In the first quarter of the year 2021, Kenyans living abroad sent home Ksh31.5 billion despite the Covid-19 pandemic ravaging the global economy.
Kenyans living in the United States accounted for 55.9 per cent of the remittances. For years, Kenyans in the diaspora have sent home record amounts of money, seeking to invest and grow their fortunes during their heydays.
According to the World Wealth Report 2012, most of the diaspora remittances are channelled towards development projects.
Unfortunately, most Kenyans abroad have always been swindled by unscrupulous relatives, middlemen, investors and friends.
John Kariuki, an investor in Nakuru, devised a way to assist his compatriots in diaspora invest back home, thus saving them millions of shillings.
The businessman, invested in real estate in the county seven years ago. The townhouses range from Ksh6.5 million and above.
"I sought to start investing in Nakuru due to demand from people seeking to invest back home but lacked the appropriate avenue. Hence we sought to establish the project to allow them to do so."
"Our main customers are Kenyans in the diaspora who find it challenging to buy property back home hence we sought to provide a solution," Kariuki, Neocrest Director, told Kenya Diaspora Media USA, a social media channel.
For Kariuki, it was not only an opportunity to earn a living for himself but to build trust with fellow Kenyans, offer employment to the youth and build the economy.
"For those Kenyans in diaspora seeking to build houses and you have a piece of land in Kenya, we can manage and build for you a house and ensure that your house is tailored to your needs. My main project is to ensure our customers get the house they desire," he stated.
Stephen Chinga, a Kenyan residing in the UK recalled that he lost thousands of shillings sent to his relatives and friends to purchase land and buy estates before he reached out to a trusted real estate company that assisted him.
“It is true that many Kenyans in the Diaspora are losing money trying to purchase property in the country. I personally tried to use brokers but I lost a lot of money in the process," he told a local daily.
Arnold Mureithi, residing in the US, claimed that he sent enough money for the purchase of a piece of land in Juja and thought that his rental apartment dream was about to come true, only to be shocked later on.
"I never imagined the relative could be taking me for a ride. I gave him my all and financed the construction for six months when I started raising some questions and he could not answer them. Shock on me when I landed back in Kenya and there was nothing on the ground, not even the piece of land!" He recalled.
Moses Muriithi, CEO at Fanaka Real Estate, with branches at Ruiru Kamakis and Ruai town, disclosed that they also have been aiding Kenyans abroad and those back home purchase land legally.
"Yes we have heard of such stories where clients from diaspora reach out to us, sharing their plight on how they have been scammed by relatives. As a firm we ensure we assist such clients to own land by simplifying all the land buying processes for them - from the start up to the point where they collect their title deeds.
"We have assisted most of them to settle and invest in Ruiru Kamakis, Kiambu County and along Kangundo road, where we are mainly situated," Mr. Muriithi told Kenyans.co.ke.
Real estate developer Meshack Muhoho cautioned Kenyans in diaspora from rushing to invest in homes and rather engage with established and reputable real estate firms.
“Look at organisations with a history on real estate, not beginners who post glossy pictures on social media. Engage professionals in conveyance matters to crosscheck details on any property you have identified and its documents before you strike a deal,” he advised.
