Mizizi Africa Homes has projected a shift of focus in Kenyan politics to economic and social protection easing uncertainty in housing markets this election year. The developer projects a more stable housing market, on rising economic growth trends in election years and as leaders focus their campaigns on households and businesses.
Kenya’s economic cycles in 2013 and 2017 grew slightly compared to historical dips in economies over the past years. Unemployment eased from 7.9% at the start of 2013 to 7.2% by close of the year. In 2017, the economy grew by 0.62% from 2016.
“This year is pretty different compared to other past election years. At a time like this a number of people would be thinking of going back to their tribal cacoon instead this is not happening partly supported by the fact that political leaders are uniting us through discussions on economic and social issues. We expect this year to be even better as the country entrench issue based politics,” said Mizizi Africa Homes CEO, George Mburu.
According to the Kenya National Bureau of Statistics (KNBS) Q3’2021 GDP Report, the real estate sector grew marginally by 5.2%, 0.3% points higher than the 4.9% growth recorded in Q2 2021. Center for Affordable Housing shows low-cost affordable houses currently accounts for a paltry 2% (1,000 units), whereas units targeted for high and middle income earners takes the lion’s share of 98% representing 49,000 units.
According to Mr. Mburu, a more favorable business environment will enable the country boost investment in affordable housing to bridge the housing deficit by pushing more people into home ownership. “Affordable housing is the only gateway to solving the housing deficit in the country and improve livelihoods,” he said.