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Real Estate

The Future of Affordable Housing

Peter Musila 7 months ago

African urban areas become the new home to more than 40,000 individuals consistently, a large number of whom end up without a rooftop over their heads.

Kenya and Nigeria are high on the need list for the new exertion. Kenya’s shortage of houses is assessed at 2 million units, while Nigeria needs 17 million units. The taking off interest is being met by meager new flexibly.

In a recently concluded population census, Kenya’s population was estimated at 47.6 million in 2019, with 26.6 percent of this population residing in urban areas.

The increased urban population has increased pressure on urban amenities and services, including water, power, sewerage systems, transport, land, and housing in urban areas.

To solve this, the Government committed itself to deliver a series of ambitious social programs to promote long-term economic development for Kenyan citizens through its Big Four agenda: (1) affordable housing; (2) universal health coverage; (3) enhancing manufacturing; and (4) food security and nutrition.

So far, the project is in progress, with several houses having been completed and ready for occupancy.

Other countries like Ethiopia, a nation of 105 million and an economic power in East Africa, are also grappling with the housing crisis. New developments are leaving millions out of the picture.

Currently, about 40 percent of Africa’s 1 billion people live in towns and cities, with the urban population expected to double over the next ten years as the World Bank predicts.

Various governments have opted for a housing policy targeting the middle and upper social classes with the rising demand. The pace of growth in the countries might be leaving many behind, which could stoke ethnic and social tensions.

In theory, the demand for housing is almost unlimited. People who have a decent house wish for a bigger and more comfortable one, while those who do not have a decent home want one. Is, this demand is never met in reality? NO! especially for financial reasons.

Could you be willing to discuss business with us? Don’t hesitate, talk to us through our email: info@kenya2uhub.com or whatsapp +254 742 343908

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