The Developer's Digest, Jan - Mar 2018 Issue

9
Focus on Policy
Best Practices in the Kenyan Construction Sector:
What Every Investor Should Know
repay the principal amount with interest at the agreed intervals. A further
risk is if the borrower’s income changes to the extent that the monthly
loan repayments are no longer affordable. If the interest rate is variable,
any increase down the road could also impact the borrower’s ability to
service the loan. This is just the tip of the iceberg and there are many
other financial risks to consider. It is therefore highly recommended that
prospective homebuyers obtain proper financial advice prior to investing.
Homebuyers who intend to borrow should also use the time between the
initial deposit and completion of the project to build savings, which can be
used to pay back the loan in the event that their circumstances change.
CONCLUSION
The advancement in the level of consumer protection in Kenya over
the years is laudable and supports the construction industry’s efforts to
restore and maintain public confidence. We have also seen the formation
of various consumer focused agencies such as the Consumer Federation
of Kenya (COFEK) whose primary purpose is to promote consumer
rights and ensure that consumers get value for their money. COFEK,
for instance, will intervene on behalf of consumers and will protect
them against unfair practices. Homebuyers also have a role to play in
ensuring that their interests are adequately protected and should give due
consideration to all available options and determine what works best for
them.
AUTHOR
Name: Angela Ogang
Company: Oraro & Company Advocates
Position Associate
Tel +254 271 3 636/271 1 480
Email angela@oraro.co.ke
Address ACK Garden Annex, 6th floor,
1st Ngong Avenue, Nairobi, Kenya,
P. O. Box 51236-00200, Nairobi, Kenya
DISCLAIMER
The information in this article is for general purposes
and guidance only and does not constitute legal or
professional advice. For further information on this
publication, contact insights@oraro.co.ke
BIO
Angela is a bilingual
(English/French)
international lawyer with an
understanding of complex
legal issues and the ability to
frame effectively for clients and
executive teams.
She has a wealth of experience
structuring, drafting and negotiating
a wide range of agreements for
business partners locally and abroad
and was involved in M&A, Risk
Management and Compliance activities
while engaged in the financial services
sector. Angela specialises in real estate
and conveyancing, banking and commercial
law and is a member of the firm’s
newsletter editorial committee.
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10
Towards Real Estate Development that is Value Driven, Sustainable and Socially Responsible