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Process Of Buying A House At Mivida Homes If You Are In Diaspora


Imagine owning property in Kenya while you are in the diaspora. It’s a dream of many Kenyans living abroad.

According to the Central Bank of Kenya, a total of USD 363, 581 million was remitted back home in 2021, more than 10% went to real estate investment.

But stories of losses to relatives and con artists in real estate prevent many Kenyans living abroad from buying properties. Many of these losses occur due to a lack of proper due diligence or a designated property purchase process.

If you want to purchase a property while abroad, you must follow a particular process.

This post walks you through the process of buying the Mi Vida Homes and apartments for sale in Nairobi’s Garden city while living in the diaspora.

First, What is your Investment Goal?

Before you take this big step of buying a property, you need to consider certain things.

One of the key considerations is your investment goals.

Are you looking to buy a home where you’ll settle when you come back from the diaspora, a home to resell or rent out as a passive revenue stream, or a mix of the two?

Mi Vida Garden City homes offer mixed-use apartments that can benefit your investment goals.

Steps to Buy A House At Mivida Homes If You Are In Diaspora

If you wish to buy the Mi Vida Garden City Houses, follow these steps:

Hire a lawyer

Since you won’t be present in the negotiations, you need someone to represent you. A lawyer is your best bet to represent you and help you understand the legal procedures. The lawyers will also be pivotal in conducting due diligence and property negotiation.

Conduct a thorough search

It’s important to conduct a thorough search, which encompasses :

Company search

You should do the company search using government regulatory agencies such as GoK’s Business Registration services (BRS), Estate Agents Registration Board (EARB), or county council registrations.

A company search will help you identify: i) its proprietors, ii) its location, iii) the properties it deals with, iv) online reviews, and v) customer experiences.

You can also search Mi Vida Homes on its website, social media, blogs, and different platforms to see what they offer and if that is similar to what they say.

Property Enquiry

Contact the company directly to inquire about their properties.

For example, if you saw the Mi Vida apartments for sale in Garden City, you can inquire about them through a call, email, or social media and have the company explain them to you. This is also an opportunity to confirm if the information indicated on the company’s website is true.

Investment catalog and project map

You’ll talk with the company about your investment goals during the inquiry. The sales representative will then share with you the best investment fit through an investment catalog, including the types of properties available, their prices, benefits, amenities, financing, and other information.

In the investment catalog, you’ll also have a project map from which you can choose your preferred house or apartment.

Property valuation and appraisal

Valuation and appraisal are an important part of the due diligence process to estimate or opinion of the property’s market value and worth. With this information, you’ll know what to pay for its ownership. You’ll need a licensed appraiser and valuer to conduct the appraisal and valuation.

Property or title search

Your lawyer  or surveyor will conduct a title search to confirm the property’s identity, owner, and location as in the national registry index map. You’ll also investigate the title and confirm it’s in the real estate company’s name.

Property search also includes a physical visit to confirm that the property exists and is in the said location.  This is also a great opportunity to examine the property’s physical structures and understand whether it’s complete if it was under construction.

You can have your friends or relatives accompany the lawyer to the site during a physical visit. But don’t engage them in any financial transaction.

During the physical visit, check to make sure that the property sits on legal land and won’t have potential issues in the future, such as riparian, flood zone, or renovation issues.

Financing and Payment Process

After the due diligence process, you will discuss the terms of payment you’re comfortable with, depending on your budget.

Mi Vida Home has different payment methods, including cash buying and mortgage arrangements. If you choose mortgage financing, the company has partnerships with different local and international banks to finance your property.

Offer letter

If everything is agreeable to the financing, the company will send you an offer letter with the property’s price, details, and financing agreement.

Your lawyer will help you go through the offer letter. If you agree with the terms, you can accept the offer. Otherwise, you can decline.

Sale agreement

If you agree with the company’s offer or renegotiate it, the company will again send you a sales agreement and transfer of ownership forms. You and your lawyer will verify that all the information is available and accurate, cross-check the details and title, confirm that everything is right, and then sign the sales agreement.

You’ll then send the signed agreement back to the company and keep a copy. Your lawyer can keep a copy.

Transfer of property title and ownership

Voila, the property is now yours! Mi Vida Homes will transfer the property to your name, including the title, registration, and documents at the land registry. You may wait for some time as the transfer is completed in the government registry database.

Title deed issuing

Once the title deed transfer is complete, the company will send you a copy through your lawyer. You (through your lawyer) will collect the original title deed at the company’s office premises. Your lawyer can then send it to you abroad via international courier services or keep it until you return.

In Conclusion

Investing in real estate is a smart move with much potential.

If you’re in the diaspora, investing in real estate can help enhance your wealth portfolio, give you a home, or diversify your income stream. But you must only engage a trusted company and do proper due diligence to avoid cons and scams.

Kenyans living abroad and looking to invest in real estate can do so through Mi Vida Homes and experience the Mi Vida Lifestyle.

Enquire now.

Mi Vida home builders achieve 1 million man-hours, incident free


Residential developer Mi Vida homes has achieved a major safety milestone after surpassing more than a million work hours without a reportable accident. This hallmark achievement has been attributed to the developer’s strong focus on health and safety by instilling strict values and targets within the wider network of workers on its construction sites. This has been quite commendable especially in a country that experiences high rate of accidents and loss of life among workers.

In 2017, a report by the Directorate of Occupational Safety and Health (DOSH) recorded 237 construction-related accidents in four years, with about 115 men aged 21 to 40 being seriously injured, some of them sustaining lifetime disabilities. The accidents include electrocution, falls from roofs, injuries caused by falling debris, explosions, and fire-related accidents, among others.

Mi Vida project Director Mayur Sancheti said controlling accidents in large construction sites is a challenge but they can be preventable if the right safety measures are implemented. “This milestone is a credit to the diligence of the Mi Vida construction team, Eco-Hub Services Ltd and Esteel Construction team, where a strong field leadership and excellent craft workers engage safety measures on each project on a daily basis”, Sancheti added.

Mi Vida was created through a joint venture between Actis, a leading growth markets investor who have been active in the region for over 70 years and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates aims to complete the first phase by the second quarter of 2022. The company currently offers 1, 2 and 3-bedroom apartments from KES 8.8m next to Garden City, off exit 7 Thika Superhighway.

Housing projects at Garden City define the future of green homes in Kenya


By Ciru Okobi – Commercial Director, Garden City
Email: cokobi@gardencity-nairobi.com

By the year 2050, the global population will likely reach nine billion people. Due to household demand and population growth, the world needs to build more than two billion new homes over the next 80 years, according to global research.

Nations across the globe are becoming increasingly concerned about the effects of climate change and people growing environmentally conscious and, therefore, project builders have implemented sustainable development practices in their real estate properties to promote energy efficiency, minimize the impacts of global warming, and protect natural resources.

Due to advances in technology, green homes are gradually growing in popularity, and this is a step in the right direction. If project builders do not adapt to the challenge of building sustainable homes, the pressure on natural resources will be detrimental. Some of the resulting negative impacts include loss of biodiversity and increased greenhouse gases.

Today, the need for more sustainable homes has also been expedited by contemporary homebuyers’ preferences. People want – and will pay more for – sustainable features such as energy-efficient appliances, windows, and fittings alongside other features that improve their health and quality of life. It is also worth noting that, as younger generations are expected to enter the home buying market, they are looking out for built-in eco-friendly and sustainable features.

A good example of how green buildings are taking the construction world by storm is the buzz that developed around the construction of the Garden City Residences, Mall, and Business Park here at home in Nairobi. Declared by the global Construction & Civil Engineering magazine as the best green building in sub-Saharan Africa, this development brought to the fore the need for buildings to be eco-friendly, self-sufficient and to use natural resources such as light, wind and earth.

Among Garden City’s green features that developers can borrow a leaf from as they plan to go green in their construction is the use of robust water harvesting and recycling systems aimed at reducing wastage and significantly reducing potable water consumption. This is a system that can help combat the problem of water wastage that is leading to scarcity.

One of the main benefits of going green in construction is cost reduction. The antithesis that installing green infrastructure is costly has been debunked by developments like the Garden City Mall which incorporates a massive solar carport that provides 1.2M kWh of clean electricity to serve the mall’s shops, grocery stores, and movie theatre each year.

In addition to cutting costs, green instalments have lower maintenance requirements leading to more savings. For example, Mi Vida homes development within Garden City is IFC “Excellence in Design for Greater Efficiencies” (EDGE) certified. EDGE helps to determine the most cost-effective options for designing green developments within a local climate context. Mi Vida homes adhere to the EDGE standard of 20 percent less energy use, 20 percent less water use, and 20 percent less embodied energy in materials when compared to a base case building.

As we look into the future, sustainability has become one of the key indices under which businesses get both local and global certification. Seeing that the UN has deliberately set aside resources to ensure SDG goals are attained, it is not far-fetched to say that green certification might be a key element in deciding the ease with which a company gets business in future.

For instance, by being the first project in East Africa to achieve a Gold rating in the Leadership in Energy and Environmental Design (LEED) rating system developed by the US. Green Building Council, Garden City Mall is at an advantage should a business venture requiring environmental certification emerge. In other words, environmental certification will be the ISO-certification of the future for construction.

The environmental benefits of green building in our contemporary society cannot be underestimated as it enhances and protects biodiversity while improving the quality of water and air that we consume. Going green will, in the long run, reduce waste streams while conserving and restoring our natural resources.

Absa Bank to offer mortgage customers an extended repayment period of up to 25 years


Absa has partnered with property developer Mi Vida to provide preferential mortgage benefits to prospective and existing customers, with an aim of making it easy for middle income families to buy quality homes.

  • 25-year tenor is the longest repayment period in the market

Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle income families seeking affordable homes within Nairobi.

The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards home ownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated team of experts who will walk customers throughout every step of buying or constructing their dream home.

Absa customers will also benefit from established partnerships with players in the home ownership value chain such as property developers, furnishing partners and home appliance partners, who will offer homeowners a wide range of benefits including great discounts.

This was announced as the bank signed a financing partnership with Mi Vida Homes where customers will enjoy a discounted rate of 12.5% p.a. with up to 90% financing.

Speaking during the signing of the Absa-Mi Vida partnership, Peter Mutua, Absa Bank Customer Network Director, urged both existing and prospective customers to invest in the lengthened payment period and low interest rates of the Absa – Mi Vida mortgage proposition to own their dream homes.

Antony Kambiriri-Finance Director Garden City Development signing an agreement with Peter Mutua -Customer and Network Director ABSA PLC
“As a truly African bank, we understand that home is where the heart is. This is why we have availed the Absa – Mi Vida mortgage facility to employed and self-employed customers, presenting a lifetime chance to own ready-to-move-in homes. As a bank, we believe in developing sustainable financing models for our customers, we are offering up to 90% financing within market rates, over a period of 25 years to service their loans.” says Mr. Mutua.

The proposition is one of the bank’s contributions towards the government’s housing pillar under the Big 4 Agenda and aims to provide quality family homes with sociable amenities and green spaces that enhance quality of living spaces to potential homeowners.

“We have a team of dedicated experts that will walk the journey with customers using our financial and non-financial expertise to provide credible information, services and solutions throughout every step of acquiring their dream home.” adds Mr. Mutua.

Speaking during the signing ceremony, Mr. Antony Kambiriri, Chief Financial Officer Mi Vida, said, “We are delighted to partner with Absa Bank Kenya as it brings us closer to our goal of addressing the shortage of middle-income housing in Kenya. There is a huge demand for affordable and middle-income homes and through this partnership, we will bridge the gap in this market to exceed customers’ expectations.”

Mi Vida’s project at Garden City, is a first of its kind with the development centred on green space and family living. Phase 1 at Garden City offers 1. 2- and 3-Bedroom Apartments. Launched in 2019, under construction and on course to be complete by March of 2022.

Besides the Mi Vida proposition, Absa’s mortgage flexible offers different options towards home ownership such as financing land purchases and disbursing construction loans as well as home loans for self-employed individuals.

For more information, write to communications.ke@absa.africa

About Absa Bank Kenya

Absa Bank Kenya PLC is listed on the Nairobi Securities Exchange and is one of Kenya’s leading financial institutions. Established in 1916, Absa, formerly Barclays, has been a major player in Kenya’s financial landscape, engaged in personal and corporate banking, enterprise, credit cards and bancassurance.

The bank offers end-to-end financial solutions to retail, enterprise and corporate customers while its regional and global footprint enables it to offer cutting-edge financial solutions to its clients. The bank is a leader in the credit card space and has also been associated with a number of market firsts such as the launch of the first ATM, Sharia-compliant banking and unsecured lending among others.

Absa Bank Kenya has presence in 38 counties with 86 branches, 212 ATMs and robust internet and mobile banking platforms. The bank’s purpose is to bring possibilities to life.

How Kenyan millennials can own homes despite economic meltdown


By Chris Coulson – CEO Mi Vida and MD Garden City
Email: ccoulson@gardencity-nairobi.com

When asked about solid investments one should make to secure their future, Oprah Winfrey, a celebrated TV show host and media mogul is once quoted as saying, “I will forever believe that buying a home is a great investment. Why? Because you cannot live in a stock certificate. You cannot live in a mutual fund.”

How right she was. It is no wonder affordable housing is prominently featured among the government’s Big 4 Agenda since the government understands that to secure a people’s future can seldom be achieved without a proper roof over their heads.

One of the most peddled falsehoods in recent times is the fact that millennials do not see the value in investing in home ownership. The converse is true. Current millennials are very adept at identifying lucrative investment avenues and the only bottleneck they face when it comes to home ownership is the lack of the right knowledge especially on financing.

A report published in India in 2019 titled ‘Age of Indian Homebuyers – Across Decades and Cities’ revealed that 20 percent of people serious about home buying fall in the age bracket of 25-35 years and 37 percent fall in the age bracket of 35-45 years. Furthermore, at least 7 percent are under 25 years of age.

The report revealed that the increasing number of young home buyers across leading cities in India shows that the youth is not just technologically advanced but financially sound as well. Most importantly, availability of finance options are aiding them in the home buying process.

It is said that when a tree falls in the forest, it still makes a sound even if no one was around to hear it. The fact that access to information on home ownership financing is scanty to the young Kenyan population does not take away from the fact that it is still a lucrative investment vehicle.

Like their Indian counterparts, Kenyan millennials form the best demographic in our population to work with if we are to ensure we have adequate housing. What we can learn from the ardent uptake of home ownership among India’s millennials is the fact that, once offered with viable financing options, young people will not shy away from home ownership.

They say age is nothing but a number and that is why young people should not shy away from investing in homes. Investing early in a home comes with several benefits including but not limited to putting your money toward mortgage payments instead of rent, investing in property that is always increasing value and building a credible credit history at an early age.

Millennials in Kenya, just like those in India, have several financing options they can pick from. One of the oldest ways to raise capital for investment is simply saving money. Saving has long been an encouraged strategy, one that can be easily achieved through habitual practice cultivated over time.

In this regard, Kenyan youth have a healthy saving habit and only need to be nudged to invest their savings wisely. According to a Geopoll study released in January titled ‘The State of Financial Services in Sub-Saharan Africa HOW YOUTH IN SIX AFRICAN NATIONS SPEND, SAVE, AND INVEST’ it is revealed that 35 percent of Kenyan youth use self-help groups for savings, while mobile money accounted for 54 percent and bank accounts 48 percent of youth savings. Saving through a reputable Sacco or investment fund is also a sure way to save and earn interest on your savings. With a Sacco, you can get a loan and pay it back with low manageable interest rates.

Another pick millennials can make in the wide array of options available is the ‘off-the-plan’ method. Buying a house or apartment off-plan means signing a contract to buy a property that is yet to be built. You can view the developer’s plans, designs, and renders for the property. It is a financially feasible plan because you are only required to pay a deposit, usually 10-20 percent with the option to clear the balance in installments through the construction period.

After all is said and done, it is important for one to do their due diligence and invest with a reputable real estate provider. Cases of fraud involving real estate acquisition might have contributed to the reluctance in some youth to invest in homes. However, a reputable and professional real estate provider will not only ensure you do not lose money but also that get you the best possible price for your home, or to see to it that you get the best possible deal on the property you want to buy.

Homing in on home ownership


By Chris Coulson – CEO Mi Vida and MD Garden City

Email: ccoulson@gardencity-nairobi.com

The advent of COVID-19 and the public emergency that ensued in 2020 impacted heavily on the economic activity in Kenya along with the rest of the globe. This was exacerbated by the resultant lockdowns and restriction of movement introduced by governments in a bid to contain the spread of COVID-19. As a result, many economic sectors bore the brunt of the pandemic and the real estate industry was no exception.

According to the Kenya National Bureau of Statistics, the real estate sector in 2020 recorded moderate growth with a general decline in transactions attributed to the tough economic environment in the wake of the COVID-19 pandemic that had adverse effects on the sector. NCC approval decreased by 60%, projecting a reduction in supply over the next two years. Projects continue to sell but at a lower sales velocity. Pricing has stabilized, with the exception of distress projects. There is still strong underlying demand for good quality homes.

One of the subtle lessons the pandemic has revealed to the real estate sector is the fact that the buying habits of the well to do in society have shifted. According to a recent wealth report by Knight Frank released in February 2021, a good number of Kenyans are seeking second or new homes away from what was traditionally considered normal Kenyan neighborhoods in search of more privacy, outdoor space, or areas they can acquire at lower prices. This has created a new demand for homes, a gap that did not exist before and a good opportunity for real estate investors.

The fact that the second side of the pandemic coin indicates that opportunities still exist in the real estate industry is the best sign that this is the time to invest. Going forward, there can only be a neutral to positive outlook for the real estate industry in 2021, especially following the global roll-out of the vaccine which raises hope for the containment of COVID-19.

Despite naysayers’ sentiments, you can bet your last shilling that investing in real estate is making hay while the sun shines, more so in these tough economic times chanced upon us by the pandemic and the uncertainties that come with a looming general election.

A market intelligence report on Middle-Income Housing by Sagachi Research projects revealed that the total demand for Middle-Income Housing in Nairobi will grow at a 5.4 percent compound annual growth rate to reach 13,000 units by 2024 from an estimate of 10,100 units in 2019. This is encouraging for the sector.

Despite the fact that most businesses may be restructuring and downsizing their operations to survive another year of uncertainty prior to the 2022 general elections in Kenya, thus affecting uptake, investors should look at the forest and not just zero in on the tree by considering the long-term prospects that will definitely outlive the current slowdown.

Leaders in the real estate market will be defined by what they do in the medium term to manage crisis, respond, recover, and thrive with respect to successfully navigating current market trends. Despite the uncertainties brought about by the pandemic and the looming general elections, the efficacy of investing in real estate can only be slowed but never stopped. Investments in real estate are long-term ventures and in the long run, things can only get better for those who did not hesitate to start this early.”