Kenya to roll out incentives for housing sector

The Kenyan government said Wednesday it plans to roll out incentives that will help to reduce the growing housing deficit.

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Spining

Cabinet Secretary in the Ministry of Land, Housing and Urban Development Jacob Kaimenyi told a media briefing in Nairobi that demand for houses stands at 250,000 per annum against a supply of 50,000.

housing deficit
housing
“The housing deficit can be minimized if we encourage private sector participation through financial and non-financial incentives,” Kaimenyi said.

Some of the incentives earmarked include provision of serviced land, affordable financing and reforms of land related laws.

Kaimenyi said the housing situation in Kenya presents both an opportunity and challenge.

“An opportunity exists because of the growing annual shortfall with the highest demand in low cost housing sector,” he said.

The CS said rapid urbanization coupled with the establishment of county governments has fueled demand in most towns in Kenya.

The Ministry of Lands blamed the sprawling of slums and informal settlements to lack of enforcement of existing planning laws.

The government is currently undertaking a review of all housing sector laws to ensure they match global best practices.

Kaimenyi noted that his ministry is also reviewing the current housing policy so that it addresses housing challenges wholesomely.

The East African nation also plans to establish a housing fund to finance social and low cost housing including physical infrastructure in order to lower the cost of construction.

“The biggest housing challenge is lack of decent houses for the low income earners,” he said. Enditem

Source: Xinhua

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