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Undoubtedly, the biggest space to play for any real estate developer in the future is affordable housing; development of units selling at between Sh2 million and Sh4 million. For us to achieve this, affordable building materials and harnessing of new building technologies that lower construction cost, and availability of affordable loans for buyers will be the Holy Grail that will unlock the prospects of the property market.
UN Habitat estimates that more than half of Africa’s population in the cities is living in informal housing and 14 million housing units are needed annually.
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