Nairobi,
Wednesday April 17, 2024
KNA Billy Sabari/ Margaret Gathigia
ABSA bank held the 11th East African Property Investment summit which brought together different private sector investors with the aim of bringing revolutionary affordable housing in the country.
The summit held in Nairobi was hosted in collaboration with the top tier real estate agencies from Kenya such as MI Vida, Tilisi Woods, Tatu City and Keza, that deliberated on the strategic and infrastructural potential in the country.
Over the past years, East Africa’s property markets, Kenya in particular, has become a magnet for investments as both local and foreign investors look to diversify their investments across multiple market segments such as retail, industrial, housing, hospitality and office space.
Speaking at the conference, Alex Njagi head of real estate at Bowmans said that a stable and democratic government is the most compelling reason investors choose Kenya, citing that as long as they can access the security of tenure they are willing to invest in the country.
He mentioned that alcohol production companies such as Heineken produced products from Tatu city and even exported a good percentage to the global market and ALP which provided warehousing for domestic products and export product storage.Under the theme “inspire”, “Imagine”, “invest”.
The summit aims to connect attendees, share insights and explore various deal-making opportunities with exclusive opportunities to network and access valuable content.
East Africa’s fast moving and evolving economics are setting tone for investment and development across the real estate value chain.
The summit reflects this trend by bringing together over 500 attendees from 15 countries.
Additionally, the event brings both international and regional leaders, with more than 200 companies represented.The (EAPI) summit seeks to examine the triumphs and challenges encountered in developing leading projects in the region and to shed light on what investors and tenants or buyers prioritizes when it comes to real estate opportunities.
Mr. Njagi noted that the country has a rapidly growing middle class and high levels of urbanization, factors which have significantly attracted investors who wish to be part of the success.
Apart from the residential and private accommodation the (API) also aims at better infrastructure in the student accommodation sector. This move is set to give all students and residents better access to amenities and affordable housing.
The CEO Mi Vida, Samuel Kariuki noted that in the last three years the world economy has witnessed a high inflation and Kenya being a net importer economy, tends to import the inflation. Kariuki said major infrastructural drawbacks are being addressed and commended the current government regime.
The Mi Vida CEO highlighted that the government has paid a lot of deliberate attention to housing, noting that a number of housing incentives have been promulgated including the zero rating of VAT on building materials and establishing physical incentives to facilitate housing among others.
Mr Kariuki noted that there needs to be regulation in the sector citing that real estate was one of the largely unregulated industries.
“Areas along the CBD cannot be low density or middle density settlements, it is the nature of urban development to be densely populated,” said Mr Kariuki adding that the government needs to put in place proper infrastructure like water and sewerage connections.
Courtesy; KNA