The Nairobi County government in Kenya has committed US $794m to construct modern retail markets across the county with aim of boosting trade.
County Governor Mike Sonko announced the reports and said construction will involve revamping the markets built in or before the 1960s which don’t meet the demands of the county’s ever growing population.
“Most of the retail markets in the city are old and their stalls and design do not meet today’s demands. We want to change that. Even if we have to destroy the old markets and residential houses to construct new modern structures and in the process inconvenience some people, we are determined and focused,” said Governor Sonko.
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Fluctuating prices
The governor however affirmed that those who will be affected will be compensated. The new markets is set to recover from years of fluctuating prices and as the current wave of political uncertainty draws to a close. Following a period between 2010 and 2012 when annual price growth exceeded 30%, Nairobi’s prime residential market has witnessed a price correction in recent years, an indicator of a maturing market as vendors adjust their price expectations.
Meanwhile, Nairobi county is also embarking on other infrastructural projects including construction of five new fire stations out of the city’s central business district (CBD) and closer residential estates to provide faster services.
According to Mike Sonko, “Some of these projects are already in progress with several nearing completion. The work on fire stations is 90%, that one of Waithaka is 70% done as well as Mwaliro market.”
Additionally, the county government is also planning to construct more than 200,000 houses targeting low and middle class owners in the next five years.
