owning-a-home-is-no-longer-a pipe-dream-for-most-kenyans

Owning a home is no longer a pipe-dream for most Kenyans

Mention owning a home in Kenya and most Kenyans will give you a disillusioned stare. This is despite the fact that almost every Kenyan dreams of owning a home especially in an urban area.

Over the last ten years, the Kenyan property market has grown significantly and Kenya has ranked highly in real estate development, coming third in Africa behind South Africa and Namibia. In fact, in Nairobi and its environs, one does not need be told about the booming construction and real estate sector – whichever side one turns, there is most likely a development coming up.

Ironically, although a significant number of these developments are for residential purposes, the appetite and uptake of these facilities is low as they are not within the financial reach of majority of Kenyans. Recent banking statistics indicate that there are just about 30,000 mortgages in Kenya. This statistic aligns to the often repeated statement that Kenya has a housing supply deficit estimated at 150,000 units a year.

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Caleb Mokaya is a Senior Tax Advisor with KPMG Advisory Services Limited (cmokaya@kpmg.co.ke). The views and opinions are those of the author and do not necessarily represent the views and opinions of KPMG.

 

About Femi Oke

Relentless passion for creativity and digital acumen to help a professional services firm thrive in the digital space. Femi is an individual with a rich experience on regional African knowledge, its diverse business culture and he understands the continent’s economic drive. He thrives on selfless service and lasting mutually beneficial relationships with colleagues and especially clients encountered in the course of his duties. He is creative, practical and self-motivated with business judgement in corporate, brand and strategic communications, social, digital & traditional media and executive profiling. Roles in the firm include New Media, Digital Communication, Corporate Communication, executive profiling and Brand Management execution. Working on the multi-million dollar Africa high growth market project stands out for femi; besides this, managing all KPMG’s digital communication for the World Economic Forum on Africa is another project that gives him great delight. Femi holds a Masters Degree in Global Marketing from the University of Liverpool.

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