Affordable Housing In Kenya Is Achievable By Overhauling Mortgage Market, Nazir Jinnah

Businessman Nazir Jinnah says Kenya has a unique opportunity to ensure affordable housing for all through public-private partnerships.

He has hailed the ambitious housing project by President William Ruto's led administration, saying it is likely to be a success if its implementation is more collaborative with diverse development partners.

As Kenya's economy expands and more people join the middle-class status, he said the demand for affordable housing is set to rise even more

In an interview on Wednesday, Jinnah said that a crucial component of addressing the housing challenge is a significant overhaul of the mortgage market by leading banks in Kenya.

"This remains a major stumbling block to potential homeowners," he asserted.

He said the Government should ensure that every employed Kenyan can benefit from owning their own home, thereby enhancing personal security, "improving quality of life, and contributing to poverty elimination on a grander scale."

Recently, Jinnah actively participated in planning and preparing a private-public partnership with a globally renowned developer.

This initiative aims to develop 4,400 affordable housing units with off-take prices under Sh 7 million, facilitated through affordable mortgages from a local bank.

The comprehensive complex includes retail, business, and residential components, reflecting a holistic approach to community development.

The collaboration between Jinnah and the global developer signals a commitment to addressing the housing crisis by providing accessible and affordable housing solutions.

He said that the integration of retail and business elements further emphasizes the potential for these developments to not only meet residential needs but also contribute to the overall economic and social fabric of the community.

Jinnah has called on more private players to play a role in addressing the acute housing challenge in Kenya and other developing countries.

President Ruto has said that the ambitious plan, seeking to build 200,000 units a year, will aid in creating jobs for the Kenyan youth and create a steady cash flow in the economy.