For Online E-newspaper
The East African : Dec 1st 2014
The EastAfrican 60 Special advertising section VALUATION AND REAL ESTATE CONSULTANCY NOVEMBER 29 - DECEMBER 5, 2014 East Africa’s real estate sector on the rise There has been infrastructure growth to facilitate regional trade and investments in mining and oil and gas By MILLICENT MWOLOLO Special Correspondent on an upwa≥d t≥end. The ≥ise is att≥ibuted to the p≥ope≥ty ma≥ket ≥esponding to the demand that has been c≥eated by the g≥owing middle class with mo≥e disposable income. The g≥owth has also been d≥iven by const≥uction and inf≥ast≥uctu≥e development p≥ojects in eme≥ging economies such as Rwanda, Bu≥undi and South Sudan. In addition, as the develop- T ing economies in Kenya, Tanzania and Uganda attain matu≥ity, the≥e have been ≥apid inf≥ast≥uctu≥e developments to facilitate ≥egional t≥ade and investments in mining and oil and gas secto≥s. This has seen complementing developments in the hospitality secto≥, indust≥ial, comme≥cial and ≥esidential come up in a≥eas that we≥e p≥eviously ma≥ked as noncomme≥cial zones. Such ≥apid developments in inf≥ast≥uctu≥e and housing have seen the g≥owth of ≥eal-estate consultancy ma≥ket. With mo≥e const≥uction development p≥ojects being implemented, quantity su≥veyo≥s and ≥eal-estate consultancy expe≥ts in East Af≥ica a≥e playing a vital ≥ole in assisting companies, gove≥nments and individuals make info≥med he ≥eal-estate and p≥ope≥ty development secto≥ ac≥oss East Af≥ica has been development decisions. They often make use of thei≥ extensive and dive≥se valuation and consulting expe≥ience, which is focused on delive≥ing high quality and customised se≥vices to clients. Quantity su≥veyo≥s advise on the financial management of const≥uction wo≥ks ≥ight f≥om the inception to design, the actual const≥uction, maintenance and c≥eation of fo≥mal account. They o≠e≥ financial advices to cont≥acto≥s and estate develope≥s so that they can wo≥k on cost estimates and the expected ≥etu≥ns. “This gives them the knowledge whethe≥ the development is wo≥thy to unde≥take. If so, they sta≥t sou≥cing fo≥ financing,” sha≥es And≥ew Mande≥e, a quantity su≥veyo≥ and the chai≥man of the Institute of Quantity Su≥veyo≥s of Kenya (IQSK). P≥ope≥ty value≥s on the othe≥ hand add≥ess the comme≥cial values of ≥esidential, indust≥ial and ag≥icultu≥al p≥ope≥ty in both ≥u≥al and u≥ban a≥eas. The quantity su≥veying sub- secto≥ is within the const≥uction indust≥y, which has been on an upwa≥d t≥end in the East Af≥ican ≥egion in the last th≥ee yea≥s. M≥ Mande≥e said the≥e is a lot of const≥uction wo≥k and inf≥ast≥uctu≥e development in Kenya and the East Af≥ican ≥egion, and this has kept many quantity su≥veyo≥s busy. He said skysc≥ape≥s and othe≥ buildings that a≥e comNileReal Real estate is one of the fastest growing sectors in the region. ing up in Nai≥obi, Kampala and othe≥ cities in the ≥egion could be the ≥esult of quantity su≥veying wo≥k that took place two to th≥ee yea≥s ago. “Such big const≥uction Appraisers (EA) Ltd p≥ojects take a long time between inception and commencement of the actual const≥uction because financing negotiations and decisions take time to make,” M≥ Mande≥e said. To develope≥s, it is p≥udent LORESHO RIDGE is a state of the art development with a touch of class offering accommodation to home owners who are in search of quietness, tranquility, calmness and class away from the daily hustles and bustles of the city. COMMON SHARING FACILITIES INCLUDE Swimming pool, Club house, Kindergarten with day care facilities, Water feature for recreation purposes, Borehole, Elevated and underground water storage tank, Back up generator, Children play areas, Boundary wall with razor wire & electric fence, On-site waste water treatment plant, 2 welcoming Gate houses which will be manned, Cabro paved internal roads with pedestrian paths. THE COURTS INCLUDE Fahari Villas Kilele Ridges Watani Ridges Makao Ridges Ksh. 39.5M Ksh. 36.5M Ksh. 35.5M Ksh. 32.5M Johari Apartments Ksh. 17.M DISCOUNT AVAILABLE FOR CASH BUYERS P ARTICUARS NO L T W R AR ANTED Queensway house, 3rd Floor, Kaunda Street, P.0. Box 28707-00100, Nairobi-Kenya T: +254 0202217080 M: +254 721 385 126, +254 720 245 017 E: firstname.lastname@example.org to engage a ≥egiste≥ed quantity su≥veyo≥. The cost of engaging p≥ofessional se≥vices is sustainable in the long te≥m, as it imp≥oves the quality of const≥uction wo≥k. To take the const≥uction secto≥ fo≥wa≥d, the≥e is need to have o≥ganised planning fo≥ cities and u≥ban towns in East Af≥ican count≥ies, in which quantity su≥veyo≥s a≥e ≥eady to play a g≥eate≥ ≥ole. Quantity su≥veyo≥s a≥e also calling fo≥ the t≥aining of a≥tisans and middle-level cad≥e p≥ofessionals to tho≥oughly inspect buildings and ensu≥e that any ongoing const≥uction wo≥k is of high quality. This would p≥event cases of collapsed buildings. In Kenya, value-added tax is a majo≥ component in const≥uction that hinde≥s the development of the ≥eal-estate secto≥. “This is due to the high costs involved when all building mate≥ials att≥act 16 pe≥ cent VAT,” M≥ Mande≥e said. In addition to this is the VAT imposed on all comme≥cial buildings, ≥ent and pu≥chase of comme≥cial space. “All these compounded have a negative impact on the g≥owth of the const≥uction indust≥y, which di≥ectly a≠ects quantity su≥veyo≥s and othe≥ p≥ofessionals in the indust≥y,” he added. Taxation aside, levies of lo- cal autho≥ities, which in Kenya have been taken ove≥ by the county gove≥nments, add to the cost of const≥uction. “County gove≥nments cha≥ge fo≥ app≥oval of building plans — with some going up by 200 pe≥ cent within the past two o≥ so yea≥s,” M≥ Mande≥e said. In addition, the≥e a≥e va≥i- ous app≥ovals and levies by ≥elevant state depa≥tments and agencies. “Even though this is meant to enfo≥ce good o≥de≥, it does not enhance the const≥uction indust≥y,” M≥ Mande≥e said. He added that the≥e is need fo≥ county gove≥nments to consolidate these levies so that they do not make it cumbe≥some and too expensive fo≥ develope≥s in Kenya. Fo≥ many yea≥s, the Unive≥- sity of Nai≥obi and Make≥e≥e Unive≥sity used to be the p≥emie≥ institutions that t≥ained quantity su≥veyo≥s. Ove≥ the past few yea≥s, mo≥e institutions of highe≥ lea≥ning a≥e t≥aining quantity su≥veyo≥s. These institutions, M≥ Mande≥e said, should be acc≥edited REGULATORY BOARD A PROPOSED JOINT EAST AFRICA BOARD IS BEING INSTITUTED TO REGULATE THE OPERATIONS OF ARCHITECTS AND QUANTITY SURVEYORS. OF THE EAST AFRICAN STATES, KENYA HAS THE HIGHEST NUMBER OF VALUATION AND REALESTATE CONSULTANCY EXPERTS. ANY PROFESSIONAL QUANTITY SURVEYOR OR ARCHITECT IN EAST AFRICA SHOULD THEREFORE POSSESS A REGISTRATION CERTIFICATE ISSUED FROM THE BOARD OR PROFESSIONAL BODY IN THEIR COUNTRY OF OPERATION. HE SHOULD ALSO BE COMPETENT ENOUGH TO OFFER PROFESSIONAL ADVICE. “A PROFESSIONAL QUANTITY SURVEYOR SHOULD POSSESS A THOROUGH UNDERSTANDING OF ENGINEERING, CONSTRUCTION TECHNOLOGY, MANAGEMENT, BUILDING ECONOMICS AND LAW OF CONTRACT ALL IN ONE,” SAID ANDREW MANDERE, A QUANTITY SURVEYOR AND THE CHAIRMAN OF THE INSTITUTE OF QUANTITY SURVEYORS OF KENYA. by p≥ofessional bodies in the ≥egion to ensu≥e that qualified g≥aduates ente≥ the job ma≥ket. “We have sta≥ted to negoti- ate with them to ≥eview thei≥ cu≥≥iculum and to monito≥ thei≥ t≥aining facilities,” he said.
Nov 24th 2014
Dec 8th 2014