Owning a home is many a town dwellers dream. Given a chance, everyone would want to escape the bottomless pit that is rental property. Unfortunately, high rates on mortgages have seen to it that many Kenyans are unable to afford mortgages and to service loans. Data from KNBS (Kenya National Bureau of Statistics) indicates that the average Kenyan earns a monthly salary of Kshs.12,500/- Clearly this shows that the average Kenyan looks at owning a home as a distant dream. For instance, currently, only 1% of urban Kenyans can afford the mortgage repayments for a house priced at Kshs.5.7 Million. With mortgage interest rates standing at as high as at 15.7 per cent on average, many Kenyans are locked out of the property market. Yet, according to the National Housing Corporation trends, there is a shortage of hundreds of thousands of affordable housing in Kenya.
Global Real Estate franchise RE/MAX Kenya has for this reason embarked on an ambitious plan to service the lower and middle market segments with homes at friendly prices. RE/MAX, who are offering low cost housing comprising two and three-bedroom apartments ranging from Sh2.5 million to Sh3.5 million. Among the key offerings available from the real estate giant are at least 10 developments comprising two and three-bedroom apartments in the serene out-of-town localities of Syokimau, Athi River and Kitengela, priced at up to Sh3.5 million.
“The traditional real estate market in Kenya has been overly focused on the upper middle class and upper class segments. However, a number of more affordable developments are coming up, of which the general public remains unaware. We are coming in to bridge this gap by enabling Kenyans gain access to these properties, and hence meet the high demand for low cost housing,” said Charles Odere, RE/MAX Kenya CEO.
RE/MAX Kenya is presenting a portfolio of property worth Sh4bn at the Homes and Auto Expo through its extensive network of real estate agents. In addition to meeting the needs of the lower end of the real estate market, RE/MAX also caters to the upper middle and upper class segments. The famed Serenity Apartments for example are on offer at 20 million and 25 million shillings for two and three-bedroom apartments respectively, with penthouses available for Sh30 million.
RE/MAX Kenya is a privately held real estate franchise company launched in 2013 with over 10 agents with access to remarkable real estate projects in the country. As part of its investment, it has invested heavily in the training of its agents, providing them with valuable support as well as incredible brand and market awareness, providing them with the skills to effectively match their product offerings to customer needs.
Affordable Housing Just Got Easier With RE/MAX Kenya.