State of Housing Report Vol II
On October 7th 2019, during the World Habitat Day, we launched the State of Housing Report Vol II. The report found that in Kenya:
1. Only 76,000 Kenyans earn over Kshs 100,000
2. There are only 26,000 mortgages in Kenya
3. Average mortgage in Kenya is about Kshs 10million
4. About 10,000 of the 26,000 Kenyans with Mortgages have defaulted in payment
5. At 14% interest rate, Kenya’s mortgage is as expensive as commercial loans. More expensive than mortgages in many developed economies
6. In light of our macro-economic and fiscal challenges will a housing policy based on mortgages solve the problem of 5 million Kenyans living in informal settlements?