10 October 2012

Kenya: Wheat Harvest to Drive Land Purchase

Photo: Wikipedia

THE rate of land purchasing in Eldoret is expected to go up in a fortnight owing to the ongoing wheat harvest. Most of the farmers in Moiben and Ziwa areas in the outskirts of the town have registered a bumper harvest and the land buying is expected to be stable.

Real estate companies in the town say the purchase had been low since April last year due to the high lending rates which discouraged buyers from taking loans.

Sweetland Consultants manager David Kimaiyo said the company currently processes almost four title deeds per week contrary to the good days when the number rises to over fifty per week.

"The number of people buying land in Eldoret is low and in two weeks, we expect it to improve because farmers have started harvesting their wheat crop,"Kimaiyo said.

He said the recent lowering of lending rates was encouraging and that farmers can now borrow loans to buy land. In the months of June to August, the buying was low because of drought and they had no income to repay the loans especially when the rates were higher.

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