Mizizi Africa Homes projects a positive outlook on the country’s real estate market, with younger millennials and Gen-Z expected to play a key role in growing uptake of affordable housing units.
Mizizi Africa Homes Chief Executive Officer, George Mburu says access to finances, among bigger barriers to entry for most first time home buyers in this generation have been eased significantly to favour uptake of affordable units.
Last year, the government instituted a number of interventions to help more Kenyans enter into the home ownership journey as it races to meet its 2022 target of developing 500,000 units under affordable housing commitments of the Big 4 Agenda.
August 2020, The Kenya Mortgage Refinance Company (KMRC) announced that banks and SACCOs will extend home loans to Kenyans earning Sh 150,000 and below at an annual subsidised interest rate of 7 per cent compared to a market rate of 11.9 per cent.
In September, Treasury Cabinet Secretary, Ukur Yatani signed into law the amended mortgage regulations requiring pension schemes to amend their rules to allow members access up to 40 per cent of their savings before retirement for house purchases.