12 December 2012

Kenya: Election Fever Hits Real Estate Business in North Rift

Real estate agents in Eldoret, North Rift's business hub, have reported reduced transactions in the past few months as election fever sweeps across the country.

Potential land and house buyers have adopted a wait-and-see attitude as they monitor political temperatures and hope for a peaceful election.

The region was heavily affected during the post-2007 election violence that left thousands homeless and displaced. Many residents in the region also lost their sources of livelihood.

Hillary Kiboinet, a real estate developer in Eldoret, said the events of five years ago are now returning to haunt businesses in the region as campaigns gather pace.

He said potential buyers have shied away afraid of a similar scenario in the March 2013 election. This means the real estate business in the region is likely to slump until a new government is sworn in.

Thomas Kering, also a property developer, said 10 of his clients have opted to delay plans to purchase land until the political environment stabilises after the election.

"We are telling them that the region is peaceful and people have learnt lessons from 2008 violence."

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