Business highlights – Rising supply of Nairobi apartments causes rent prices to fall 3.3%

Business highlights – Rising supply of Nairobi apartments causes rent prices to fall 3.3%

Kenya leads East African arms race with Ksh96 billion military budget

  • Nairobi spent nearly Ksh100 billion on its military last year, a 10.5% growth from Ksh86.9 billion in 2015
  • The move that is seen as having the potential to upset the power balance in the region.
  • Data released by Stockholm International Peace Research Institute (Sipri), an independent global security think tank shows Kenya’s Defence bill is the eighth largest in Africa

Kenya’s military spending last year rose to a new high of Ksh96 billion to stand above those of neighbouring Ethiopia and Uganda combined for the first time, according to a newly released global report. The report shows that Kenya has more recently continued to lead its East African peers both in budget size and annual spending growth, causing fear that it could spark an arms race in the volatile region.

Kenya has in recent years suffered deadly gun and bomb attacks from Somalia-based Al-Shabaab militants demanding withdrawal of the country’s troops from the war-torn Horn of Africa nation.

READ ALSO: Civil Societies backs deployment of KDF in Baringo

Kenya’s military spending is more than that of Ethiopia and Uganda combined, the Sipri report shows. Tanzania stands behind Kenya in the region’s military spending order, having spent about half what East Africa’s powerhouse on its Defence, followed by Ethiopia and Uganda.

Rising supply of Nairobi apartment causes rent prices to fall 3.3%

  • Asking rents for apartments in Nairobi and its environs reduced by 3.3% in the first quarter of 2017
  • This is a result of the rising apartments stock witnessed in 2016, according to the Hass Property Index for the first quarter of 2017.
  • Hass Consult Head of Development Consulting and Research Sakina Hassanali says the stock of apartments within Nairobi and its satellite towns has expanded to meet the wider demand

As more units enter the rental market, landlords are reining in asking rents to remain competitive. For detached houses, asking prices dropped 0.2% while those for semi-detached prices fell 0.4%.

READ ALSO: Demand for high end Nairobi apartments remains low despite sinking rent prices

Ms Hassanali explained that the detached houses segment is dominated by buyers who purchase the properties to live in and are now postponing buying decisions as the General Election approaches.

Canadian energy firm in plans to set up manufacturing plant in Kenya

  • Canada-based energy company GeNNex is set to build a manufacturing plant in Kenya as it eyes the rapidly expanding solar energy sector
  • Nathaniel Peat the firm’s Co-Founder, says the company haKs already invested Sh26.4 million in the market
  • He stated that GeNNex’s will focus on empowering local communities

The firm produces solar products that charge phone devices and provide power to homes, using off-grid systems. The company is already in other countries including Zambia, United Kingdom and Jamaica.

The firm will teach communities how to build, assemble and maintain their devices, and by doing so, create a workforce that supports commercial sales, while providing education and employment opportunities.

READ ALSO: State to spend Ksh1.5 billion on solar lanterns as Jubilee government promises universal access to electricity within 3 years

The firm will be training about 40 young people in Kibera in conjunction with Kibera Slum Community on how to build, assemble and maintain their solar devices so as they are able to make it a viable business for them.

 

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