HassConsult wants the government to refocus its focus on the affordable housing agenda on the lower end market since the private sector has capability to meet demand for the high end market.
HassConsult Head of Research Sakina Hassanali says there is still untapped market for the lower end market in Nairobi and other urban areas.
This comes as the government starts deducting 1.5 percent of the basic salary from workers to the affordable housing kitty.
The latest report by HassConsult says few Kenyans can afford to pay 20 percent more in rent in a single year and there is need for construction of affordable housing units and increase mortgage financing.
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HassConsult says the crackdown on foreigners especially those with invalid work permits has slowed uptake of up market housing units.
During the first three months of this year, apartment rentals grew steadily for the first time in a decade due to a growing middle class and increased construction of high rise blocks in Nairobi’s satellite towns such as Juja, Kilimani, Ruiru and Ruaka.
The price of land in Nairobi’s up market areas such as Upperhill and Kilimani has stabilized after a surge in prices for the past three years.
Also read https://www.kbc.co.ke/govt-sets-up-mortgage-refinancing-company-to-spur-uptake-of-mortgages/