Moses Muriithi Kihuni’s dream came true when he started a land-buying and selling agency in 2015. He had always nurtured his ambition of becoming an entrepreneur even though he was an engineering student at Kenyatta University. So he ventured out by saving a bit of his loan from the Higher Education Loan Board (HELB) and minimized his expenses while studying. This enabled him to establish Fanaka Real estate.
Moses acquired an online writing account with Ksh 40,000 of the HELB money. Between 2012 to 2015 he would invest earnings from this account in real estate and by the third year, he had plots in best areas. He discovered a growing demand for affordable property. With little experience in real estate, Muriithi focused on land selling. He found that several people in Nairobi seeking to find a place to settle were looking for land to purchase. This made the dream of prospective homeowners come true since most companies didn’t have a parcel of land to start developing immediately.
After a year his agency Fanaka Real Estate transformed into a full-scale land buying and selling company. Moses is managing a huge portfolio of land becoming a major player along Kangundo road with a large stake in the area property market. The Agency’s office is situated in Ruai township in Nairobi.
Over the past three years, Fanaka Real Estate did announce the completion of 12 projects which is a major achievement in the ever-changing and growing real estate industry. The projects were significantly influenced by the availability of land i.e titles and affordability. Previous projects include the Kamulu Phase 1 and 2, Malaa phase 3 and Sunset View Gardens in Joska. Current projects are Plain View Gardens Malaa, KBC Malaa phase 4, Pain View Gardens Malaa and Kamulu gardens.
Fanaka Real Estate buys land in large quantities and subdivides into eighth and quarter-acre portions. This strategy attracts the target market of the middle-class population, thus making it affordable and ready for purchase by interested individuals. The agency offers a flexible method of payment, for a period of six to twelve months pay instalments and a rate of 30 per cent. Land appreciation in the region is high. The eighth parcel of land that was selling for Ksh 100,000 five years ago now goes for Ksh 800,000. The agency provides ready land for construction while it facilitates electricity, fencing road and water connection. This increases the value of land in the property business.
This region has easy access to Nairobi’s Central Business District (CBD) and proximity to the airport. Once completing the payment of the land, the new landowner is given a title deed. Moses indicated that the area has a high potential in terms of growth. The agency has a full-time working staff of up to 15 employees. Fanaka Real Estate targets to continue selling and developing the property. Their main agenda is to provide affordable housing and organized planning in the real estate sector.