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It would be easier for more Kenyans to afford homes if the mortgage regime in the country would allow long-term borrowing above the standard 25 years, a real estate consulting firm has said.
This is one of the challenges the sector faces, with former Knight Frank Kenya Managing Director Ben Woodhams, who is now the firm’s Africa representative in London (partner, Africa desk), saying it could be due to the country’s nascent real estate market.
Countries such as the United Kingdom (UK) have a mature real estate sector. It is also one of the main challenges cited by the Central Bank Kenya (CBK) for hindering the uptake of mortgage loans.
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