State urged to waiver construction fees to bridge housing gap 

Property developers are calling on the government to subsidise the cost of construction materials to make homes more affordable for Kenyans at the bottom of the pyramid.

The developers are also calling on the government to fast-track the process of development approvals to bridge the housing gap in the country, which currently stands at over 250,000 annually.

“The majority of our population is at the bottom of the pyramid, where the purchasing power is low. This limits their chances of owning a home or piece of land,” said Chrispus Wachira, Managing Director, Almond Estate Company Limited.

Wachira made the remarks during the groundbreaking ceremony of an affordable housing project by Almond Estate Company in Kiserian, Kajiado County.

The 259-unit project comprises two-bedroom bungalows going for Sh5.8 million, three-bedroom standalone maisonettes going for Sh6.8 million and four-bedroom maisonettes going for Sh7.8 million.

Affordable housing project

“As an organisation, we are deliberate in serving the bottom of the pyramid, who are unhoused, that is why we are in our own way determined to ensure these houses are not out of reach,” Mr Wachira said.

Having been certified as an affordable housing project, Kenyans will be able to access the houses at a mortgage rate of 9.5 per cent payable over a period of 25 years, compared to the ordinary 20.5 per cent.

“This means that if someone is paying rent of between Sh20,000 and Sh40,000 in Nairobi, they can pay the same amount as a mortgage over a longer period and own a house,” said Wachira.

The mortgage facilities can be accessed at various commercial banks including Kingdom Bank, Cooperative Bank and Stanbic Bank, who will be refinanced by the Kenya Mortgage Refinance Company.

“This project is in the Boma Yangu portal, now that we have done the groundbreaking, Kenyans, even those in the Diaspora can find it by logging onto the portal,” Mr Wachira said.