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Banks, Pension Plans Top Financiers of Real Estate Investment

Joseph by Joseph
12th October 2018
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Banks, Pension Plans Top Financiers of Real Estate Investment
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By Moses Adongo

Fresh statistics have put bank loans and pension plans as largest finance sector source of funds for 2017’s home buyers and property developers.
While recording the highest allocation ever in a single year, banks posted an increased investment in real estate by Sh87.56 billion last year. This was despite 2016’s caps on lending rates that most lenders decried as detrimental to the sector.
Despite the increased real estate lending from the banking sector, the Central Bank of Kenya (CBK) noted that the construction sector has also continued to attracting funding externally.
“While Saccos have focused on funding land purchases and construction of residential houses for their members in urban areas, through investment units, local pensions institutional funds like National Social Security Fund (NSSF), insurance companies and pension funds, have also invested substantial amounts in real estate, without resorting to bank loans,” CBK reported.
According to the new report, pension schemes were second to commercial banks in real estate investment, pumping Sh48.30 billion into the sector in 2017. This was despite the prolonged electioneering exercise that saw real estate investment slow down, projecting a possible higher money injection had the elections been shorter.
Real estate has been one of Kenya’s growing sector in the last decade, with turnovers in the industry beating equities and government securities. With commercial banks, Saccos and pension schemes more willing to finance the industry in 2017, developers increased their investments in real estate. This has seen several units remaining unsold thereby resulting in a sustained drop in property price in the last quarter of the year.

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