|Kenya is Africa’s ninth largest economy with its capital city, Nairobi regarded as the business hub and main port of entry into the East and Central African regions. Kenya’s economy contributes 42% to the EAC region GDP, with Tanzania and Uganda contributing 50% to the regions GDP collectively. Within the EAC region, Kenya is one of two countries which reduced its share of its population who live below the national poverty line. Kenya has the most advanced and dynamic mortgage industry in the EAC region followed by Tanzania and Uganda. Still, affordability is an issue in Kenya. Kenya’s residential property market has been the subject of much media attention in the past years and yet only about 10.2% of urban households can afford the cheapest newly built house in 2015, estimated to cost about US$ 17 000. Still, this percentage is much higher than other countries in the EAC region.
This note covers a broad overview of housing and housing finance markets in Kenya. In October 2015, CAHF launched the 6th edition of the Housing Finance in Africa Yearbook, this time covering 48 countries and 5 regions across the continent. The full Kenya profile and the EAC regional profile can be found here.
Source: CAHF Newsletter