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The Real Estate & Construction Sector will seek to address the major issues of affordability in relation to the low and middle income earners who face the highest deficit in housing, the key role of devolution in regards to sustainable development and planning as well as the cost of finance for the said properties. With different players in the sector coming together, we will be fully equipped to grow and strengthen the Real Estate & Construction Sector
Kenya’s Real Estate and Construction sector continues to grow exponentially and remains a major contributor of our GDP. However, for the industry to sustain this growth, we need to review the EAC policies to ensure they fully support the sector development as the border regulations are a major barrier to the development of the industry.
The industry also requires that TAX and VAT matters to be meticulously handled with timely refunds being made on equipment and essential construction spare parts to lessen the heavy asset financial demand.
The industry is also dealing with an influx of low quality Chinese products and hence need to review our international policies and at local level implement the buy Kenya build Kenya strategy.
Capping of interests though a great move needs to go hand in hand with infrastructure development which will create more affordable developments as well as aid in faster project completion
Irene Wanjiku is the CEO at REXE Roofing Products Ltd and President Profit Network-Legends chapter a business mentoring network.
She Founded REXE in November 2011, having identified a gap that needed to be filled in the construction industry because a lot of developers and homeowners were unhappy with the roofing solutions available, project delivery timelines and poor workmanship.
With a wealth of knowledge in Business Leadership, Corporate Governance training and Project management expertise, under her leadership, REXE has won a number of high profile projects such as The Hub shopping mall in Karen, The Brookhouse Schools- Runda, Mt. Kenya Wildlife Estate, Embassy of Belgium, Mt. Kenya Holiday Homes, Telkom Kenya, Geomaps among others.
It is clear to see that, the Real Estate & Construction sector in Kenya has seen unprecedented growth over the last few years. The middle class is quickly expanding and this gives rise to demand of affordable but elegant sustainable living. The National Housing Corporation statistics show that there is a housing deficit of more than 200,000 units per annum for the low and middle income earners.