Real estate firm sees stability in housing market despite election

houses

Mizizi Africa Homes is forecasting a shift in Kenyan politics to economic and social protection to ease uncertainties in the housing market as the country approaches the general election.

The developer projects a more stable housing market, on rising economic growth trends in election years and as leaders focus their campaigns towards a greater good for households and businesses.

“This year is pretty different compared to other past election years. At a time like this a number of people would be thinking of going back to their tribal cacoon instead. This is not happening partly supported by the fact that political leaders are uniting us through discussions on economic and social issues,” said George Mburu, Mizizi Africa Homes Chief Executive Officer.

Kenya’s economic cycles in 2013 and 2017 grew slightly compared to historical dips in economies over the past years, with unemployment easing from 7.9% at the start of 2013 to 7.2% by close of the year. In 2017, the economy grew by 0.62% from 2016.

“We expect this year to be even better as the country entrench issue based politics,” he said.

According to the Kenya National Bureau of Statistics (KNBS) Q3’2021 GDP Report shows the Real Estate Sector grew marginally by 5.2%, 0.3% points higher than the 4.9% growth recorded in Q2’2021.

A more favorable business environment, Mburu said, enabled the country to boost investment in affordable housing to bridge the housing deficit by pushing more people into home ownership.

“Affordable housing is the only gateway to solving the housing deficit in the country and improve livelihoods,” said Mburu.

Center for Affordable Housing shows low-cost affordable houses currently account for a paltry 2 percent (1,000 units) whereas units targeted for high and middle income earners takes the lion’s share of 98% representing 49,000 units.

  

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