Signs that all was not well appeared last year when the real estate sector experienced a financial squeeze largely blamed on Kenyans’ wait-and-see attitude pending outcome of the 2017 elections. “We are starting off with the 8,000 Mavoko housing units that will retail at Sh1 million to Sh1.5 million. Real estate firm Homes Universal chairman Daniel Ojijo welcomed the government’s investment in building housing units but insisted local real estate players should be involved in the projects to ensure sustainability as well as enhance capacity of local players in implementing large scale projects. Other State-sponsored projects underway include the 6,000 housing units development by National Housing Corporation in various parts of the country as well as an emerging alternative house-building technology boom that is being promoted by the government. While the government is hoping to disrupt the housing sector with low cost housing, it portends a nightmare for real estate developers currently scouting for buyers.

Source: Daily Nation February 06, 2018 07:41 UTC