Real estate developer, King’s Pride is set to launch the first annual Kenyans Diaspora Homes Expo in New York in a bid to tap into the $1.29 billion (Sh109 billion) that Kenyans in the diaspora remit home annually.
The three-day expo scheduled bewtween Aug 30 to Sept1 in New York, is expected to draw at least 300,000 Kenyans living in the United States, linking them directly with the real estate market back home while opening up international frontiers to stakeholders in Kenya’s property sector.
Kenyans living in the United States account for 45 per cent of the total diaspora remittance, according to a June 2014 survey by the Central Bank of Kenya.
However, those willing to invest in the property market back home face various impediments, the most prominent being the lack of information to make sound investment decisions.
The expo will act as a one-stop-shop providing Kenyans seeking to invest back home with access to key stakeholders in Kenya offering products tailored to meet their needs.
“Kenyans abroad find it difficult and expensive to successfully invest in property back home. Through the exhibition we address the frustrations that come with making property investment decision and monitoring investments from another continent by giving the diaspora first hand access to exhibitors, some of whom will offer them opportunities in the form of joint ventures,” said an Expo Director at Kings Pride Properties, Martha Kanyumba.
The Kenyans Diaspora Homes Expo will showcase a number of affordable investment opportunities available for Kenyans through partnerships.
It has attracted over 20 investment companies, seven financial institutions, insurance providers and a host of developers keen on a gaining access to the diaspora market that is already bringing in the largest piece of Kenya’s GDP pie.
Among the exhibitors are National Bank, Kenya Commercial Bank, CIC Insurance Group and leading real estate franchise RE/MAX.
An expo office already set up in the US to enable investors follow up on the new products and services available in Kenya to access the diaspora market.
It comes when government has renewed its interest in Kenyans in the diaspora through an office establishment to address diaspora issues.