Re-positioning Estate Agency Practice in KenyaCatherine Ndungu
The Estate Agents Registration Board Tuesday held a Half-day workshop at a Nairobi hotel for registered estate agents and relevant stakeholders.
The workshop whose theme was “Re-positioning Estate Agency Practice in Kenya” was opened by Lands CAS, Hon. Gideon Mung’aro.
In his remarks, the Lands CAS said that following the rapid expansion of real estate transactions in the country,there has been an increased demand for professional services in the sector;and hence infiltration of quacks causing loss of money and property by unsuspecting members of society.
In her remarks, the chair of the Estate Agents Registration Board (EARB),Ms Nelly Mbugua said that the board was committed towards promoting and protecting the interests of consumers as well as cultivating public confidence. Ms Mbugua said the revised Real Estate Agency legal framework is meant to regulate the sector.
A recent Economic Survey showed that the real estate sector is the second largest contributor to the growth of the economy,at 10.6%, preceding taxes on products at 12.0%. According to the Survey,there were over Kshs.85B worth of private building works approved and completed in Nairobi alone.The total number of private buildings issued with certificate of occupancy increased by 9.7 per cent from 10,268 in 2016 to 11,202 in 2017.