Kenya’s New President Promises to Revitalize Affordable Housing Programme
By Estate Cloud - - Kenya
Kenya’s new President William Samoei Ruto on Tuesday exited Kenyans when he pledged to revive the affordable housing program started by his predecessor Uhuru Kenyatta.
President Ruto said his administration will aim at delivering an average of 250,000 housing units a year which translates to 1.25 million units by the end of his first term as president.
“Furthermore, to deal with the huge challenge of youth unemployment we will roll out our social and affordable low-cost housing program, targeting an average of 250,000 units a year. This will create opportunities in the entire job market,” he stated.
The President picks up the reins from the former president Uhuru Kenyatta who had pledged to deliver 500,000 housing units for the lower and middle-income Kenyans during his just-completed term. At the initiation of the programme, it was estimated that it would increase the contribution of real estate and construction to GDP from 7% to 14% by 2022.
The incoming head of state said his administration’s strategy will include engaging TVET institutions to provide necessary skills to enable the Jua Kali (cottage) industry to supply standardized products for the housing program.
If successfully executed, the annual target of 250,000 could level out the country’s annual demand, modernize and standardize available inventory, and likely bring down house prices, to the relief of many Kenyans.
In November 2021, Treasury CS said the government was targeting the delivery of 25,965 affordable housing units in the 2022/23 budget.