Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Kenyan firm wins global property award

LONDON, Nov 9 – HassConsult has been named the Best Real Estate Agency in Africa at the International Property Awards held in London, UK and sponsored by the New York Times, Bloomberg, the International Herald Tribune, and all leading global real estate organisations.

HassConsult, which is now a nominee for World\’s Best goes through to the global awards to be held later this month, up against the winners for Asia, Europe and the Americas. HassConsult was named best agency in Africa following innovations that have seen it change the Kenyan property market.
 
In the mid-1990s, at a time when Kenya’s capital markets were less developed, HassConsult pioneered a new off-plan financing model for developers, which went on to become the industry standard, and fuelled the take-off in Kenya’s construction and development boom.

The model, premised on tight guarantees of delivery, removed the need for developers of high-end developments to secure financing for building, and instead offered heavy discounts to the buyers of off-plan houses in return for cash payments in increments that funded the building.

HassConsult was able to price developments using this model in the decade from 1995 so that buyers of the houses doubled their investment within three years.

In the last two years, the agency has rolled out a property price index, and which have sparked a take-off in middle end developments.

The house price index, which has been constantly expanded and is now being extended with partners in the mortgage and property fund markets, has tracked closing sales prices, as well as asking prices for property, and has led to visible price adjustments, acting as a brake on surging asking prices in the face of evidence that some of the price rises were unjustified by market demand.

In middle-market housing, where property buyers are now substantially mortgage-financed and cannot pay in cash instalments, Hass two years ago rolled out a joint venture model that saw landowners provide land in return for rights to a proportion of the completed properties. The results in lower pricing and reduced development costs have fuelled a surge in new mid-market investments, with this model also now being adopted across the industry.

HassConsult also won awards for the Best Real Estate Agency Website in Kenya and Best Real Estate  Marketing, outperforming on the international criteria for transparency and the quality of service provided to its clients.

HassConsult has been the managing agency for more than 30 developments in and around Nairobi, including many of the developments in Riverside, Karen, Lavington and all areas of Nairobi, including Kiambu.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...