Kenya’s macroeconomic environment underpins a resilient and stable financial system, enabling funding and lending to individuals and businesses. The country has a robust institutional framework of regulators and oversight bodies, comparable to regional peers. Finance is provided through various channels: commercial banks and Micro Finance Institutions (MFIs) regulated by the Central Bank of Kenya (CBK), and Savings and Credit3Co-operative Societies (SACCOs) regulated by Sacco Societies Regulatory Authority (SASRA). This comprehensive regulatory structure supports a dynamic financial sector, enhancing economic growth and stability.

The Kenyan banking system in 2023 comprised 38 commercial banks, 14 microfinance banks, and one mortgage finance company, providing diverse financial services. ¹⁹ Seven additional Digital Credit Providers (DCPs) were licensed in March 2024, bringing the total of DCPs to 58.²⁰ SACCOs provide approximately 90% of Kenya’s total housing finance.²¹

Thirty-two banks offer residential mortgages, with the largest holding 31.3% of market share.²² By the end of 2023,there were 30 015 mortgages worth KSh281 million (US$2.18 million) with an average mortgage size of KSh9.4 million (US$72 871). The average interest rate charged on residential mortgages in 2023 was 14.3% but ranged between 8.7% and 18.6%.²³ Most banks maintained a loanto-value (LTV) of below 90% in 2022 and 2023. The mortgage portfolio asset quality – the ratio of non-performing mortgage loans to gross mortgage loans – remained unchanged at 14.4% in 2023. ²⁴ SACCOs also play a critical role in the real estate market with their unique incremental mortgage lending model, premised on short-term credit facilities, usually between three and five years, designed to manage liquidity and mitigate default risks.²⁵

Formal financial inclusion, by 2021, had reached 83.7%, driven by technological advancements.²⁶ Gender-disaggregated data remains sparse among lenders, but available data shows that 27.3% of males and 18.7% of females have access to formal credit. Women have greater access to informal sources, such as microsavings groups, at 9.5% compared to 5.2% for men.²⁷ From a mortgage refinancing standpoint, 46% of the refinanced loans by the Kenya Mortgage Refinance Company (KMRC) were extended to women as of 2023.²⁸ Homeownership individually or jointly is higher for men at 45% than women at 33%, while in terms of bank account ownership and usage 29% of women and 39% of men have and use a bank account.²⁹

In June 2024, Kenya’s central bank raised its key interest rate from 12.5% to 13.0%,³⁰ leading to commercial banks’ average lending rate rising to approximately 16.6% in July 2024.³¹ Commercial banks’ liquidity ratio stood at 51.0% and the capital adequacy at 18.6%, both above statutory minimum levels in December 2023, indicating stability.³² Growth in commercial bank lending to the private sector increased by 13.9% as at December 2023.³³ However, credit report requests declined by 3% to 36.4 million in 2023 compared 2022, the decline indicating reduced business activity and lower credit demand.³⁴ Additionally, the number of banking transactions undertaken through bank agents decreased by 8.3%, reflecting a shift towards mobile money and internet banking. ³⁵

Housing is as fundamental a human need, yet housing unaffordability remains a stubborn problem, and many Kenyans cannot afford to buy or build their own homes. The cost of the cheapest newly built housing unit by a private developer stands at KSh960 000 (US$7 442), stands at KSh960 000 (US$7 442),³⁶ while the monthly rent for the most affordable dwelling is approximately KSh12 000 (US$93).³⁷ Underlying this limited affordability are high unemployment rates, unequal income distribution, low household incomes, and widespread poverty. The unemployment rate stands at 5.5%,³⁸ with 29.4% of the total population living below the international poverty line.³⁹ The Gini coefficient reached 0.389 in 2021, underscoring significant disparities.⁴⁰ In rural areas, households spend 63.0% of their income on food, compared to 42.2% in urban areas. ⁴¹ Kenyans allocate up to 40% of their household income to housing. Consequently, only 11% of Kenyans can afford a conventional mortgage. ⁴²

Gross national disposable income increased from KSh14 billion (US$109 million) in 2022 to KSh16 billion (US$123 million) in 2023.⁴³ The average interest rate charged on loans and advances in 2023 was 14.63%, up from 12.67% in 2022,⁴⁴ indicating tightened credit conditions. In 2023, 88.4% of mortgage loans were at variable interest rates.⁴⁵ The average residential mortgage loan maturity rose to 11.7 years in 2023 from 10.9 years in 2022, indicating increased affordability.⁴⁶ As of July 2024, KMRC had refinanced KSh11.8 billion (US$92 million) to 12 Primary Mortgage Lenders (PMLs), enabling 3 501 Kenyans to access affordable mortgages at concessional fixed rates of 7% to 9.9%⁴⁷ compared to the industry average of 14.3%.

Mortgage affordability depends on the mortgage-to-income ratio, which some lenders cap at 50% with 105% mortgage financing.⁴⁸ The prevalence of binding constraints, especially a low level of income, the high cost of property purchase and limited access to affordable long-term finance continue to constrain mortgage growth.⁴⁹ Nonetheless, the mortgage market is expected to remain stable in 2024, bolstered by the continued partnerships between developers and financiers, and the availability of fixed single-digit and long-term financing from KMRC..

Despite an annual demand of 250 000 housing units, only approximately 50 000 units are supplied with approximately 2% targeting the low income segment.⁵⁰ Under the Fourth Medium Term Plan (MTP) the government is prioritising investment in housing and settlement through construction of 200 000 housing units annually, enabling low-cost mortgages, strengthening the capacity of the Jua Kali, the informal traders and artisans, to produce high quality construction products and providing incentives to developers to support the Affordable Housing Programme (AHP).⁵¹

The continued implementation of the BETA and the focus on the AHP, have achieved notable milestones in construction of residential buildings. In Nairobi, 160 000 residential units are in the pipeline. This is facilitated by the private and public affordable housing developments.⁵² The State Department for Housing and Urban Development (SDHUD) completed construction of 3 357 housing units in 2023,more than double the 1 390 units built in 2022. Moreover, the value of building plans approved by the Nairobi City County (NCC) rose by 35.5% in 2023 compared to 2022.⁵³ However, difficulties in supplying residential units in the year included the high cost of land. There were 89 green-certified buildings in Kenya as August 2024.⁵⁴

In 2023, the construction sector grew by 3% compared to 4% in 2022.⁵⁵ This was attributed to the government expenditure on the AHP across the country, maintenance of roads by the Kenya Roads Board (KRB) and loans advanced by commercial banks to the construction sector. The total number of loans and advances from commercial banks increased by 7% to KSh645 billion (US$5 billion) in 2023.⁵⁶ Employment in public sector construction rose 2.1% to 9 700 persons in 2023 compared to 2022.⁵⁷ Real Estate Investment Trusts (REITS), which are split into income and development REITS, provide investment vehicles for the housing sector through the capital markets.

Kenya’s construction industry uses both local and imported materials. Forty-five percent of Kenyans live in informal or inadequate dwellings and 83% of households have no access to basic waste collection services.⁵⁸ Nationally, 68% of households have access to at least basic drinking water services.⁵⁹ The use of durable roofing materials exceeds 90% across all segments. Cement is the predominant flooring material, used in 59% of urban homes and 39% of rural homes.⁶⁰ In 2023, constructing a house took an average of 3.3 years.⁶¹ The National Construction Authority (NCA) alongside other professional bodies regulates, streamlines, and builds capacity in the construction industry to ensure compliance with standards and improve the quality of construction practices across the country.⁶²

Kenya’s ownership patterns are diverse and complex, encompassing freehold, leasehold, customary, public, community, and informal land tenure systems. However, tenure security is often compromised by inadequate land records and weak enforcement of land rights:⁶³ 68% of Kenyans lack land documentation or tenure security.⁶⁴ Social housing aimed at low income earners is the most indemand type of affordable housing. Formal estate agents are registered and licensed by the Estate Agents Registration Board (EARB), and the Board of Registration of Architects and Quantity Surveyors (BORAQS) regulates the professions of architecture and quantity surveying. The introduction of the National Land Information Management System, the “Ardhisasa System,” has enabled online land transactions, including registration, valuation, surveying, adjudication, planning, and allocation.⁶⁵ Kenya has approximately 4 060 000 residential properties registered with title deeds.⁶⁶

Over the years, the demand for housing and commercial spaces in Kenya has risen. The growing middle class and improved access to credit further fuelled the real estate boom, with both residential and commercial properties in high demand. This surge in demand has attracted increased investments in the real estate sector from both local and international investors.⁶⁷ Credit advanced to building, construction and real estate rose from KSh562 billion (US$4.36 billion) as at December 2022 to KSh606 billion (US$4.7 billion) as at December 2023.⁶⁸

The real estate industry is crucial to Kenya’s economy, making substantial contributions to GDP growth, job creation, and infrastructure development. The real estate sector contributed 8.4% and the construction sector 6.6% to GDP in 2023.⁶⁹ The construction sector grew by 3%, creating 236 000 jobs, while the real estate sector grew by 7.3%, creating 4 300 jobs.⁷⁰

The demand in Nairobi for stand-alone houses stands at 36.4%, commercial property at 23.5%, apartments 18.3%, and land 8.7%.⁷¹ Demand for buying property is 45.1% while demand for rent is 36.8% with Nairobi County leading on property searches at 24.5%, followed by Kiambu County at 5.2% as at July 2024.⁷² The cost of land varies depending on factors such as location, size, accessibility, and demand. In the first quarter of 2024, land prices in Nairobi’s 18 suburbs increased by an average of 1.3% an acre, while prices in the satellite towns rose by an average of 3.03%.⁷³ Sale prices across all property went up by 2.7% while rental prices rose by 0.4% in the first quarter of 2024,making financing house purchases expensive.⁷⁴ The Mix by Year,⁷⁵ indicates that apartments constituted 67.7%, semi-detached houses 25.7% and detached houses 6.6% of the market.⁷⁶

The Kenyan government continues to facilitate home ownership through policies, incentives and provision of land for affordable housing projects. This includes, stamp duty exemption for first-time homeowners and monthly mortgage relief up to KSh25 000 (US$194). That notwithstanding, the affordable housing initiative faces hurdles, including financial constraints, limited supply, and affordability constraints for both developers and buyers.

The government aims to achieve its affordable housing goals through the National Housing Development Fund (NHDF), by providing land to developers. The NHDF intends to raise funds, provide sales certainty to developers, and offer accessible affordable financing options to home seekers. On 19 March 2024, the Affordable Housing Act, 2024 was enacted, which introduces a 1.5% affordable housing levy on employees’ gross salaries, matched by their employers. For those not employed but engaged in business, the levy is also 1.5% of their gross income. The Act establishes the Affordable Housing Fund, which will collect these levies and use them to finance the design, development, and maintenance of affordable housing. However, a low absorption rate of the raised funds toward unlocking affordable housing has been noted. The Act defines several categories of affordable housing, including social housing units, affordable housing units, affordable middle-class housing units, and rural affordable housing units. [77] The government has introduced several tax incentives to promote the Affordable Housing Scheme (AHS). These include an exemption from Value Added Tax (VAT) on both local and imported construction materials. Developers building over 100 units benefit from a reduced corporate tax rate of 15%, allowing for lower unit prices without compromising their target net profit. Import levies for construction goods under the AHS remain favourable, with the Import Declaration Fee (IDF) at 2% and the Railway Development Levy (RDL) at 1.5%, compared to higher rates for other imports. Also, tax relief of 15% on savings or contributions encourages homeownership savings. First-time buyers under the AHS are exempt from stamp duty, which is typically 4% in urban areas and 2% in rural areas. Furthermore, interest expense deductions for foreign-controlled companies engaged in affordable housing projects are not restricted, yet a lack of governmental coordination makes these incentives difficult to access..⁷⁸

All these are intended to increase housing supply by 200 000 houses annually and grow the number of mortgages from 30 000 to 1 000 000 by enabling low-cost mortgages of KSh10 000 (US$77.52).⁷⁹ This will be coupled with slum upgrading projects and provision of low-cost housing for the public under the National Housing Corporation (NHC), introduction of Tenant Purchase Schemes, and establishment of the KMRC to drive sustainable home ownership through affordable long-term home loans. KMRC has further established a partial credit guarantee to derisk the informal sector.⁸⁰

Furthermore, the Real Estate Regulation Bill, 2023, seeks to establish a regulatory framework for real estate agents, land companies, and developers with the dual objective of protecting buyers in the real estate market and tackling the widespread fraud affecting the sector. Similarly, the Land Laws (Amendments) Bills, 2023 aims to strengthen the legal framework governing land and property management.⁸¹

Kenya has adopted green building principles through several policies and initiatives, including the National Building Code (2022), which outlines guidelines and standards for efficient and sustainable construction practices. Sustainable real estate finance is also increasingly gaining traction. CBK has released the draft Kenya Green Finance Taxonomy, which aims to guide green financial activities. In addition, Kenya is advancing its Green Economy Strategy Implementation Plan for 2016- 2030. The adoption of the Kenya Sovereign Green Bond Framework is another key initiative, intended to mobilise financing for green and sustainable projects. Furthermore, the ongoing development of the Green Fiscal Incentives Policy Framework seeks to guide Kenya’s economy towards a low-carbon, climate resilient future, contributing to a more sustainable housing sector.⁸²

Housing investment opportunities lie within the affordable market segment, driven by the growing demand for affordable housing options, positive demographics, and the expanding middle class. Value opportunities exist in satellite towns such as Ruiru, which serve as dormitory towns for Nairobi. These areas benefit from the availability of large, affordable tracts of land, improving infrastructure, and access to amenities. To improve housing affordability for potential buyers, developers should adopt advanced building technologies including prefabricated building materials, expanded polystyrene panels, 3D printing, and interlocking bricks, which help reduce costs and meet affordable housing targets.

An open data portal needs to be developed for housing investment in Kenya. Inadequate information on market size, potential, and financial activities related to housing stand in the way of key players making informed decisions. Comprehensive housing finance data, would offer valuable insights into the availability, accessibility, and affordability of housing finance options, helping to identify underserved areas and making a compelling case for investment. Enhanced data availability will foster a more conducive policy environment and encourage greater private sector participation in affordable housing markets. In recognition of these challenges and opportunities the Open Access Initiative was (OIA) recently launched, which is a joint venture market systems intervention spearheaded by Centre for Affordable Housing Finance in Africa (CAHF), FSDAi and FSD Kenya, International Housing Solutions and Reall.The OAI aims to enable smooth data and information sharing between various actors along the housing development value chain that will stipulate collaboration in the advocacy and engagement processes.

Lenders can leverage the KMRC Risk Sharing Facility (RSF) to deepen mortgage uptake in the informal sector.⁸³ The RSF de-risks end-user borrowers especially the low and middle income segment, making credit more accessible. To mitigate supply side constraints, developers, financial institutions, housing support organisations, government agencies, and construction professionals require focused training to ensure quality and end-user affordability. On the demand side, investment in consumer awareness and education for improved financial literacy and knowledge about housing products, processes, and benefits is necessary. Development partners and financial institutions can enhance housing finance availability for low and middle income individuals by exploring innovative models such as mortgage-backed securities and housing microfinance.

To boost housing finance uptake in Kenya, developing and leveraging mortgage brokerage is essential due to information asymmetries in the market.⁸⁴ Brokers can bridge information gaps by guiding borrowers through the mortgage process, helping them compare options, and connecting them with lenders, enhancing access to financing and improving market efficiency.

Data custodians of housing finance and macroeconomic statistics are the CBK, Kenya National Bureau of Statistics (KNBS), Financial Sector Deepening – Kenya (FSDK), the KMRC, Kenya Bankers Association, and the Kenya Institute of Public Policy Research and Analysis (KIPPRA). KNBS conducts the census every 10 years, while household surveys provide data on demographics and living conditions. FSD Kenya, the CBK and KNBS are currently conducting the Kenya National FinAccess survey.¹²

Existing data does not accurately reflect present conditions, which hampers the progress of housing finance. Low and middle income segments suffer from significant data gaps and commercial lenders struggle to assess creditworthiness. The inability to quantify revenues, cash flow patterns, spending habits, and payment histories for these segments further complicates the issue. Demand-side data, such as market size, segmentation, housing loan appetite, and user distribution by location, is lacking, thus limiting the ability of key players and financial institutions to make informed decisions. Climate-related data for housing can be obtained from the Kenya Meteorological Department (KMD), Kenya Bankers Association, Nairobi Stock Exchange, Kenya Green Building Society, National Environment Management Authority (NEMA), National Climate Change Action Plan, Ministry of Environment and Forestry, and various research institutions.

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

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

Kenya Mortgage Refinance Company:
https://www.kmrc.co.ke/

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

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

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

Habitat for Humanity Kenya:
https://hfhkenya.org/

Kenya Property Centre:
https://kenyapropertycentre.com/

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

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

Capital Markets Authority:
https://www.cma.or.ke/

This is a rental housing project developed by Tsavo, strategically located in the Ongata Rongai sub-county within the Nairobi Metropolitan Area. The project offers a diverse range of rental housing options, including studio apartments priced at KSh12 000 (US$93), superior studio apartments at KSh14 000 (US$109), convertible one-bedroom apartments at KSh17 000 (US$132), and one-bedroom apartments at KSh20 000 (US$155). The pricing structure is designed to accommodate various financing preferences, with options for rent-to-own agreements, cash purchases, and mortgage plans, catering to different groups.

Tsavo integrates green technology and sustainability into the project, with their designs often incorporating natural lighting, ventilation, and water-saving fixtures. The project’s strategic location enhances its appeal by providing easy access to local attractions, community features, educational institutions, healthcare facilities, and commercial establishments, ensuring convenience and connectivity for residents. The project is fully occupied, indicating a strong market response and a high demand for well-designed, high-quality, affordable, and low-income rental homes in the Nairobi Metropolitan Area.

Tsavo plans to expand its portfolio with more affordable and quality housing projects, offering diverse housing options that balance properties for both purchase and rent. Tsavo’s innovative approach includes competitive rental rates for various apartment types, 24/7 CCTV surveillance, community features, flexible payment plans, and a strong emphasis on customer service.

1. World Bank (2023). Kenya Poverty and Equity Assessment 2023 – From Poverty to Prosperity: Making Growth More Inclusive: Executive Summary. Pg. 1.
2. Kenya Institute for Public Policy Research and Analysis (2024). Kenya Economic Report 2023 – Main Report. Pg. 22.
3. World Bank (2023). Population growth (annual %).
4. Kenya National Bureau of Statistics. https://www.knbs.or.ke/ (Accessed 26 July 2024).
5. See footnote 2. Pg. 74
6. World Population Review (2024). Number of households by country.
7. See footnote 4.
8. Kenya National Bureau of Statistics (2024).The Kenya Poverty Report 2021. https://tinyurl.com/4tm5pb45 (Accessed 26 July 2024). Pg. xi.
9. World Bank (2020). Population living in slums.
10. World Bank (2024). Kenya Economic Update, June 2024: Fostering Trade for Robust Growth and Dynamic Job
    Creation. https://tinyurl.com/4s9uynef (Accessed 29 July 2024). Pg. 2.
11. Kenya National Bureau of Statistics (2024). Economic Survey report 2024. Pg. 14.
12. Ibid. Pg. 42 – 43.
13. Capital Markets Authority (2024). Capital Markets Soundness Report (CMSR) Q2. 2024. XXXI. Edition Pg. 23.
14. Reuters (2024). Kenya to cut spending in revised budget after tax-hike rollback. 15 July 2024.
15. Kenya National Bureau of Statistics (2024). Highlights of the July 2024 Consumer Price Index (CPI).
16. Central Bank of Kenya. Key Rates. https://www.centralbank.go.ke/ (Accessed 26 July 2024).
17. Kenya Mortgage Refinance Company (2024). State of the Banking Mortgage Market Sector 2023. Pg. 2
18. Central of Bank of Kenya (2024). MPC Press Release – Meeting of June 5 2024. https://tinyurl.com/57wz3wsn (Accessed 26 July 2024). Pg. 3
19. Central Bank of Kenya (2024). Banking Sector Annual Report 2023. https://tinyurl.com/59jnvmhz (Accessed 30 July 2024). Pg. 81.
20. Central Bank of Kenya (2024). Press Releases 2024. https://tinyurl.com/3krhjrdc (Accessed 30 July 2024). Pg. 1.
21. Kenya Mortgage Refinance Company (2024). Housing Market Trends and Forecasts 2022. Pg. 3.
22. See footnote 19. Pg. 86.
23. Ibid. Pg. 24.
24. Ibid.
25. Sacco Societies Regulatory Authority (2024). SACCO Supervision Annual Report, 2022. Pg. 57.
26. Kenya National Bureau of Statistics (2021). Household Survey Report 2021. Pg. iv.
27. The Kenya Institute for Public Policy Research and Analysis (2023). Economic Survey report 2020. Pg. 71.
28. Kenya Mortgage Refinance Company (2024). KMRC Annual Report 2023. Pg. 12.
29. Kenya National Bureau of Statistics (2022). Kenya Demographic and Health Survey 2022. Pg. 20.
30. See footnote 18. Pg. 3.
31. Central Bank of Kenya (2024). Key Rates. https://www.centralbank.go.ke/ (Accessed 26 July 2024).
32. See footnote 19. Pg. IX.
33. Kenya National Bureau of Statistics (2024). Economic Survey report 2024. https://tinyurl.com/3wzfwzd3 (Accessed 26 July 2024). Pg. 16.
34. See footnote 19. Pg. 47.
35. Ibid. Pg. 46.
36. BomaYangu (2024). Gichugu Affordable Housing Project. https://www.bomayangu.go.ke/project/48 (Accessed
    31 July 2024).
37. Interview with project officers at Tsavo Developers, 31 July 2024, Nairobi, Kenya.
38. Habitat for Humanity International (2024). Kenya Country Profile 2024. Pg. 1.
39. Ibid.
40. See footnote 8. Pg. xii.
41. Ibid. Pg. 27.
42. Kenya Mortgage Refinance Company (2024). Research on systemic barriers towards access and usage of housing finance in Kenya 2023. Pg. 9.
43. See footnote 11. Pg. 55.
44. Ibid. Pg. 16.
45. See footnote 19. Pg. 24.
46. Ibid. Pg. 24.
47. Interview with Head of Credit at Kenya Mortgage Refinance Company, 26 July 2024, Nairobi, Kenya.
48. Stanbic Bank Kenya. https://tinyurl.com/7mp9tn2a (Accessed 23 July 2024).
49. See footnote 19. Pg. 25.
50. See footnote 42. Pg. 8.
51. Kenya Vision 2030 (2024) Fourth Medium Term Plan 2023 – 2027. https://tinyurl.com/5cnnm3ur (Accessed 26 July 2024). Pg. xxii.
52. Kenya Property Developers Association (2024). NRB development pipeline report 2022. Pg. 14.
53. See footnote 11. Pg. 40.
54. Kenya Green Building Society (2024). https://www.kgbs.co.ke/ (Accessed 26 July 2024).
55. See footnote 11. Pg. 40.
56. Ibid. Pg. 19.
57. Ibid. Pg. 270.
58. Kenya Mortgage Refinance Company (2024). Housing Market Trends and Forecasts 2022. Pg. 9.
59. See footnote 29. Pg. 555.
60. Ibid. Pg. 10.
61. See footnote 42. Pg. 51.
62. National Construction Authority (2023). https://nca.go.ke/ (Accessed 23 July 2024).
63. Matende-Omwoma, R. (2024).The of Land Adjudication in Kenya. Institute of Surveyors of Kenya. https://tinyurl.com/mthtrmdj (Accessed 24 July 2024).
64. See footnote 38. Pg. 1.
65. Ardhisasa (2024). https://ardhisasa.lands.go.ke/ (Accessed 30 July 2024).
66. See footnote 58. Pg. 3.
67. Inuka Properties (2024).The Current State of the Real Estate Market in Kenya 2024. https://tinyurl.com/2usv467a (Accessed 30 July 2024).
68. See footnote 11.
69. Ibid. Pg. 43.
70. Ibid. Pg. 46 & 68.
71. Kenya Property Centre (2024). Explore Property Demand Trends in Kenya 2024. (Accessed 24 July 2024).
72. Ibid.
73. Hass Consult (2024).The Hass Property Index Q1 2024. Pg. 2.
74. Ibid. Pg. 1.
75. The Mix by Year is a measure of the percentage that each type of property represents in the market.
76. See footnote 73. Pg. 5.
77. Kenya Law (2024). Laws of Kenya: The Affordable Housing Act, 2024.
78. Zoravar, S. (2023). Presentation: ‘Kenya Affordable Housing Incentives’. 17 May 2023. 2023 EAPI Conference.
    https://tinyurl.com/4s534pab (Accessed 28 July 2024).
79. Parliament of Kenya (2024). Budget Watch for FY 2023/24 and the Medium Term. Pg. 17.
80. Kenya Mortgage Refinance Company (2024). KMRC Annual Report 2023. Pg. 83.
81. Chambers and Partners (2024). Kenya: Real Estate, 2024. https://tinyurl.com/2vn77kez (Accessed 31 July 2024).
82. Ibid.
83. See footnote 80. Pg. 23.
84. See footnote 42. Pg. 95.