Kenyan government to build 30,000 homes in low-cost housing initiative

The initiative is part of President Uhuru Kenyatta's big four agenda.

The low-cost housing project aims to put up 5,000 homes in Nairobi’s Shauri Moyo estate, 20,000 in Makongeni, 3,000 in Starehe and 2,000 in Park Road estate, a move realtors say will greatly reduce rental prices.

“There are some markets that are charging unnecessarily higher. There will be a correction of rentals,” said Johnson Denge, a senior manager for regional markets at Cytonn Investments.

Under the longer term housing plan, Mr Kenyatta’s government has pledged to offer private developers about 7,000 acres of public land.

Shift pricing

HassConsult research and marketing manager Sakina Hassanali on Thursday said that the planned massive housing project will cause more efficient use of public land with the potential to significantly shift pricing.

“Land in Nairobi contributes a significant portion of the unit cost of a house and offering developers of affordable housing free land, makes real the likelihood of prices easing on the apartment market,” said Ms Hassanali.

Currents statistics indicate that six out of every 10 Nairobi residents live in informal settlements while the current deficit for housing in Nairobi stands at 1.85 million units.

Get our Top Stories delivered to your inbox

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Pulse Influencer Awards 2022 is Live!

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Dance

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job