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NAIROBI, KENYA: For years, property developers have had to contend with high land costs (grew by 19.4 per cent over the last five years), high construction costs (normally 70 per cent of total project costs), and lack of requisite infrastructure.
They have had to rely on financial institutions and their own resources to meet such costs. But the past two years have seen traditional lines of credit decline. The interest rate cap law that came into effect in 2016 ostensibly to spur credit growth has had the opposite effects. In any case, such funding only catered for 70 per cent of development costs.
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