A viral challenge, dead capital, has taken social media platforms by storm with Kenyans giving others a sneak peek into their opulent lifestyles.
Despite the tough economic times, a section of Kenyans have taken to social media to showcase their opulent lifestyles, much to the amazement of Kenyans who have watched proceedings from the sidelines.
The properties displayed range from storey modern houses, ostrich farms, and helicopter rides to unique swimming pools.
"I love the showcase going on right now; what’s even more encouraging, is how we have conquered the myths that discouraged people from building modern, livable homes in the rural areas where most would retire to miserable lives," one Kenyan commented.
As others marvelled over the multi-million mansions, some observers critiqued the largesse describing some of the huge mansions as 'dead capital'.
"Kenyans have money and it's remarkable they have invested back home with big mansions. Everyone should be inspired by these beautiful homes," one social media user observed.
Some pointed out the large space left unutilised, the cost of maintenance, furnishing, and the loneliness of living in such a big house among others.
Speaking to Kenyans.co.ke on Wednesday, Real Estate expert Collins Maroa explained that the owners of such homes typically tend to have a bigger picture in mind.
Maroa explained that real estate was a long-term investment and is never 'dead' as stated by some Kenyans.
He also opined that some of the owners of the palatial homes in rural areas often have other apartments in urban areas for rent or leasing. Therefore a home in the village serves as an additional property.
"I often say do not judge anyone building such houses, they have a plan and it is often to benefit them in the future, especially during retirement," he explained.
According, to Maroa, some communities in the country gauge the wealth or status of a person mostly through the homes built in the rural homes.
Investing in Real Estate in Kenya
There are numerous investment ventures in the country but real estate has been on a steady rise with some wealthy Kenyans erecting apartments across the country.
According to data from the Hass Consult Property Index, apartment sales have shot up in the past decade.
According to the report, between December 2000 and June 2023, the average rental for a property has gone from Ksh38,516 to Ksh163,039.
"The average value of a property has gone from Ksh7.1 million in December 2000 to Ksh33.9 million in June 2023," read part of the report.
The industry allows investors to either rent, lease, or sell houses. The increasing population indicates the growing need for houses thus a ready market despite the competition.
