Property developers at the Coast are calling for better access to finance, improved infrastructure and clearer regulations as they seek to expand investment across the region.
Industry players say the Coast has land, infrastructure and a strategic location that can support more property development but investors need greater cooperation between the private sector and government.
The concerns emerged in Mombasa during the launch of the Kenya Property Developers Association (KPDA) Coast Chapter, which will provide a regional platform for developers to engage government and other stakeholders on issues affecting the property industry.
KPDA Coast Chapter representative Ahmed Badawy said developers need a common platform to address challenges affecting the sector and engage government on policies that can support investment.
“The Coast Chapter will bring industry stakeholders together to address the issues affecting development, share knowledge and engage government on policies that can support investment and sustainable growth across the region,” Badawy explained.
Access to finance was among the issues discussed during a panel on the Coast's real estate and investment potential.
KCB Group Head of Project Management and Investments Ken Luusa said developers need financing that suits the demands of property projects.
“The Coast has potential for real estate investment, but unlocking that potential requires access to appropriate financing and stronger collaboration across the industry. As KCB, we are pleased to support conversations that connect investors, developers and financial institutions,” said Luusa.
Guest of honour Suleiman Shahbal said the region's ability to attract long-term capital would also depend on cooperation between investors, developers and government.
“The Coast has the land, infrastructure, talent and strategic location to support major investment. What is needed is greater collaboration and an environment that gives investors confidence to commit capital for the long term. Real estate development must also be linked to jobs, businesses and improved opportunities for the people of the region,” Shahbal observed.
KPDA chairman Zoravar Singh said the association sees the Coast as an important market for real estate investment and expects the new chapter to strengthen its engagement with developers and government.
“The establishment of this chapter gives KPDA a stronger presence in the region and creates a platform for closer engagement with developers, government and other stakeholders,” said Singh.
The new chapter will cover the Coast's six counties and focus on policy, investment and development issues affecting the built environment.
Its launch forms part of KPDA's 20th anniversary activities as the association expands its engagement beyond Nairobi.
The industry discussions come as stakeholders examine opportunities in real estate, housing, infrastructure and other sectors that could shape the Coast's economic development.
