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Demand for housing presents opportunities (LIVE, WORK & PLAY)
Despite the property sector being one of the major contributors to a re surging Kenyan economy which last year recorded a 6.1% growth rate the demand for housing in Kenya far outstrips the supply. According to Hon. Soita Shitanda the Minister for Housing, “the average annual housing demand is estimated at 150,000 units but only an estimated annual average supply of 35,000 is produced.” The Government further projects that there will be need for a further annual improvement of 300,000 housing units. The shortage is more acute especially for the low-income households living in major urban areas who are approximately 5.4million.
The Government acknowledges and identifies the main housing challenge as a demand that far outstrips the supply especially in the urban areas. This has been attributed to high rate of urbanization, poverty, escalation of housing costs, high cost of land, high cost of finance and bias by the private sector towards production of high cost housing among others.
Kenya has a well-developed construction and building industry with readily available quality engineering, building and architectural design services. The industry is currently on an upward trend, due to the implementation of programs such as the Urban Transport Infrastructure plan. The increase in population and urban migration has presented numerous opportunities for investors.
Demand for housing remains high particularly in urban areas, despite the robust growth in housing development in the past five years. The private sector is expected to invest in the targeted 200,000 units required per year, with government playing the role of a facilitator. We have targeted a piece of land near Nairobi 30 minutes to the city centre that is 5000 acres that can be utilized to be able to meet this need. We are looking for investors who want to take advantage of this housing shortage to help us bridge this gap.
The returns are very exciting to any investor or funder . The opportunities are endless the Estate will comprise of town houses, apartments, A Shopping Mall Centre, A Petrol Station, A Nursery/Primary/Secondary School, Club Houses for the town houses and another separate one for the apartments the concept is of; LIVE, WORK & PLAY...