COVID-19 EFFECTS

Realtors float offers to bait elusive home buyers

In Summary

•There have been reports of low uptake of properties in the real-estate sector due to reduced purchasing power due to the economic effects of the Coronavirus pandemic.

FINANCING: A stand-alone house under construction at Migaa Golf Estate. Photo/FILE
FINANCING: A stand-alone house under construction at Migaa Golf Estate. Photo/FILE

Realtors have been forced to come up with offer packages to attract customers pinned down by the Covid-19 economic shock.

Fanaka, a real estate investment firm has, for instance, issued a 10 per cent discount on its projects in addition to flexible payment plans. 

The firm's CEO Moses Mureithi says with most companies in the properties sector reeling from adverse effects of the coronavirus pandemic, competition for buyers has shifted to incentives. 

“This is the right time for clients seeking to purchase residential properties to settle their families,” Mureithi said in an interview with the Star on Friday.

Fanaka focuses on projects within Nairobi and is taking advantage of the ongoing massive road expansions across the capital to position their properties.

“We have great offers on our current projects with the newest one having a 10 % off the actual price,” Mureithi said, noting that it goes with flexible modes of payment of up to 12 months.

According to Mureithi, the impact of the Covid-19 has forced real estate firms to adapt to the extraordinary circumstances to remain afloat as well as mitigate the spread of the disease.

Fanaka has remained operational throughout the Covid-19 period and has continued to offer services with strict compliance to the ministry of health protocols. 

“We provide soap, water and sanitizers to both the staff and customers, just to ensure that everyone washes their hands before walking into the office,” Mureithi says. 

He says, in addition to disinfecting the office twice a day, the office furniture arrangement guarantees the 1.5m-distance as the company went the extra mile to rent out extra space.

 

“To guarantee each client personalized care, site visits are conducted throughout the week rather than the previous twice a week arrangement with vehicles carrying at half the capacity,” Mureithi explains.

There have been reports of low uptake of properties in the real-estate sector due to reduced purchasing power due to the economic effects of the Coronavirus pandemic.