Details of Ksh2.8Billion Housing Project Launched by President Ruto in Kiambu
The development located along the Ruiru-Kiambu road in Kiambu County nearing Kenya Prisons Staff Training College consists of 1,050 residential units and is worth Ksh2.8 billion.
REBP
Kenya’s president, William Ruto recently oversaw the groundbreaking of the Kings Boma Estate affordable housing project. The development located along the Ruiru-Kiambu road in Kiambu County nearing Kenya Prisons Staff Training College consists of 1,050 residential units and is worth Ksh2.8 billion.
The construction of the project will be spearheaded by Kings Developers Limited (KDL), a local real estate development company on a 6.1-acre piece of land provided through a partnership with the government under the Public-Private Partnership (PPP).
The housing units will consist of studio, 1, 2, and 3-bedroom residential units.
[President William Ruto during the groundbreaking ceremony in Ruiru. Photo/Courtesy]
The project comes at a time when the government is aiming at ensuring the achievement of the affordable housing initiative with the intention of building 200,000 houses annually. All this is to curb the 80.0% annual housing deficit, as only 50,000 new homes have previously been delivered annually. However, the demand for housing in Kenya is noted to be at 250,000 houses annually.
Supporting the government's bid, several projects initiated by private developers will help fast-track the delivery of housing projects in the country.
Upon completion, all the projects will help boost the performance of the Real Estate sector by increasing the ownership rates in the country, which currently stands at a national average of 61.3%. This is compared to other African countries such as Angola and Algeria with 75.4% and 74.8% national homeownership rates respectively.
Below is a graph showing the national homeownership percentages for different countries compared to Kenya:
[Source: US Census Bureau, CAHF, graph by Cytonn]
Therefore, increasing the rate of homeownership makes it necessary for the government to clearly prioritize the provision of affordable housing, in order to facilitate decent living standards for all Kenyans, particularly in urban areas, which stood at 21.3% in 2020. South Africa and Ghana have 53.0% and 47.2% urban home ownership rates respectively.
If you have a real estate press release or any other information that you would like featured on African Real Estate Blog Post do reach out to us via email at [email protected]
