Housing Finance in Kenya

Overview

The population of Kenya is over 50.6 million as of 2022, with a projected decline in annual population growth from 1.8% in 2022 to 1.2% in 2045.[1] Urbanisation is a dominant trend with 29% of the population residing in urban centres.[2] Four million Kenyans, approximately 56% of the urban population, are living in slums. Kenya’s urbanisation rate of 4.4% surpasses the global average of 2.1%.[3] Moreover, the poverty rate stands at 38.6% in 2021 indicating that 19.1 million individuals are living below the poverty line, with disparities between urban (34.1%) and rural (40.7%) populations. Further, 34.7% of households nationally, or 4.4 million households, live in poverty.[4]

The Government is implementing five pillars in the Bottom-up Economic Transformation Agenda (BETA) with housing and settlement as one of the pillars. The plan aims to turn the housing crisis into an economic opportunity by increasing the supply of new houses to 250 000 per annum and percentage of affordable housing supply from 2% to 50% by 2027.[5] Currently, developers only build 50 000 units, with 49 000 units targeting the upper-middle and high-end market segments.[6] Various road infrastructure projects have improved connectivity and boosted property demand and prices. The construction sector’s growth of 4.1% in 2022 underscores its significance in the country’s socio-economic development.[7]

Amid a resilient economic growth rate of 4.8% in 2022, Kenya’s economy faced global shocks and the real Gross Domestic Product (GDP) reached Ksh13.368 trillion (US$94.98 billion), with the real estate sector contributing 8.6%.[8] The inflation rate was 6.73% as at  August 2023 and the average lending interest rates for loans and advances increased to 13.5% in August 2023 from 13.31% in June 2023, thus negatively impacting housing affordability and mortgage accessibility. The Central Bank Rate (CBR) was raised to 10.5% in August from 9.5% in May 2023. The Kenyan Shilling depreciation against key trading currencies including against the US Dollar reached Ksh147 in September 2023 compared to Ksh 119 in September last year, a c. 20% depreciation. Fluctuating interest rates further contribute to the complex housing finance landscape.[9]

 

[1] Kenya National Bureau of Statistics (2023). Economic Survey report 2023. Pg. 443.

[2] World Bank (2023). Urban population (% of total population) – Kenya. World Bank Data.

[3] Habitat for Humanity International (2023). https://hfhkenya.org/

[4] Kenya National Bureau of Statistics (2023). The Kenya Poverty Report 2021. Pg. 33.

[5] Parliament of Kenya (2023). The Bottom up Economic Transformation Agenda 2022. Pgs. 12-13.

[6] Habitat for Humanity International (2023). Research on systemic barriers towards access and usage of housing finance in Kenya. August 2023. Pg. 8.

[7] See footnote 1. Pg. 250.

[8] Ibid. Pg. 33.

[9] Central Bank of Kenya (2023). https://www.centralbank.go.ke/rates/forex-exchange-rates/ (Accessed 20 August 2023).

Access to Finance

The proportion of the population accessing formal financial services has risen significantly. By 2021, formal financial inclusion stood at 83.7%, compared to 82.9% in 2019, driven largely by technological advancements.[1] Women do not require male family member’s permission to access credit or purchase property, as established by the Matrimonial Property Act of 2013. They however continue to lag behind men with 80.3% of women having access compared to men at 85.6% in 2019.[2] Additionally, 33% of women and 45% of men own a house either alone or jointly. Land ownership for women is 27% compared with 34% for men, owned either alone or jointly.[3]

Kenya’s banking sector plays a pivotal role in housing finance, offering a range of mortgage products. Of the 39 commercial banks operating in the country, 32 of them provide mortgages with one mortgage refinance company.[4] Kenya Mortgage Refinance Company (KMRC) continues to drive availability and affordability of home loans to Kenyans by providing single-digit fixed rate, and long-term finance to participating banks and Savings and Credit Co-Operative Societies (SACCOs) who transfer the benefit to borrowers. By the close of August 2023, the Company had disbursed to nine Primary Mortgage Lenders (PMLs) a total of Ksh7.2 billion (US$51.198 million).[5] The average interest rate for mortgages in 2022 was 12.3%[6] while lending interest rates for loans and advances increased to 12.67% in December 2022.[7] There were 27 786 mortgage loans in 2022, marking a 4.0% increase from the previous year while the average mortgage loan size grew to Ksh9.4 million (US$66 842) in 2022.[8] The Loan to Value ratio was below 90% of the property value for the majority of banks in 2022. The average loan maturity was 10.9 years with a minimum of 5 years and a maximum of 18 years in 2022.[9] Despite these advancements, Kenya’s mortgage to GDP is relatively low at approximately 1.9%. Notably, gender-disaggregated data collection and reporting remains limited among lenders.

Non-performing mortgage loans increased to Ksh37.8 billion (US$268.793 million) in December 2022, with non-performing mortgage loans to gross mortgage loans ratio of 14.4% by the end of 2022. Despite these challenges, Kenyan microfinance institutions (MFIs) continue to play a crucial role in non-mortgage housing finance. Fourteen Microfinance Banks (MFBs) and 176 deposit-taking SACCOs offer loans for land purchase, housing improvement, and construction.[11] In 2022, the net loans and advances from MFIs were Ksh39.3 billion (US$279.46 million), and the number of active loan accounts was 284 472 with an average loan size of Ksh138 270 (US$983).[12] There are lenders that explicitly target women for home improvement/microfinance, and home construction finance. Out of the 14 MFBs under the Association of Microfinance Institutions (AMFI), seven MFBs had more women than men as clients.[13]

There are three Credit Reference Bureaus (CRBs), namely Metropol, Credit Info and Trans Union. Despite the negative consequences of the COVID-19 pandemic in the years 2020 and 2021, credit report inquiries increased year over year during the course of the previous five years starting in 2018.[14] There are no standard underwriting practices in Kenya, however, banks base the lending on debt-to-income ratio, and income verification among others.[15] Some SACCOs lend based on guarantors.[16] Overall access to formal credit was 22.9% in 2020. Access by gender shows males at 27.3% and females at 18.7%. Women have more access to informal sources such as chamas at 9.5% compared to men at 5.2%.[17]

Construction finance is essential for the development of affordable housing. Loans and advances from commercial banks to the construction sector amounted to Ksh56.2 billion (US$399.62 million) in 2022.[18] The regulations governing the deposit-taking SACCO business permit them to invest in either land and/or buildings earning rentals or for capital appreciation, provided that the SACCO itself does not occupy more than 10% of the property. This encourages the savings and credit cooperative market to invest in real estate.[19] Similarly, Real Estate Investment Trusts (REITs), which are split into income and development REITs, provide investment vehicles for the housing sector through the capital markets.

 

[1] Kenya National Bureau of Statistics (2021). Household Survey report 2021. Pg. 11.

[2] The Kenya Institute for Public Policy Research and Analysis (2023). Kenya Economic Report 2020. Pg. 80.

[3] Kenya National Bureau of Statistics (2022). Kenya Demographic and Health Survey 2022. Pg. 20.

[4] Central Bank of Kenya (2022). Banking Sector Annual Report 2022. Pg. 87.

[5] Kenya Mortgage Refinance Company (2023). Annual Report 2022. Pg. 77.

[6] See footnote 13. Pg. 24.

[7] See footnote 1. Pg. 2.

[8] See footnote 13. Pg. 23.

[9] Ibid. Pg. 24.

[10] Ibid. Pg. 23.

[11] See footnote 6. Pg. 53.

[12] See footnote 13. Pg. 86.

[13]Association for Microfinance Institutions Kenya (2022). AMFI-K Sector Report. Pg. 27.

[14] See footnote 13. Pg. 49.

[15] Ibid. Pg. 25.

[16] See footnote1. Pg. 29.

[17] See footnote 11.  Pg. 71.

[18]See footnote 1. Pg. 251.

[19]  The SACCO Societies Act No 14 of 2008. Pg. 441.

[20] Nairobi Securities Exchange (2023). Real Estate Investment Trusts. https://shorturl.at/eiCH7 (Accessed 22 August 2023).

Affordability

Kenya faces a stark annual housing deficit of 200 000 units, exacerbating the existing shortage. While the demand stands at 250 000 units, developers construct merely 50 000 units annually,[1] with the low-income group severely underserved and allocated only 2% of the constructed units. Homeownership rates in urban centres stand at 21.3%, trailing the national average of 61.3% while 78.7% of urban dwellers rent.[2]

The population faces an unemployment rate of 5.5%,[3] underscoring the significance of the informal sector as the primary source of employment. Additionally, in 2022, employment in the informal sector rose by 4.6% to 16 million jobs.[4] The Gini coefficient, a measure of income inequality, reached 0.389 in 2021, reflecting notable disparities. Urban areas witness high Gini coefficient of 0.373, while rural regions fair slightly better at 0.291.[5]

The built housing unit by a private developer stands at Ksh1 000 000 (US$7 110.93).[6] Monthly rentals for the most affordable dwellings are approximately Ksh9 000 (US$63.99).[7]  Kenyans spend up to 40% of their household income on housing.[8] Notably, the average mortgage size stands at Ksh9.4 million (US$66 842) in 2022.[9] To access mortgages, individuals require a minimum monthly income of Ksh50 000 (US$355) – Ksh149 999 (US$1 059).[10] Mortgage affordability hinges on the mortgage-to-income ratio, capped at 50%, for some banks.[11] While 37% reported reduced savings, 42% of households missed meals as of March 2021 because of Covid-19 lockdown measures,[12] implying a reduction in disposable incomes affecting housing affordability.

While Kenya is emerging as a green finance hub, driven by private sector commitments and government support, the concept of green finance is still nascent. Notably, the issuance of the first green bond by Acorn Holdings in 2019 raised Ksh4.3 billion (US$30.57million) for green-certified student accommodation in Nairobi. However, a clear definition of green finance in Kenya is yet to be established, inhibiting the widespread adoption of green financing mechanisms.[13] Among the housing-related subsidies offered are tax breaks and incentives, such as the Value Added Tax (VAT) exemption on goods imported or developed locally for the direct and sole purpose of constructing affordable dwellings.

 

[1] See footnote 6. Pg. 44.

[2] Russo, P. (2022). Unlocking affordable housing in Kenya calls for pragmatic approach. 28 September 2022. Business Daily.

[3] World Bank (2023). Unemployment, total (% of total labor force) (modeled ILO estimate) – Kenya. World Bank Data.

[4] See footnote 1. Pg. 71.

[5] See footnote 4. Pg. 50.

[6] Boma yangu (2023). https://www.bomayangu.go.ke/project/23 (Accessed 22 August 2023).

[7] Interview with project officers at Kings and Tsavo Developers and senior customer care staff at Sunderland Realtors limited, 31 July 2023, Nairobi, Kenya.

[8] Cytonn Investments (2023). Ideal areas to live in Nairobi; For different incomes, 2023.

[9] See footnote 13. Pg. 23

[10] See footnote 6. Pg. 87

[11] Stanbic Bank Kenya (2023). Apply for a home loan today | Stanbic Bank Kenya (Accessed 23 August 2023).

[12] Sunday, F. (2021). CBK raises red flag on high household debt. 14 July 2021. The Standard.

[13] Mwita, M. (2022). Kenya’s first green bond by Acorn Holding recognized. 17 June 2022. The Star.

 

 

Housing Supply

The use of durable roof materials is high across all segments at more than 90%. Rural residents are more likely to reside in homes constructed from non-durable wall and floor materials relative to the more urban segments.[1] In urban and rural areas, the dominant flooring material is cement at 59% and 39% for each area respectively.[2] Rental accommodation is almost entirely provided by private individuals (more than 90%).[3] Every county has its own zoning regulations that govern minimum residential plots. For instance, Kajiado County’s minimum regulated residential plot size is 0.045 hectares.[4] To address the challenges on human settlements caused by urbanisation, the government has developed programmes that aim to support housing construction and respond to environmental sustainability needs for the housing sector.[5] Additionally, the Government of Kenya (GoK) has been providing land for affordable housing projects.[6] The Affordable Housing Programme (AHP) aims to facilitate the construction of large-scale Affordable Housing Projects by the private sector in partnership with the government supported by incentives for developers.[7] That said, it however is important to note that the access of affordable housing related incentives by developers has continued to be a challenge despite these provisions being enshrined in the Law.

Nationally, 68% of the household population has access to at least basic drinking water services, while 9% have limited service, and 8% use poor water infrastructure and unimproved sources. The remaining 16% use surface water for drinking.[8] Nationally, more than half of the households (58%) have electricity, with the majority (90%) in urban areas compared to 36% in rural areas.[9] Kenyans with access to basic sanitation services total 41%.[10]

Kenya’s construction industry employs a mix of local and imported materials. Local materials such as Interlocking Stabilized Soil Blocks (ISSBs), bamboo, stone, and timber are used, with their durability contingent on maintenance and production quality. A substantial proportion of construction materials, including cement, steel, glass, and tiles are imported.[11] The National Construction Authority (NCA) regulates the industry, promoting standards and innovation,[12] in coordination with other professional bodies spearheaded by the State Department of Public Works. Monthly average basic wages in the construction industry amount to Ksh27 585 (US$196) for unskilled workers, Ksh37 486 (US$266) for semi-skilled workers and Ksh49 816 (US$354) for skilled workers.[13] Kenya’s construction sector contributes approximately 6% to the national GDP, experiencing annual growth of over 7%.[14]

Globally, Kenya stands at 124 in the ranking of 190 economies on the ease of dealing with construction permits. It takes 159 days with 16 procedures at an average cost of 2.8% of the construction costs to obtain building permits.[15] There are approximately 419 700 individuals employed in the construction sector.[16] It is largely male-dominated, with women comprising only 3% of the workforce.[17] Constructing a house took an average of 3.3 years in 2023.[18] Efforts are underway to involve women in development and construction through training programs and advocacy. [19]

 

[1] Financial Sector Deepening – Kenya (2023). Housing conditions of different livelihood segments: A deep-dive into 2021 FinAccess survey with a focus on housing 2023. Pg. 21.

[2] See footnote 10. Pg. 10

[3] See footnote 43. Pg. 10.

[4]  Kajiado County Government (2023). Kajiado County Land Use Zoning and Sub-Division Guidelines 2018.

[5]Habitat for Humanity International (2023). Kenya Habitat Country Programme Document 2018-2021.

[6] President of Kenya (2023). Government secures 3,900 acres for affordable housing. 27 January 2023.

[7] Boma Yangu (2023). Property developers. https://www.bomayangu.go.ke/participants/property-developers (Accessed 23 August 2023).

[8] See footnote 12. Pg. 555.

[9] Ibid. Pg. 8.

[10] Ibid. Pg. 24.

[11] Volza Grow Global (2023). Directory of Construction material Buyers & importers in Kenya – Volza.com (Accessed 23 August 2023).

[12] National Construction Authority (2023). https://nca.go.ke/ (Accessed 23 August 2023).

[13] See footnote 1. Pg. 252

[14] Engineering for Change (2021). Circular Economies and Affordable Housing in Kenya. https://shorturl.at/lvzL5

Pg. 3.

[15] UjenziBora (2023). The process of obtaining the construction permit and estimate durations. https://shorturl.at/rxAMQ (Accessed 24 August 2023).

[16] See footnote 1. Pg. 71.

[17] IDRC.CRDI (2023). Advancing women’s participation in Kenya’s construction industry: Lessons from Buildher. https://shorturl.at/krCN6 (Accessed 24 August 2023).

[18] See footnote 6. Pg. 51.

[19] International Development Research Centre (2023). Breaking ground to empower women in the Kenyan construction industry.

Property Markets

In Kenya, there are approximately 11.1 million residential properties with title deeds.[1] The country has introduced the National Land Information Management System, known as ‘Ardhisasa’, which facilitates online land transactions, including registration, valuation, surveying, adjudication, planning, and allocation.[2] The process of registering property in Kenya involves an average time of 43.5 days and comprises 10 procedures with an average cost of 5.9% of the property’s value.[3]

In 2022, the number of residential buildings completed in Nairobi  County was 16 910, with 1 390 being constructed by the State Department of Housing.[4] Housing transactions in the lower market segment, and particularly apartments in 2021 accounted for over 58% of all transactions.[5] The ownership patterns and tenure security are diverse and complex, as Kenya has different types of land tenure systems, such as freehold, leasehold, customary, public, community, and informal. Land tenure security is often affected by challenges such as inadequate land records and weak enforcement of land rights.[6] The cost of land varies based on factors like location, size, accessibility, and demand. The country has a residential resale market primarily focused on high-end and middle-income segments. Demand for residential resale properties is driven by factors such as affordability, convenience, quality, and location. while the demand for stand-alone properties and apartments stands at 27.6% and 26.7%, respectively, as at August 2023,[7] implying Kenyans’ affinity towards homeownership.

Social housing targeting low-income earners is the most sought-after type of affordable housing. The real estate sector includes both formal and informal estate agents. Formal estate agents are registered and licensed by the Estate Agents Registration Board (EARB), while informal agents operate without such regulation.[8]

 

[1] State Department for Lands and Physical Planning (2023). National Land Titling.  https://shorturl.at/tuAK0  (Accessed 24 August 2023).

[2] Ardhisasa (2023).  https://ardhisasa.lands.go.ke/

[3] World Bank (2023). Doing Business in Kenya – World Bank Group (Accessed 24 August 2023).

[4] See footnote 1. Pg. 253.

[5] Kenya Bankers Association (2022). Growth in house prices continued to ease in 2021.

[6] Matende-Omwoma, R. (2023). The Story of Land Adjudication in Kenya. Institute of Surveyors of Kenya.

[7] Kenya Property Centre (2023). Explore Property Demand Trends in Kenya. https://shorturl.at/eiNRW

(Accessed 24 August 2023).

[8] Estate Agents Registration Board (2023). https://estateagentsboard.or.ke/?v=be7f575c3bc9# (Accessed 24 August 2023).

 

 

Policy and Legislation

In recent years, Kenya has enacted policies aimed at improving housing finance access and affordability. The GoK has continued to create incentives to attract investment in the housing sector and has initiated public investments in building houses through civil servants’ schemes, slum upgrading projects and low-cost housing for the public under the National Housing Corporation (NHC). Most of the households in rural areas and slums in urban areas have inadequate dwellings in terms of size, resilience to adverse weather, and access to basic amenities. The plan to increase housing supply by 200 000 houses annually will be achieved by structuring affordable long-term housing finance schemes, including National Housing Fund and Cooperative Social Housing Schemes. This will guarantee off-take houses from developers; growing the number of mortgages from 30 000 to 1 000 000 by enabling low-cost mortgages of Ksh10 000 (US$71.11) and below; giving developers incentives to build more affordable housing. This will be coupled with earlier policy reforms to lower the cost of construction and improve access to affordable mortgages such as the establishment of the KMRC to facilitate access to affordable long-term home loan facilities.

Other reforms include the establishment of the National Housing Development Fund, strengthening the NHC in resource mobilisation and management of tenant purchase schemes. The recent enactment of the Finance Act 2023, implementing a 1.5% housing levy, exemplifies the ongoing efforts.[1] The Land Act (No. 6 of 2012) governs urban land and property ownership and how and when evictions and foreclosures are enforced.[2] These regulations prioritise avoiding forced displacements and ensuring fairness in eviction procedures.

Kenya’s legal framework for urban land and property ownership is governed by statutes such as the Land Act (No. 6 of 2012) and the Land Registration Act (No. 3 of 2012). Kenya has embraced the principles of green building through various policies and initiatives such as the National Building Code (2022) which provides guidelines and standards for efficient construction. The Kenya Green Building Society underscores the nation’s commitment to environmentally sustainable construction practices. Recently, the Architectural Association of Kenya (AAK) developed “Safari Green Building Index” a rating tool that can be utilised in structure planning, design, construction, and approval of built form in the cities.[3] These policies promote the use of eco-friendly construction methods and materials, contributing to a more sustainable housing sector.

 

[1] Njaaga, D. (2023). Finance Act 2023: Government to backdate Housing levy to July 1. The Saturday Standard.

[2] The Kenya Law (2020), Land Act (No. 6 of 2012).

[3] Architectural Association of Kenya (2022). The Status of the Built Environment Report: January – December 2022.  Pg.23.

Opportunities

There exists a myriad of opportunities in Kenya in the affordable housing space. Urban areas with universities present a growing demand for student accommodation, offering investors stable occupancy rates and diverse tenant bases. Rent-to-own options empower low- and middle-income families by allowing them to rent with the potential to purchase properties at discounted rates. To increase the accessibility of housing finance for people with low and middle incomes, development partners and financial institutions can investigate innovative housing finance models, such as mortgage-backed securities and housing microfinance.

Off-grid energy solutions such as solar panels and batteries cut energy costs to enhance residents’ quality of life. Furthermore, green initiatives like water harvesting, waste management, and energy-efficient systems improve sustainability, lower operational costs, and increase property value. The use of digital models and prefabricated materials could be enhanced to reduce cost, construction time and environmental impact.

Equally, establishing a housing finance Credit Guarantee Fund (CGF) that de-risks end-user borrowers especially the low- and middle-income segment will make credit more accessible. Banks, SACCOs, MFBs, and MFIs should develop and offer housing finance solutions and products tailored to match the needs of most low-income earners, who develop homes incrementally as financing becomes available.[1] Notably, facilitating the provision of basic services and infrastructure will improve the living conditions and value of incremental housing units.

Property transactions and registration processes such as land registration, property listing, financing, and service delivery can be streamlined through adoption of blockchain technology to enhance transparency, accessibility, and reduce fraud. More robust and relevant data and information on the housing finance market should be made available to all actors and sectors in the ecosystem. There are gaps in Kenya’s housing finance statistics with limited knowledge of housing demands and preferences across various population categories. Data on household size and composition, income levels, payment history, affordability criteria, and housing desires are among those that are inadequate.

Similarly, alternative credit scoring models could be explored in assessing low-income borrowers using innovative credit scoring models based on their income, expenditure, savings, and other financial behaviors. Other initiatives include incentives for lenders like tax breaks, supporting microfinance institutions and cooperatives to provide affordable housing finance, amongst others.[2] Key trends and challenges ahead include innovative technologies such as adoption of sustainable tech such as 3D printing and the need to meet the demand for affordable housing units through financial inclusion for low-income households.

 

[1] See footnote 6.

[2] Kenya Mortgage Refinance Company (2023). Research Insights Report on Mortgage Brokers 2023. Pgs. 1-11.

Access to Data on Housing Finance

In Kenya, crucial data on housing finance is collected and shared by various entities, including the Central Bank of Kenya, Kenya National Bureau of Statistics (KNBS), Financial Sector Deepening – Kenya, Kenya Institute of Public Policy Research & Analysis, and Kenya Bankers Association. These organizations provide data on mortgage lending statistics, housing affordability indices, economic conditions, housing conditions, poverty statistics and property transactions. KNBS conducts a national census every ten years, while mortgage, economic conditions, housing survey, and real estate data are available annually from CBK, KNBS and FSD Kenya. Some data is publicly accessible online, while detailed reports may require subscription or purchase.

Data challenges include limited coverage of informal settlements, incomplete property ownership records, and inconsistent tracking of housing subsidies. Data gaps exist in tracking rental housing costs and housing quality indicators, hampering comprehensive analysis. The situation is made worse by the inability to quantify the revenues, cash flow patterns, spending patterns, and payment histories of the low- and middle-income segment.

Efforts are being made to incorporate gender considerations into housing finance data collection like KNBS and FSD Kenya for instance, the 2022 Kenya Demographic and Health Survey (2022 KDHS) was implemented by KNBS in collaboration with the Ministry of Health (MoH) and other stakeholders disaggregates data in terms of gender based on property ownership. Data on climate issues in affordable housing can be sourced from the Kenya Bankers Association, Kenya Green Building Society, Nairobi Stock Exchange, Ministry of Environment and Forestry, National Climate Change Action Plan, and relevant research institutions.

Examples of Innovation

The KEZA project is developed by Mi Vida, a residential developer created through a joint venture between Actis and Shapoorji Pallonji Real Estate (SPRE). It is strategically situated about 100m from the Kikuyu-Naivasha Road Junction in Riruta, Kiambu County.

KEZA offers a diverse range of housing options, including studio, premium studio, one-bedroom apartments, and two-bedroom apartments priced at Ksh1.98m (US$14 079), Ksh2.37m (US$16 852), Ksh3.96m (US$28 159), and Ksh6.14m (US$43 661) respectively. The pricing structure is designed to accommodate different financing preferences, with options for cash purchases, rent-to-own agreements, and mortgage plans spanning up to 20 years.

With respect to green technology and sustainability, notable innovation is the incorporation of cutting-edge green technologies. The project has received IFC certification and is designed to minimize energy consumption aligning with global efforts to promote sustainable construction practices and reduce environmental impact. KEZA’s innovative approach also lies in its blend of flexible financing options, integration of green technologies, and strategic location near Riruta/Naivasha Road junction.

As of September 2023, Mi Vida Homes has successfully sold over 50% of the KEZA project. This remarkable market response showcases the strong demand for well-designed, high-quality, affordable, and middle-income homes in Nairobi.

Websites

Central Bank of Kenya: https://www.centralbank.go.ke/

Cytonn Investments: https://www.cytonn.com/

Financial Sector Deepening Kenya: https://www.fsdkenya.org/

Kenya Bankers Association: https://www.kba.co.ke/

Kenya Green Building Society: https://www.kgbs.co.ke/

Kenya Institute for Public Policy Research and Analysis: https://kippra.or.ke/

Kenya National Bureau of Statistics: https://www.knbs.or.ke/

Kenya Property Developers Association: https://www.kpda.or.ke/