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High cost of building materials slow growth in housing sector

BUSINESS
By Antony Gitonga | July 31st 2015

NAIVASHA, KENYA: The Kenya Professional Realtors Association (KPRA) is projecting a 20-30 per cent growth in the real estate sector in next two years.

According to the association executive director Peter Wairegi, the housing sector was one of the fastest growing in the country after ICT.

He, however, decried the high cost of construction material terming it as major handicap to many investors in the country.

"Another major challenge facing us is the high cost of financing various projects and there is need to seek affordable financing mainly from banks," said Wairegi.

He was speaking at the start of the inaugural Naivasha Business and Home Expo 2015 which is being held at the Buffalo mall.

Wairegi who is also the expo chairman said that there was need to address professionalism in the sector adding that they were working with the National Construction Authority on the issue.

Nakuru governor Kinuthia Mbugua who was the chief guest challenged investors to come up with houses targeting the middle-income earners.

He said that the county was facing an acute shortage of houses adding that 10,000 housing units were required every year.

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