The Kenya Bankers Association-Housing Price Index latest report has indicated that the country’s house prices have declined by 2.78 percent.
This is the most significant decline since 2013.
The decline has been highly attributed to the low accessibility of credit in the building and construction industry.
The report records cement sales decline between July 2017 and November 2018 from 553,631 metric tonnes to 460,967 metric tonnes.
The harsh economic environment has seen fewer houses being bought. This was attributed to bank loans limitations and low spending.
Reports indicate that the apartments have been on the lead with a demand high as 62.6 percent in the Kenyan markets, followed by mansionettes at 23.4 per cent and bungalows at 14 per cent.
Recently, the government of Kenya launched a housing agenda that targets to building houses for the middle-income earners.
From the previous statistics, it is clear that middle-income earners own a bigger percentage of the housing industry, and hence, the project is set to largely benefit them.
President Uhuru intends to have over 500,000 Kenyans owning their own homes by the end of his term.
This will be made possible by reducing the cost of mortgages, raising low-cost funds in both private and public for investment in large scale house construction and cutting the cost of construction by use of innovative ways and materials. Steps that have already been taken.
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