Friday, April 20, 2018 6:00 By BRIAN NGUGI The planned construction of 30,000 new homes in Nairobi could significantly cut rents in the city’s middle- and low-end estates as well as cause a massive price correction in mid-level housing market, realtors said.Rents make a major expenditure item in the monthly budgets of Nairobi residents and a fall or stagnation would offer a welcome relief after many years of persistent escalation.Kenya is set to launch a low-cost housing initiative that aims to build 30,000 houses in NairobThe city is currently estimated to have a housing deficit of 1.85 million units. 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.Construction of the Shauri Moyo, Makongeni and Starehe houses is expected to start within six months while ground breaking for the 2,000 units of affordable housing on Park Road is to begin in the next three months, State House spokesman Manoah Esipisu said last week.Under the longer term housing plan, Mr Kenyatta’s government has pledged to offer private developers about 7,000 acres of public land.HassConsult research and marketing manager Sakina Hassanali on Thursday said that the… Read full this story
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