This archive report was first published on 21 June 2020.
Published on June 21, 2020, a day that will be remembered for a remarkable trend in the Kenyan real estate market. In a lively ceremony held in a tent, 63 people received the keys to their newly acquired Kikuyu Road apartments, built by real estate firm Heri Homes Ltd.
Among the 63, four women stood out - all under the age of 30. They were Diana Muthoni, 29, Naomi Gitau, 29, Christine Muvea, 30, and Rincy Maina, 29. These women attribute their success to their ability to save and accumulate money in small chunks, a trait they believe is lacking in men.
According to Jorum Mwangi, Heri Homes' operations director in charge of construction, the company's investment model requires customers to pay a deposit of 20 per cent of the cost of the house before construction begins - making them development partners with Heri Homes - and the rest during the construction period, which is usually two years.
Ms Muthoni, one of the four women, explained that men tend to be analytical and sceptical when it comes to investing. 'He was very undecided even though he had put in some money. I think men are very analytical and that makes them very sceptical when it comes to investing,' she said.
Ms Gitau believes that the problem with young men is not money, but misplaced priorities. 'When a man wants to buy a nice car, he will do anything to get it. You see, some men would rather buy a Sh1.5 million car than a house. They just have their priorities upside down,' she said.
Mr Busolo, a Nairobi-based behaviourist and sociologist, agrees that men tend to live for the moment and have little patience. 'Only those who have been taught the culture of saving and investing will start doing it when they're young,' he said.
The four women who bought apartments say although the thought of owning a house after two years was both exciting and daunting, embracing the idea as a group helped keep them focused. Still, it was not an easy journey.
