NAIROBI, Kenya, Apr 10 – The construction industry will need to explore an alternative use of cheaper building materials to fast track the achievement of affordable housing for the urban settlement.
Speaking during the 6th East Africa Property Investment Summit, former Architectural Association of Kenya President Emma Miloyo said the mass movement towards technology will help builders and designers get affordable material for an ideal house.
She said that the adoption of new technology will reduce the cost of construction particularly in developing mass housing projects.
“When you look at the cost of construction, materials are super expensive and it’s the biggest impediment when it comes to affordable housing. So we need to look at innovative ways that are cheap to construct and will suit majority,” she said.
Kenya is currently hosting a two-day conference that is the 6th annual East Africa Property investment summit where real estate investment has created an economic impact across the region.
Managing Director Centum Investment Company Samuel Kariuki said demand for affordable and mid-market housing and grade A warehouses presents attractive investment opportunities.
“We should develop a right model for houses across the East African region and majorly urge investors to tap in Kenya’s big for agenda to create affordable housing.
“In East Africa for the first 10 years to own a house is difficult and the best way to make the process easy and fast is through coming up with ways that will make it cheap to afford one. We can see what materials we need and also support Kenya create affordable housing for its citizens by 2022,” Kariuki mentioned.
Infrastructure, population, and macro-economic factors are driving increased demand for quality real estate assets across the region thus calling for more investors to participate under the affordable housing agenda.