regulation across East Africa.
ISK chairman Paul Wambua said: “The conference is timely in many respects. It comes at the backdrop of an expected increase in interest rates in Kenya that could adversely hit the mortgage market, as prospective buyers will find it expensive to service the mortgages.
Secondly, most of the land registries in the region have challenges, key being poor land records, which has a direct bearing on the development and financing of real estate infrastructure projects.
The conference was informative, capturing the state of real estate in the region, and exploring what it portends for the future.