Statistics indicate that the Kenyan Real Estate sector contributed approximately 15% of Kenya’s gross domestic product in 2022. The sector is on a consistent upward trajectory.
By way of diaspora remittances, the diaspora contributes a sizeable proportion of the real estate industry’s investments.
According to the Central Bank of Kenya, Kenyans in the diaspora sent home approximately Ksh.400 billion in 2022, with Ksh.100 billion invested in the real estate sector. This context has led to the emergence of real estate agencies, which aim to meet rising demand and connect property developers with potential buyers at home and abroad.
Rubrina Properties, a company founded by Ruth Mbula, a business management professional turned realtor with five years of experience in the industry, is one such real estate agency. Ms. Mbula began her career in real estate as an employee of one of Kenya’s numerous real estate companies. Ruth states that she then decided to pursue entrepreneurship, a decision that has provided her with numerous life and business lessons. She has carved out a niche for herself.
“It has been a remarkable experience interacting with investors and providing investment solutions. Ruth stated in a recent media interview, “I am advocating for affordable housing in Kenya as this is in line with the government’s Affordable Homes initiative.”
As a young CEO (in her early 30s), Ms. Mbula says she has learned to embrace the values that have been essential to the growth of her business and to serving her clients at their points of need.
“I have learned that investors are only interested in dealing with and trusting a trustworthy person. Integrity, reputation, impact, influence, and consistency are everything in business, so if you are honest with yourself you will be successful,” she says.
Mbula’s entry into the industry occurred at a time when the industry was plagued by integrity issues, with many investors losing their hard-earned money to unscrupulous real estate agents who continue to defraud them.
These incidents are on the rise, primarily affecting Kenyans in the diaspora. This has affected even legitimate agencies, which must now exert greater effort to maintain customer confidence. So, how does Rubrina Properties respond?
“It is true that some developers are dishonest and do not provide exactly what they advertise, and this has caused investors and buyers to be more wary when engaging in real estate transactions,” the young CEO explains.
Adding, “I always advise buyers to conduct thorough research before purchasing a property. This includes hiring a legal team to handle legal matters and researching the developer’s track record.”
The fraudulent schemes of a few dishonest agencies have compelled businesses such as Rubrina Properties to go the extra mile to remain relevant, employing strategic marketing models that will strengthen their relationships with existing and potential clients.
“Our business model is extremely unique, as we provide investors with the best customer service experience ever. This includes site visits, closing the sale, and even service after the sale has been made. “Our customers are the happiest,” she says.
“Because we believe in creativity and innovation, we’ve added new products to our catalog, such as fully fitted Italian kitchens with distinctive, high-quality, and long-lasting appliances and accessories. Our clients come from all over the world, and you will be surprised to learn that we are a 24 hour Real Estate Company, as we are accessible at all times.
Kenya’s real estate market is anticipated to expand exponentially in the coming years, with a growth rate of over six percent in the first quarter of 2022, fueled by factors such as rapid urbanization and government investments. This projected growth gives Ruth Mbula and her company hope that despite the sector’s challenges, which she insists must be addressed, more investors will continue to seek out opportunities.
Real estate is the safest investment ever because it is a tangible asset that is appreciating in value while also providing a return on investment. Rubrina Properties will be the largest real estate developer in the nation because we have interacted with investors and buyers and know precisely what the market demands.”
