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O perating in a distorted economy is like chasing a rabbit blindfolded. The faster you run, the riskier it becomes. That is what befell some of our budding real estate developers. Egged on by false fundamentals, they could build and sell off plan. The more they sold, the merrier it got and the more they built choking in huge bank loans. All of a sudden everybody including radio presenters became real estate consultants. Wisdom became cheap and common place. Even Mama Mboga would advise you to get yourself a ka-plot before it is too late! Like the proverbial quail eggs, there was a stampede. We witnessed as the price of a 3 bedroom flat in Westlands rose from Kshs. 3 Million to a whooping Kshs. 18 Million overnight while half an acre plot in Runda sky rocketed from Kshs. 2.7 Million to Kshs. 45 Million. Nobody bothered to ask what was driving this ‘growth’. Asking was stupid. Just buy or miss the boat. Today, most developers are stuck with huge stocks of over-priced properties. Desperate employees are also stuck with plots in far flung places like Kajiado waiting to cash in on their wisdom. Unfortunately, they are in for a long wait. Now is the time to ask: What drove our real estate prices and rents over the roof in Nairobi? Were the fundamentals sustainable? As you read this article, you are probably stuck in traffic or driving through those lonely dark alleys taking great care to avoid the bumps. Spending two or more hours on traffic has become the norm. And sometimes you have to take a motorbike to complete the journey in good time. Those driving hoot ner vously at their gates. You cannot take chances with security in this side of town. Usually, you reach home well past midnight. Hungr y and wear y, you take a quick bath followed by a cold meal. Shower is not common these sides of the city. The children are already asleep. You never get to see them since you took the leap of faith to own your own house. You leave the house too early and come back quite late. On a lucky day, you drag yourself to bed well past midnight. On some days, night duty calls as you join the village vigilante to keep your hood safe from night prowlers. That’s life for you in your new hood. The place you call home. Your home, finally. That’s the new Nairobian. Pushed out of the city by sky-rocketing rents and exorbitant house prices. It’s a village life right here in the city. Social amenities such as schools, churches, hospitals, restaurants and shops are far off. You do your shopping for groceries once a month and pray that they stay fresh in the fridge amidst the fluctuating power supply. Origin Of Unrealistic Rents For along time, rents in Kenya had been stable. Come the late nineties and the impact of the lull of National Housing Corporation (NHC), the parastatal charged with building new housing units started to bite. The last major housing projects they did were Langata, Kariobangi, Nyayo Highrise, Uhuru and Kahawa West (HFCK having built Buru Buru and Komarock). What followed was dramatic mis- management and theft that sent the parastatal into limbo. ‘‘ However, you cannot salivate forever as others are dramatically eating in your presence. Ordinary Kenyans also soon found a way to eat the crumbs from the main table. That’s how the idea of palatial homes in the outskirts of the city was mooted.’’ Without new public houses being developed, growing city population and the influx of foreigners –refugees owing to turmoil in the neighboring states, Rwanda, Burundi, South Sudan and Somali, the housing need in the city rose to crisis levels in the 1990s. Naturally, private profiteers took over to bridge the gap. Partially aided by a corrupt City Council and weak approval systems, the city witnessed an emergence of estates in no particular order or plan. Ever since, Kenyans have been victims of comical house designs and buildings collapse with tragic consequences as anybody who could acquire a plot by whatever means within the city built for himself and others. In up market areas, a new discovery, the servant