The Daily Nation Media Group in partnership with other stakeholders has hosted the 9th edition of the 254 Realty and Home Expo themed ‘Collaboration and Partnership for Affordable Housing’.
The forum is set not only to offer affordable housing to the common mwananchi but also provide home solutions that are easily accessible and increase the number of homeowners in the country.
The Kenya Mortgage Refinance Company (KMRC) Chief Executive Officer (CEO) Johnstone Oltetia said that the government will consult with various stakeholders such as financiers, contractors and technology experts to improve the housing sector.
Speaking at the Forum held at the Kenyatta International Convention Center (KICC), Oltetia added that reasonable processes such as the Public Private Partnership (PPP) ensured transparency.
Further, the CEO said that the organization in collaboration with banks and various Saccos, offer PPP services across the country.
On the other hand, ABSA PLC Regional Manager John Kaburu lauded KMRC on its initiative to create awareness and educate individuals on how to acquire mortgages and its benefits.
“We are committed to making home ownership a reality through a competitive rate of 9.5 percent and Sh 12 billion investment respectively,” Kaburu asserted.
Kaburu disclosed that KMRC has a fixed tenure on housing affordability of a market rate of 9.5 percent across 3000 companies, thus unlocking affordable housing solutions such as innovation and strategic financing.
At the same time, Hyssop Properties CEO Naftali Mwangi noted that technology would make housing accessible by minimizing construction costs and speed up the home buying process.
He also called on the government to lead in adaptation and embrace of technology by abandoning the traditional system of bricks and sand and opt for technologies which will make home ownership pocket friendly.
The CEO cited countries including Syria, Turkey and Qatar that he noted had adopted Instacon houses which can be constructed within 10 to 15 days.
Additionally, Mwangi reiterated that one of the reasons home ownership is costly is land noting that if portable houses were built on the land it would go a step further in cost reduction.
Echoing his remarks, Centum PLC Managing Director Kenneth Mbae said that lifestyle considerations play a major role in creating cost-friendly homes. “Let’s work together for cost friendly housing solutions,” he urged.
By Phinta Amondi