Buying and Renting Property
Implementing institutions for Registering Property in Kenya have a mandate to enforce and implement various aspects of the land and real property laws. They include;
• Ministry of Lands, Responsible for development of national land Policy
• Lands Registry, mandated to register property in Kenya
• Machakos County Government Land Control Boards
Property can be acquired on freehold or leasehold basis where a freehold title gives the owner absolute proprietorship over the land in perpetuity.
A Leasehold property is held on a government lease for a specified period, usually 50 or 99 years. At the end of this period, the land owner applies for an extension of the lease, which is usually granted. The extension process takes approximately 6 months.
Land for Investments
In the Machakos City master plan, the county has put in place land incentives that investors can capitalize on so as to maximize on their investment.
Once an investor’s business proposal has been submitted to the Machakos IPB and has undergone proper evaluation a memorandum of understanding MoU will be drafted.
Once this memorandum of understanding between the investor and the county is signed, land will be allocated to the investor for them to operationalize their investment proposal.
Rental Property
Sufficient property to let on short to long term basis is available at very competitive rates. This can be accessed through a number of property management companies.
Commercial Rental Premises are easily available at competitive rates ranging from KES. 50 – 150 (about 0.5 – 1.5 Dollars) Per Square Foot per Month which may be exclusive or inclusive of service charges.