A report by the Central Bank of Kenya (CBK) said this was a drop of 248 mortgage loans compared to 26,971 in 2020. “This (decline) was mainly due to a higher number of mortgage loans that were repaid as compared to the number of new mortgage loans granted in the year,” said the 2021 Residential Mortgages Market Survey. Eight financial institutions control 84 per cent of the mortgage market, most of them banks. However, CBK noted that investors are banking on mass vaccinations against Covid-19 and the implementation of the affordable housing programme under the Big Four agenda. With a mortgage portfolio of around Sh76.3 billion, KCB is one of the main players in the affordable housing market.

Source: Standard Digital June 01, 2022 22:34 UTC