American real estate firm Coldwell Banker is scouting for partners in Kenya, three months after its entry. The company, which opened its office in Nairobi on June 21, is using Nairobi as launch pad into the rest of Africa.
Managing director for Kenya Danielle Callaway said Ghana and Nigeria were its immediate targets after Kenya. Callaway said the company is seeking to offer local real estate players “a brand, technological capability, and marketing expertise of a new order in the market”.
She said on phone no major deal has been signed, but the company has identified a number of developers for possible partnerships.
Listed among top companies in America’s Fortune 500, Coldwell Banker has attributed its choice of Kenya to her vibrant real estate sector. Callaway said Kenya’s rising middle class has substantial disposable income, making them able to service mortgages.
“The vibrancy and spread of the Kenyan real estate market represents a real opportunity for our franchising model that offers transparency, reliability and trust for buyers and sellers in the middle and top end of the market,” Callaway said Callaway in a statement last week.“We are at a point where people in Kenya know exactly what they want from their homes.”
Coldwell Banker, she said, would ensure the desires of the market are met.
“Coldwell Banker invests millions in technology to expose properties online to more than 16 million potential buyers on more than 575 websites daily,” the company said.
She said the company will use the Internet as one of its key marketing tools, with almost 90 per cent of home buyers using the platform to search for homes.
The company has a global sales force of 82,000 agents in 3,100 offices. Its entrance is expected to add to the competitive edge in the rapidly growing sector.
A recent report by Standard Bank Group says the country is enjoying growth in its real estate sector, driven by a growing consumer middle class, powered by rapid urbanisation and shifting demographic trends.