Indian property group Shapoorji Pallonji has partnered with growth markets investor Actis on a joint housing venture targeting middle-income homeowners in Kenya.
The project is expected to bridge the gap for middle-income homeownership in the country, where demand is still high.
The latest statistics from Kenya’s property index indicate that prices in the country’s high-end residential places in Nairobi fell 6.5% in the 12-months leading to March this year.
Since the introduction of a cap on lending rates in 2016, there has been a slowdown in credit as banks held onto their purse strings.
Chris Coulson MD, Garden city housing development says, “On the developer side, the days are gone when a developer can launch a project and rely solely on sale revenue.”