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INVESTING IN REAL ESTATE, PROPERTY AND HOUSING SECTOR IN KENYA AND PUBLIC PRIVATE PARTNERSHIP KENYA UK DIASPORA CONFERENCE,LONDON BY HON. SOITA SHITANDA,

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Presentation on theme: "INVESTING IN REAL ESTATE, PROPERTY AND HOUSING SECTOR IN KENYA AND PUBLIC PRIVATE PARTNERSHIP KENYA UK DIASPORA CONFERENCE,LONDON BY HON. SOITA SHITANDA,"— Presentation transcript:

1 INVESTING IN REAL ESTATE, PROPERTY AND HOUSING SECTOR IN KENYA AND PUBLIC PRIVATE PARTNERSHIP KENYA UK DIASPORA CONFERENCE,LONDON BY HON. SOITA SHITANDA, EGH,M.P MINISTER FOR HOUSING ON 28 TH JULY /28/20121

2 Housing and Urbanization within Vision 2030 Framework Vision 2030 envisages an adequately and decently housed nation in a sustainable environment. Annual urban Housing demand is estimated at 200,000 units Supply is approximately 100,000 units Deficit is estimated at 100,000 units annually. Supply should be to all socio-economic groups, with focus on low and middle income. 7/28/20122

3 Kenya Constitution 2010  Allows dual citizenship creating new investment opportunities for the Diaspora Community.  Provides for establishment of County governments, calling for heavy investment in housing and infrastructure at county level.  Provides for individuals and families to freely operate and invest in Kenya.  Provides right to jointly or individually acquire and own property of any description in any part of Kenya. 7/28/20123

4 Investment Drivers High demand makes real estate industry attractive venture. Improved incomes across all income groups have kindled desire for home ownership. Increasing property and high rental prices have resulted in high returns. Current payback period has significantly dropped from an average of 13 years in 2000 to 8.5 years. 7/28/20124

5 Improved Legal Framework Interventions to guide housing development include:- National Housing Policy National Maintenance Policy National Construction Authority Housing Bill 2012  National Housing Authority  National Housing Fund Built Environment Bill Planning and building Regulations 7/28/20125

6 Legal Interventions Cont’d- -- Landlord and Tenant Bill Real Estate Investment Trust (REITs)-Approved for Establishment under Capital markets Authority Act. 7/28/20126

7 Incentives for Investment in Low Income Housing Some approved incentives to attract diaspora investment:- Ministry is providing on-site infrastructure to open up land for housing investment. Revised Retirement benefits Authority act provides for use of upto 60% of members benefits as collateral thus expanding real estate market base. Home Ownership Savings Plan (HOSP) attracts tax waiver on withholding tax. 7/28/20127

8 Conclusion  Opportunities exist in housing and real estate sector.  Kenyans in Diaspora are invited to explore these opportunities.  Kenya Constitution 2010 promotes conducive environment for investment. THANK YOU 7/28/20128


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