The number of real estate services providers in Nakuru has increased as investors move to harness opportunities in the South Rift town.

Besides a few engaged in property development, most of the firms are involved in project management, property management, sales and letting.

Growth in population has created need for residential properties and triggered investment in the retail sector for consumer goods and banking.

"It (real estate) is the new game in town. People are investing millions of shillings in real estate hence (which) has kept the housing market growing steadily in the past six years," said Sam Kinya, the director of Key Homes Ltd, one of the newest realtors in the town.

"I decided to join the market because there was a gap, as most of the agents concentrated in Nairobi, Mombasa and Kisumu," Kinya said.

Several banks, retail stores, colleges and universities are competing for commercial space in the town to set up branches and campuses, spurring property development.

The Central Bank of Kenya's Bank Supervision Survey for 2011 showed Nakuru county had 52 bank branches - the third largest branch network of banks in counties after Nairobi's 465 and Mombasa's 98 branches. The bulk of the bank branches and Forex bureaus are in Nakuru town.

Major retail chains have returned with superstores adding to the number of supermarkets in the town.

David Mathu, a property consultant at Homes and Shelter, said Nakuru has a growing middle-income class with rising spending power and appetite for homeownership.

The lucrative sector has however attracted fraudsters who are conning potential buyers and tenants. The loophole has been attributed to lack of regulation for real estate agents.

"Some may be issuing fake titles either because they do not take time to verify the documents to be issued or just want to con their customers as they want to get quick money," said Peter Odhiambo, a Nakuru-based real estate consultant.

Odhiambo said the remedy lies in establishing a real estate sector regulator that will ensure agents stick to best practice. "There are few real estate agents that are slowly professionalising the sector," he said.

Ann Karanja, a resident, said many tenants and landlords are unaware of regulations, creating room for exploitation. "As the sector grows, we can only hope discipline will follow suit as well," she said.