•Cash is the most preferred home financing method for most Nairobians according to a discussion paper by a public policy think tank KIPPRA
•The number of mortgage accounts in the country averages 27,000 yet the country needs in excess of 200,000 units annually to accommodate the shortage.
Real estate developer Superior Homes has entered into a financing deal with Absa to boost the uptake of its housing units at Pazuri, Vipingo.
In the new deal home buyers are set to benefit from a 90 percent mortgage financing with terms of up to 25 years as the firms look to ease mortgage financing for their customers.
The number of mortgage accounts in the country averages 27,000 yet the country needs in excess of 200,000 units annually to accommodate the shortage.
“The partnership marks a significant milestone in their quest to help more Kenyans achieve their home ownership dreams while at the same time addressing the current housing deficit in the country,” said Superior Homes Kenya head of sales, Clive Ndege.
The current housing deficit in the country is estimated at 2 million houses which continues to rise due to fundamental constraints on both the demand and supply side exacerbated by an urbanization rate of 4.2 percent equivalent to 0.5 million new city dwellers every year.
Superior Homes Head of Sales, Clive Ndege says the partnership will help more Kenyans achieve their home ownership dreams while addressing the current housing deficit in the country.
Speaking during the event, Absa Bank Kenya Regional Manager and Head of Mortgage, John Kaburu said marks the start of a journey towards unlocking and fulfilling more home ownership dreams for Kenyans.
According to a 2021 poll conducted by the Norwegian-based accelerator company Pangea Trust, the real estate and construction sectors received the majority of private diaspora investments, with 29 percent, or roughly one out of every three diaspora individuals surveyed, having put money in the sector.