Housing in Kenya remains to be an issue of great importance. Amidst uncertain trends or pandemics like the latest case of Covid 19, reports show that several strategic efforts are being put into place. Mitigation strategies laid down by the government and stakeholders hold a promising future for the Kenyan Land and housing market. Let us take a look at some factual information.
Recent research indicates that rapid urbanization is at 4.4% p.a. against the world’s 2.5%. Also, Kenya has an estimated annual growth rate of 2.2% compared to the global rate of 1.2%. This means the Kenyan population growth is twice as fast compared to the world, thus the demand for housing is twice as the current supply making it essential to look for a permanent residential place to avoid unnecessary inconveniences when it comes with fluctuating rent charges which steadily rises as development surges forward.
Tenants are pressed to meet their monthly rent bills as most Landlords demand for full rent payment despite the current economic situation and business shutdown. However, this shortcoming is avoidable if one invests in purchasing a House or land.One can build or develop in turn ensuring that in situations like the current one money is spent on essential services like Healthcare and Food.
As a third world country, Kenya has a long shot to take in matters housing. There is a bright light at the end of the tunnel though. The real estate sector is fast pacing on track thanks to investors and developers looking to bridge the gap for the demand for houses and Land. Even though it is hard to predict the future actualization of measures put in place for the housing market it seems most likely to yield positive results.
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