Counties In Kenya Start Implementation Of Affordable Housing

Affordable housing in Kenya

Most Counties in Kenya have now started implementing President Uhuru Kenyatta’s Big four agendas which among them include affordable housing.

Governor Cyprian Awiti and Housing Principal Secretary Charles Mwaura confirmed the reports during a signing ceremony this month that saw them point out that the construction of the houses will begin in the next six months

Recently, Kisumu and Homa Bay counties sought to work towards the realization of affordable housing in their regions with Homa Bay County government  signing  a memorandum of understanding with the national government to construct 2,000 affordable houses in the devolved unit.

The governor explained that the project is intended to enable low income earners to occupy and own high quality houses in Kisumu and that construction will begin very soon.

Construction of the houses

According to a 2016 report by Cytonn Real Estate on Kisumu City called ‘Cytonn Retail and Mortgage Affordability Index’, the residential real estate sector in the region gives investors an opportunity of a total per annum return of 13.3 per cent, an income yield of 4.8 per cent and annual capital appreciation of 8.5 per cent.

Construction of the houses is endeavoured to eradicate poverty as each house will create five job opportunities for the locals. Homa Bay has readily available resources for constructing the houses.

Aslo Read:Kenyan government to construct one million houses by 2023

The report further says that the residential sector in Kisumu is growing rapidly with most of the mega developments being less than five years old.

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