New awards to honour merit in real estate

By John Oywa

Africa’s inaugural real estate and housing finance awards are set to take place in Nairobi on March 30. The awards, an initiative of African Real Estate and Housing Finance Academy (AREHF) are aimed at recognising remarkable players in the real estate and housing finance sector across the African continent and underlining critical role played by the industry.

The Africa Real Estate Finance Academy (AREHF) Awards were launched at the Standard Media Group Centre in Nairobi Thursday amid calls for radical policies to help tackle hurdles slowing the provision of affordable housing in Kenya and other African countries.

The awards themed ‘discovering and celebrating excellence’ are expected to draw participants from both public and private sectors of various African countries and will showcase players who have concluded significant real estate and housing deals that have had a positive social, economical and physical impact.

Kenyan real-estate developers, architects and housing finance providers will compete against others from the rest of Africa for the coveted awards being introduced in Africa for the first time. 　

Media partner The competition is sponsored by prominent international firms — Pison Housing Company, the Ghana Housing Finance Association, the African Real Estate and Housing Finance Academy, Shelter Afrique and the HFC Bank (Ghana) Ltd.

The Standard Group is the official media partner for the Awards in region.

Speaking at the launch where he and other partners met the Standard Group deputy Chairman and Chief Executive Officer, Mr Paul Melly, Director of AREHF and Pison Housing Company President, Mr Roland Igbinoba said the contest had no monetary reward but was a recognition award meant to celebrate the work of African real estate developers.

He said the awards will seek to expose the world to the huge potential of the sub-sector in Africa and attract investment.

"It will serve as a motivation to real estate and housing developers who have put in commendable effort in growing the real estate and housing finance market in Africa and a challenge to those who are not," said Mr Igbinoba.

　Interest rates

Mr Melly hailed the awards, saying it was coming at a time Kenya was struggling to provide adequate housing to its population.

"At the Standard, we have been involved in advocacy on housing because housing is a human rights issue. We can no longer take housing problems for granted," said Mr Melly.

He said the country urgently needed introduction of radical policies to help all Kenyan’s afford decent shelter.

"With interest rates as high as 25 per cent, majority of Kenyans cannot afford to put up houses," Mr Melly said, adding that the high cost of land has made the situation worse.

The meeting was attended by Shelter Afrique’s Managing Director Alassane Ba and Director of Operations and Business Development Femi Adewole, Director of Metropolitan Planning and Environment at the Nairobi Metropolitan Ministry, Mr Peter Kibinda, Architectural Association of Kenya’s Musembi Mumo and Executive Director at architectural firm Symbion International Oscar Ogunde.

Others in attendance were Standard Group’s assistant directors Lawrence Njiru (Commercial), John Bundotich (Chief Editor) and Managing Editor (Magazines), Zipporah Musau.

Mr Kibinda challenged the private sector to help bridge the financing gap in the housing sector.

The awards have six categories including the best low income residential houses developer in Africa; the largest real estate provider in Africa; the best foreign enterprise in real estate in Africa; the best architectural design in Africa and the best real estate public-private partnership in Africa, among others.

The nominations continue until February 29. All nominations will be considered and selected by a special advisory board while the industry players will vote for the candidates.