Mortgage financier, Housing Finance is set to construct 162 maisonettes and a commercial centre. The firm, through its subsidiary, Kenya Building Society, will put up the structure on a13-acre piece of land in Komarock, Nairobi, at a cost of Sh800 million, making a grand return to property supply after 13 years.

Shitanda said increase in population in urban and semi-urban areas has pushed up the demand for housing units, adding that more pressure is currently on the supply of affordable housing units for the population.

Statistics show that Kenya has an annual housing demand of about 210,000 units against an average supply of about 50,000 units a year. Urbanization levels are expected to reach 50% in 2030 up from 39.7% in 2009.

“There is a shortfall of about 150,000 housing units due to increase in population in urban areas. Proper planning and effective management and increased investment in our urban areas are critical for the realization of a developed nation,” said Shitanda.

Shitanda said the government was committed to de-congest Nairobi and has already proposed to create 15 satellite towns. They include Kiambu, Limuru, Machakos, Mavoko, Ruiru, Thika, Kajiado, Karuri, Masuku and Kangundo among others.
The minister also hinted his ministry would conduct a comprehensive national housing survey to determine the actual data of the housing stock to guide the sector policies, programs and plans.

Courtesy: Standard Digital