Fanaka in the words of the founder and CEO Moses Muriithi

In the last five years, what is this one thing that has worked for you in the market?

We are always driven by the passion to ensure that clients get available land in strategic locations that keep on appreciating. Also, before we launch a project we have to ensure that all the documentation is in order. The appetite for habitable land within Nairobi keeps on growing by the day.

Explore the two key growth factors for Fanaka in the last five years…

We listen to our customer’s preferences and offer strategic residential projects that capture their needs. Due to this, over 50 per cent of the land that we have sold has been developed and communities have settled. This has won us referrals and repeat clientele. There has always been that continuous expansion of the city within the Nairobi Metropolis and this has given land investors a log of value.

How has Fanaka wavered market changes brought about by Covid-19?

I must say that we do things uniquely in the market. When others see doom, we see opportunities and plugins with solutions. I have a young dynamic team and this has worked for Fanaka as we have been able to do sales activations, launch projects and sell virtually. The team is able to evaluate ourselves, re-strategise and move in a certain direction.

Besides defining the property market within the Nairobi metropolis, what other value has Fanaka brought into the market?

We train skills for the real estate industry. Over the last two years, Fanaka has offered graduate internships to over 20 young graduates and introduced them to the industry to understand how it works and grow their skills through our management trainee programmes. We have hired some and linked others to players in the industry.

 Dualing of Eastern By-Pass a growth opportunity for investors

In 2021, Fanaka replicated their strategic land for city dwellers business model to areas around Thika Road in Juja, Ruiru and Kamakis. The ongoing expansion of the Eastern Bypass is a major growth opportunity for real estate investors as already property prices have begun to rise. A similar impact is being witnessed with the tarmacking of the road from Juja town to Juja Farm.

“Within Nairobi Metropolis areas are opening up due to infrastructure. This has a multiplier effect on land value and property prices,” said Dennis Wandera, the business development manager at Fanaka. Currently, plots within Juja Farm are going at between Sh700,000 and Sh1.3 million. Around Ruiru in Kamakis plots range between Sh4.2 million and Sh1.1 million, depending on the distance from By-Pass.

This February, Fanaka launched strategic projects in these areas, among them, Graceville Gardens in Kamakis which is going at Sh1.7 million and is 30 percent sold, and Juja Springs in Juja Farm, which is going at Sh1.2 million.

“The projects are ‘buy and build’ ready and favour residential developments as they are closer to schools, hospitals, markets and they are connected to water and electricity. Even more, they have a neighbourhood,” explained Mr Wandera.

Other ongoing projects along Kangundo Road include Palm Ridge in Malaa which is retailing at Sh899,000.

The access to amenities such as water and electricity has steered the appreciation of land and property prices within Kangundo Road. For instance, in 2018 plots that were going at Sh800,000 in Malaa and Kamulu are currently going at Sh1.4 million, and Sh1.5 million, respectively. Whereas, plots that in 2020 that were going at Sh900,000 in Joska and Sh2 million are currently retailing at Sh1.6 million and Sh3 million, respectively.

“The appreciation is very high, our clients have been able to recoup. There is high affinity from the market,” said Moses Muriithi, the founder and CEO.

Currently, Fanaka is offering a 4 per cent discount on cash payments and flexible installments of 12 months after an initial deposit of 30 per cent. “There has been a huge appetite to own property from young people and Kenyans in the diaspora,” noted Mr Wandera.

 “Infrastructure is a key driver to the attainment of affordable housing. We ask the Nairobi Metropolitan Services (NMS) to focus on the larger metropolis so that Kenyans can own homes in the city.”

Fanaka awards 

As a pace-setter in the industry, Fanaka has bagged several awards in the last five years.

2018:

•Real Estate Excellence Awards – Best Mid-Level Land Selling Company.

•Digital Inclusion Awards – 2nd Runners-Up Best Land Selling Company in the Adoption of Digital Solutions.

2019: 

 Digital Tech Excellence Awards – Winner Best Land Selling Company in the Use of Tech Solutions.

•Annual Real Estate Excellence Awards – Most Preferred Mid-Level Land Selling Company.

2020:

•Real Estate Excellence Awards – Best Mid-Level Land Selling Company.

2021:

• TopScore Brands – Most Transparent and Reliable Land Selling & Subdivision Real Estate Company in Kenya.

• Real Estate Excellence Awards – Best Value-Added Land Selling Company.

• FEMA – Young Dream Supporter Award (CEO, Moses Muriithi).

• FEMA – Humanitarian of the Year (Staff Member Evanson Mungai).

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