Local Banks To Exhibit In US Real Estate Expo
Local financial institutions are among exhibitors participating in a three-day homes expo in the US, looking to tap diaspora cash from those seeking to invest in real estate.
The expo, to be held in New York City from August 30 to September 1, is targeting to attract 300,000 people from all over the United States.
“A lot of people living abroad want to be able to invest back home, but lack the know-how on where or who to contact and the expo will offer such opportunities,” said David Karau, a real estate developer, owner of Kings Pride, who is chairing the expo committee.
Among the exhibitors are National Bank,Kenya Commercial Bank, CIC Insurance and New York Stock Exchange-listed real estate firm Remax, which operates through a franchise model globally.
The fair has attracted 20 investment companies, seven financial institutions, insurance providers and a host of developers keen on gaining access to the diaspora market.
Kenyans living in the United States account for 45 per cent of the total diaspora remittance, according to a June 2014 survey by the Central Bank of Kenya.
However, those willing to invest in the properties market face various obstacles, the most prominent being the lack of information to make good investment decisions.
“The expo is meant to provide them with access to key stakeholders in Kenya offering products that meet their needs,” said Martha Kanyumba, the expo’s director.
The government, in support of the initiative, will set up a stand through the Ministry of Foreign Affairs to offer Kenyans services such as registration and renewal of IDs and passports.