Grapevine

Real estate firms tap diaspora market as housing deals surge

Deputy President Rigathi Gachagua making his address during the Diaspora Investment Conference 2023, which he closed after three days of deliberations at the Kenyatta International Convention Centre, Nairobi, on December 15, 2023. [DPCS]

Kenyan real estate agents are increasingly turning to the huge diaspora population as a key market for land and property deals.

With over three million Kenyans living abroad, real estate firms see a significant opportunity to attract investment from this lucrative demographic.

Many Kenyans living overseas maintain strong ties to their homeland as they look for ways to build wealth back home.

According to a report by the Central Bank of Kenya (CBK), remittance inflows in June 2024 totalled $371.6 million (Sh47.8 billion) compared to $345.9 million (Sh44.6 billion) in the same period last year, an increase of 7.4 per cent.