Diaspora cash fuelling housing boom, say sector players

Money sent by Kenyans in the Diaspora is one of the major contributors to the growth of the building industry. Mabati Rolling Mills (MRM) says many Kenyans living abroad prefer investing in residential and other property, which gives good returns on investment.

Speaking in Nairobi during the launch of Mabati-Cornell Prize, a Kiswahili Literature award scheme, MRM's Head of Business Santosh Shridharan attributed growth in the building industry to the growth of a middle class with good disposable income and the Government's increased spending in infrastructure development. "Although the Government's overall spending in 2014 was limited, quite some spending went into infrastructure development, particularly roads," said Shridharan.