Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

To buy or build your dream house?

HOUSE

A lot Kenyans desire to be home owners but have to contend which options to pursue in achieving their dream: To buy or build? That’s the ultimate question.

In spite of the upsurge of housing developments across the country, the demand for affordable housing is still way above the supply. The government estimates that 50,000 housing units are built every year against the demand of 200,000 houses. The cost of acquiring land has grown exponentially while mortgage rates are still beyond reach for a majority of Kenyans.

Home Afrika CEO Njoroge Ng’ang’a offers alternatives to aspiring home owners and insights on how to make the sector more competitive.

“For people considering building a home, acquiring land at the periphery of the city is advisable and is also cheaper. Places like Syokimau, Kitengela, Athi River were considered far-off. Not anymore. Once the basic infrastructure is in place, the cost of land almost triples,” says Ng’ang’a.

With slightly over 40,000 mortgages issued by financial institutions in the country, Ng’ang’a says the housing industry is lagging behind the demand making a bust unlikely.

In the long run, building your house might be cheaper and it allows you to build according to your taste and preference. But it requires patience and close personal monitoring from the beginning.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...