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Nairobi US Embassy estate developers to record top dollar returns
Rosslyn Springs homes during a past sale in Nairobi. Private developers are constructing US Embassy staff houses at the estate. PHOTO | DIANA NGILA | NMG
Property developers Gateway Real Estate Africa Ltd (GREA) and US-based Verdant Ventures will enjoy an annual rental yield of up to 9.7 percent in dollar terms from leasing houses to the US Embassy in Nairobi, well above the average for high-end estates in the city.
A real estate expert told the Business Daily that on average, high-end residential houses in the city earn developers a dollarised annual yield of between two and three percent, and in shilling terms between five and six percent.
