Mizizi Africa Homes has today said a peaceful election and smooth transition of power will improve prospects for the real estate sector in the country.
Investor confidence has been at its highest levels in an election year and this will be sustained with the new administration’s resolve to accelerate low cost housing agenda to bolster job creation for youth- there will be increased activities in the built environment.
Mizizi Africa Homes Chief Executive Officer, George Mburu while admitting there has been somewhat of a wait-and-see attitude-before and during elections, projects that were nearing completion will now be finalised, units scheduled for development will soon take off and new projects launched.
“We will also begin to see increased financial commitments and fundraising for real estate projects as developers begin to implement long term plans and take advantage of government-backed housing schemes,” said Mburu.
In his maiden speech, President Dr. William Ruto said the government will roll out a social and affordable low-cost housing program, targeting an average of 250,000 units every year. It will also engage TVET institutions to provide necessary skills to enable the Jua Kali industry to supply standardized products for the housing program.
High cost of construction materials and already high cost of living remain the biggest hurdles that stand in the way of many first-time homeowners.
“We believe the government’s latest intervention can considerably lower import costs on some building materials as we foresee more young Kenyans purchasing power to start rising to the advantage of the real estate sector, albeit in the longer term,” said Mburu.