Quick Answer: How do I buy a house in Kenya?

How much does it cost to buy a house in Kenya?

That said, the average purchase price of a 1 to a 3-bedroom house in Nairobi as of 2019 was 14.4 million shillings (US$140,666), while that of a 4-6 bedroom residential averaged at about 39.1 million shillings (US$ 381,948).

How can I buy a house in Kenya?

The first step to purchasing property in Kenya is to hire a real estate lawyer. A title search on the property is very important as many areas are not registered. Once property has been chosen and a price is agreed upon, the lawyer prepares a sale agreement as a conditional preliminary contract, signed by both parties.

How can I buy a house with no money in Kenya?

4 ways to Owning a House Without Mortgaging in Kenya

  1. Pay for your home in cash. You can own your home by either paying from your earnings or savings. …
  2. Rent to own. Rent to own is slowly catching up in the Kenya real estate market. …
  3. Buying to Sell (Flipping) …
  4. Joint Venture.
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Who pays stamp duty buyer or seller in Kenya?

7. Payment of Stamp Duty. It is the responsibility of the buyer to pay the stamp duty, a tax levied on all lands.

What is a good salary in Kenya?

A person working in Kenya typically earns around 147,000 KES per month. Salaries range from 37,100 KES (lowest average) to 656,000 KES (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.

How much does a 3 bedroom house cost in Kenya?

The average cost of building a 3 bedroom house in Kenya is Kenya shillings 2.5 million. The cost varies depending on where you are buying the materials from and location.

How much does it cost to buy an apartment in Kenya?

The average price for a 1-3 bedroom residential property is currently KES 14.4 million (US$140,666), while the average price for a 4-6 bedroom residential property is KES 39.1 million (US$ 381,948). In Kenya, most property purchases are for cash.

Can foreigners buy a house in Kenya?

The simple answer is yes, non-citizens can own property in Kenya and enjoy all legal rights and protections that Kenyan citizens enjoy, however they are subject to restrictions with regard to the kind of tenure they can hold in land and are also prevented from owning or dealing with agricultural land.

How much does it cost to buy land in Kenya?

In Kenya, a land search costs Ksh 520 and takes an average period of 6months.

How do I get a mortgage for a house in Kenya?

What you need to get a mortgage

  1. A signed mortgage application form.
  2. Original copies of your identification documents, ID or Passport.
  3. An introduction letter from your employer (for those employed)
  4. 3 months’ payslip.
  5. Certified bank statement for at least 6 months.
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How much is the stamp duty in Kenya?

Stamp duty

Activity Stamp duty rate
Transfer of immovable property:
Urban 4%
Rural 2%
Creation or increase of share capital 1%

How much do solicitors charge to sell a house?

According to the Homeowners’ Alliance, solicitors and conveyancers can cost between £500 and £1,500 for the legal fees alone. On top of this you’ll have to pay for: Title deeds – proof you own the property, normally held by the Land Registry (£25).

Who is exempt from stamp duty in Kenya?

Stamp Duty exemption may be obtained for transactions, including but not limited to: Transfer of land to charitable organizations as gifts. Transfer of property between spouses. Transfer of family property to the members on demise of a family member in whose name the property was registered.

Who pays stamp duty buyer or seller?

It is always the home buyer who pays stamp duty, not the seller. Usually, your solicitor will pay it on your behalf as part of the purchase process.

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