Kenyan residential property developer Rocksand Homes is eyeing Kenyans in the diaspora with affordable housing units in the country, as it expands its activities in the local real estate market.
The developer has announced that it is designing customised packages for clients in the diaspora, incorporating dynamic features that reflect personalisation and modern trends. Most of these properties will be developed for investment purposes.
“Everyday we receive requests from Kenyans in the diaspora who express high interest in investing in modern affordable units for re-sale and these requests usually comes with varied specifications from rental, Air BnB, reflecting a target to younger population largely adopting nomad lifestyles” said Rocksand Homes general manager, Raisa Wamai.
According to new projections by the World Data Lab, Africa’s Generation Z—those born between 1997 and 2012—is expected to contribute ($801 billion (Sh103 trillion) in consumer spending by 2025, making them the largest spending cohort on the continent.This amount is anticipated to exceed $1 trillion (Sh129 trillion) by 2032.
In Kenya, by 2025, 17 million Gen Z’s will be responsible for $34 billion (Sh4.4 trillion) in spending, where Nairobi alone will account for $10.1 billion of the spend, which represents nearly one-third of the national total.
Other significant cities include Mombasa with Sh141 billion (US$1.1 billion) and Kisumu with Sh68 billion ($533 million).
Most requests, she said, are coming from Kenyans living in the United States and the Middle East, which is challenging the traditional dominance of the US in terms of remittances to Kenya.
“We are taking a deliberate effort to address this rising need and help the millions of Kenyans from all over the world to re-invest back home. We are mapping up a strategy for engagement, knowledge sharing and management to know how best to engage with Kenyans in diaspora and how to deliver on this significant opportunity to not only house more Kenyans, but also to play a big role in leveraging diaspora remittances to spur economic growth,” said Wamai.
She made these remarks on the sideline of the firm’s groundbreaking ceremony for Phase 2 of the Plains View estate over the weekend.
The project consists of 32 stylish three-bedroom bungalows, each featuring a contemporary flat roof design and priced at Sh6.5 million. Phase one of the project was totally sold out.
The construction of Phase 2 of the project is expected to take between 12 and 15 months.
“With the new focus on the diaspora market, we foresee our future projects growing in terms of scale, number of units and coverage beyond just Nairobi to include other cities and towns in Kenya based on interest of these prospective investors,” she said.
Kenyans living and working overseas sent home $4.94 billion (Sh640 billion) in 2024, with 51 per cent of these remittances coming from the US, according to data from the Central Bank of Kenya.
In 2021, diaspora remittances became Kenya’s largest source of foreign exchange, surpassing traditional sectors such as agricultural production—particularly tea and flowers—as well as tourism's contribution to the economy.
The Ministry of Foreign Affairs estimates that approximately three million Kenyans reside abroad, with the majority living in the US.
