Value of new private buildings in Nairobi hit Sh68.1bn

May 5, 2016
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The Economic Survey 2016 attributes the rise to increase in the value of residential buildings that rose by Sh8 billion in the period under review, compared to 2014/FILE
The Economic Survey 2016 attributes the rise to increase in the value of residential buildings that rose by Sh8 billion in the period under review, compared to 2014/FILE

, NAIROBI, Kenya, May 4 – The value of new reported private building in Nairobi has increased by 14.5 percent in 2015 to hit Sh68.1billion compared to Sh59.5billion recorded in 2014 according to a new report by the Kenya National Bureau of Statistics (KNBS).

The Economic Survey 2016 attributes the rise to increase in the value of residential buildings that rose by Sh8 billion in the period under review, compared to 2014.

The value of public buildings completed in Nairobi decreased to Sh61 million in 2015 compared to Sh502.1million in 2014.

The total number of private buildings completed went up by 12.6 percent from 7,523 units in 2014 to 8,468 units in 2015 with residential buildings accounting for 87.8 percent of completed private buildings during the period under review.

According to the report, the value of private buildings plans approved hit Sh215 billion, up from the Sh205.4 billion private building plans approved in 2014.

Public buildings completed across the country were 45, compared to 243 completed in 2014.

“A total number of six projects were on- going in various parts of the country as the close of the calendar year in 2015, the projects when completed will produce about 460 housing units,” the report states.

National Housing Corporation (NHC) plans to undertake eight housing projects in major towns across the country and this will add to the national housing stock a total of 3,820 units.

The corporation advanced housing loans to counties amounting toSh14.9billion in 2014/2015 financial year.

The building and construction industry registered a 13.6 percent growth in the period under review owing to the construction of the Standard Gauge Railway and road network improvement across the country.

Infrastructure department expenditure for the 2015/2016 financial year is up by 54.6 percent to Sh124.5 billion compared to Sh80.6 billion in the previous financial year.

This is due to increase in budgetary allocations towards development expenditure on roads for the current financial year which at Sh98.3 billion up from the previous year’s Sh54.8 billion.

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