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 (firstname.lastname@example.org). The views and opinions are those of the author and do not necessarily represent the views and opinions of KPMG.