According to statistics from the Ministry of Transport and Infrastructure, the housing shortage in the country stands at 1.85 million houses, with annual shortage of more than 200,000 units. This means that the government needs to partner with private developers to make it a success,” Kamande says. “The rate of mortgage uptake is very low in Kenya, with the average mortgage size being about Sh8 million,” says Kamande. He says that private developers would offer their expertise, logistical input and also lay out frameworks required in the project. He says the government should guarantee private developers loans from foreign financiers like International Monetary Fund.

Source: Standard Digital February 01, 2018 06:51 UTC