Kisumu turns to an investment hub for Kenyans in diaspora

Kisumu County
Kisumu. [Photo: Eastcloud]

Kisumu County is the new eye candy for Kenyans in the diaspora looking for investment opportunities.

The hospitality and real estate sectors are investment hubs attracting a lot of Kenyans in the diaspora.

Kisumu Governor Prof Anyang Nyong’o in an interview with Alex Chamwada said the entry of AirBnb in Kisumu has driven investment in real estate higher.

“If I were you Alex Chamwada, I would buy a house in Kisumu today and the first thing I do is make facilities AirBnb,” Nyong’o said. “Airbnb is an extremely booming business in Kisumu.

Kisumu is the third-largest city in the country. It is the nerve centre of Nyanza’s economy which the government is keen on exploiting to the maximum.

In this breath, the Grand Royal Swiss Hotel has come up with a project targeting local investors and Kenyans in the diaspora.

The hotel is putting up modern and fully furnished suites for sale at the Riat Hills along the Kakamega-Kisumu Highway.

Ruth Mbula, the Grand Swiss Suites Marketing Director explains that the one-bedroom suites are a good investment choice.

She says that every month, investors can make a net income of Ksh40,000 for each unit costing Ksh5 million.

“We have a reliable management. Once you buy it, you lease it back to the management. The hotel will take care of the unit, it will make sure it is occupied,” Mbula notes.

With this project, Kisumu hopes to become an investors’ paradise for Kenyans in the diaspora who are the leading sources of forex income.

Central Bank of Kenya (CBK) data shows that Kenyans in the diaspora remitted Ksh300 billion in 2020 compared to Ksh273 billion in 2019.

This was despite the Covid-19 pandemic which struck the world in 2020.

Dr Mathews Adera, a Kenyan residing in Robbinsville, New Jersey in the US says that there is a need to invest back home.

He is one of the Kenyans in the diaspora who have invested in Kisumu and are going bigger as new opportunities emerge.