The quickest way out of poverty is home ownership, Housing, Urban Development and Public Works Principal Secretary Charles Hinga has said.
Houses have always and will forever be among the few appreciating assets, Hinga said during a briefing on the Sh11 billion Migaa Housing Project in Kiambu.
He said the government is committed to have most Kenyans own homes to reduce poverty levels in the country. The focus is to make low income earners homeowners.
“Ownership is important for it is the surest retirement pension. Houses have always and will forever remain appreciating assets,” the PS said.
In 2017, President Uhuru Kenyatta launched the Affordable Housing Project (AHP) as one of the deliverable pillars of his Big Four Agenda.
He promised 500,000 affordable housing units for Kenyans by 2022.
The Migaa housing project comprises 1,920 units and is being developed by Samara estates in conjunction with Safaricom Sacco Investment and Shelter Afrique.
It is intended for Nairobi Metropolitan Zone, which includes Kiambu. Indeed, Kiambu is one of the "bedrooms" for thousands of people working in Nairobi.
China Syno Hydro Building Company is constructing the Migaa houses some of which will be sold for as low as Sh1 million to those earning less than Sh20,000 per month.
Hinga said the government was spending a lot of money on education and health, hence the importance of partnering with the private sector to develop projects like Migaa for decent, good quality and cheap houses.
The PS said only 25,000 of 47 million Kenyans had taken mortgages. Some 17,000 of those mortgages are not market-based since they are given by banks to their staff at specific rates.
Hinga said 92 per cent of people in Nairobi are tenants. Some prefer renting to home ownership while the majority cannot afford to own houses.
In January, the first batch of houses completed under President Kenyatta's affordable housing agenda was handed over to the government.
The 228 units are in Park Road estate, Ngara. In all, there will be a total of 1,730 units at Ngara site estimated to cost Sh5 billion.
Shared amenities in the Park Road project include parking, rooftop gardens, children's playgrounds and a running track.
The government estimated to spend about Sh5 billion to complete the Park Road project alone.
Article 43 of the Constitution states that every Kenyan has a right to decent housing and adequate basic sanitation.
- mwaniki fm
