May 18, 2022

Issue-based politics will ease housing market uncertainty in election year- Mizizi Africa Homes

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A shift of focus in Kenyan politics to economic and social protection will ease uncertainty in housing markets this election year, Mizizi Africa Homes has said.
The developer projects a more stable housing market on rising economic growth trends in election years and as leaders focus their campaigns towards a greater good for households and businesses.
“This year pretty different compared to other past election years. At a time like this several people would be thinking of going back to their tribal cacoon instead this is not happening partly supported by the fact that political leaders are uniting us through discussions on economic and social issues,” said Mizizi Africa Homes Chief Executive Officer, George Mburu.
Kenya’s economic cycles in 2013 and 2017 grew slightly compared to historical dips in economies over the past years, with unemployment easing from 7.9 per cent at the start of 2013 to 7.2 per cent by the close of the year. In 2017, the economy grew by 0.62 per cent from 2016.
“We expect this year to be even better as the country entrench issue-based politics,” he said.
According to the Kenya National Bureau of Statistics (KNBS), the Q3’2021 GDP Report shows the Real Estate Sector grew marginally by 5.2 per cent, 0.3 per cent points higher than the 4.9 per cent growth recorded in Q2’2021.
A more favourable business environment, Mburu said enable the country to boost investment in affordable housing to bridge the housing deficit by pushing more people into homeownership.
“Affordable housing is the only gateway to solving the housing deficit in the country and improving livelihoods,” said Mburu.
Center for Affordable Housing shows low-cost affordable houses currently accounts for a paltry 2 per cent (1,000 units) whereas units targeted for high and middle-income earners takes the lion’s share of 98 per cent representing 49,000 units.

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