Low cost housing showcased in Kisumu

By Winsley MaseseThe Kisumu homes expo closed on Sunday after attracting thousands of prospective homeowners and contractors. The inaugural event held at the Aga Khan Hall was an eye-opener into how much information Kisumu residents lack on property. Many people are not aware of financial institutions that provide mortgage. To that extent, the homes expo was timely considering Kisumu is facing an acute housing shortage. The event also informed prospective homeowners on the wide range of products available.Homes in Kisumu. The expo was an eye opener for many residents in the town. [Photos: James Keyi/Standard]Housing Minister Soita Shitanda, who was the chief guest, revealed that Kenyans in the Diaspora were interested in developed properties in the town. He said up to 300 enquiries for such ventures were received last month. Gateway to Horn of AfricaShitanda observed that Kisumu is mooted as the future headquarters of the East African Community, offering the best opportunity for investment in the property market."The town hosts 100 new businesses every month and owing to its vantage position as a gateway to the hinterlands in the Horn of Africa, the housing stock must be increased," he said. Shitanda said the expo was a platform for creating synergies and bridging the gaps between stakeholders in the industry to spur development in the region’s property market.Erick Ounga, the director of Ounga Commercial Agencies, agrees Kisumu has a huge potential and the expo provided an excellent opportunity to showcase projects."Sugarcane, rice, fishing and horticulture provide resources for investing in the sub-sector," he said, adding that the many NGOs opening branches in the lakeside town are a plus. Under the theme ‘Government-Private Sector Alliance for Low Cost Housing’, the expo called for the involvement of all income-group earners to aid the development of real estate in the region. Seize opportunityWith the upgrading of the Kisumu Airport to international standards, more investors are expected to head to the town, a move that is likely to boost tourism industry in the region. Demand for accommodation would rise calling for more investments in the sub-sector. Another key aspect is the presence of Maseno University and the immediate need for hostels. With the market prices in Kisumu catching up with Nairobi’s, Muga says developers can seize the opportunity. Financial institutions like CFC and Kenya Commercial Bank through its S&L arm also participated. S&L representative Robert Bomet said those who visited their stand expressed the need to construct houses though they lack the financial capacity to do so."Most of the residents have parcels of land, which are still undeveloped," he said. "The good thing with property like real estate is that it appreciates with time."Local materialsA number of financial institutions whose headquarters are in Nairobi have opened branches in Kisumu thus offering opportunities for residents to borrow loans. The expo also informed players of the availability of other local construction materials and fittings.Philemon Ojuok, who works with Regement Management, said there are times residents lack houses to let, an indication of the overall housing shortage in the town. The shortage has seen the emergence of bogus house agents who thrive on conning those desperate to get accommodation.Fred Abwayo, a property manager with Michigen Investments, said the post-election violence slowed down investment in real estate. However, with tranquillity prevailing, he is optimistic the housing sector will improve. "A high level of awareness and exposure was achieved at the expo," says Aba Eban, a director at Next Level Public Relations, adding that the expo will be an annual event to attract investors to real estate.There are many idle parcels of land in Kisumu. It is hoped the Kisumu Structure Plan will give impetus and guidance to real estate investors in the region.

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