Kenyan investment groups pool funds to increase real estate development
Website design By BotEap.comKenyans are raising investment funds to increase real estate development and keep up with the growing demand for housing.
Website design By BotEap.comProject managers are rallying investors within the construction industry to finance projects reportedly running into the millions. In a unique move, the group’s holistic approach will mean investors, project managers and construction companies working together.
Website design By BotEap.comKenya’s housing deficit is currently 150,000 units, with an actual construction figure of 35,000 units per year, leaving a high demand for housing, especially in the low to mid-range market. However, some experts in the country believe that this type of group financing will stimulate the generation of large-scale real estate development for low- and middle-income families.
Website design By BotEap.comCurrent statistics from the Ministry of Housing show that nine out of ten projects are developed for the high-end market, leaving the middle and low income sectors practically discounted.
Website design By BotEap.comJoe Macharia, CEO of Bora Capital, commented, “Half of our investment will go into multi-family housing targeting middle-income individuals.” Lobby chairman Patrick Kariuki has indicated that satellite towns such as Athi River, Thika, Ongata Rongai and Kikuyu would be ideal sites for this particular type of housing.
Website design By BotEap.comKenyan fund managers Genesis Kenya have stated that real estate developments in Kenya can offer higher returns compared to stocks and shares. Bora Capital stated that although it is a new concept without comparison, the project should bring about a much-needed increase in real estate investment in Kenya.
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