The government is seeking to explore more viable collaborations that tie up digital possibilities

In Summary
-# President William Ruto had announced that his government will construct 200,000 houses annually under the affordable housing programme.

• Real estate industry’s contribution to Kenya’s economic growth stood at 6.7% as of December 2021, making it an important player in the country’s GDP.

ICT Cabinet Secretary Eliud Owalo and the Minister Counsellor, Embassy of the Republic of Korea in Kenya Jae Myung Koh during the Kenya-Korea Smart City and Technology forum organised by the Korea Trade Centre (KOTRA) in Nairobi.
Image: HANDOUT
The government’s plan to offer consumers alternatives to easy and convenient ownership of houses will use smart technology.

The Information Communications Technology (ICT) cabinet secretary Eliud Owalo revealed this during the Kenya-Korea Smart City and Technology forum organised by the Korea Trade Centre (KOTRA) in Nairobi.

He said that the government will explore viable collaborations that tie up digital possibilities to construct the 250,000 low-cost houses annually.

“The government is committed to providing affordable housing as outlined in the Kenya Kwanza government agenda and technology will be key in actualising the dream,” Owalo said.

He added the role of innovation in the construction sector saying that the space is challenged to keep up with the pace of digital technology and cope with the speed and rate of change in the dynamic operational environment.

“ICT innovations therefore will open up new horizons of possibilities in the construction industry just like many other sectors of our global economy,” the CS said.

The Minister Counsellor, Embassy of the Republic of Korea in Kenya Jae Myung Koh, in echoing the CS’s sentiments assured the country of Korean government support in embracing smart technology.

“We have seen how Kenya is developing and fully committed to innovating coordinated green open and shared developments. We have also observed how Kenya has achieved remarkable results in promoting high-quality growth and building a new development program like Konza City,” Koh said.

Also in attendance was the Kenya Property Developers Association Chairman Kenneth Luusa, who emphasised the need to prioritise the adoption of progressive global trends in the construction industry.

Last month, President William Ruto announced that his government will construct 200,000 houses annually under the affordable housing programme through partnerships between county governments and private developers.

The President said a mandatory housing fund would be created by the national assembly to facilitate this initiative which sought to boost economic growth through affordable housing.

Data by Statista as of December 2021, shows the real estate industry’s contribution to Kenya’s economic growth stood at 6.7 per cent, making it an important player in the country’s Gross Domestic Product (GDP).

Nevertheless, the new government is also tasked with ensuring that the mortgage uptake multiplies more than 30-fold as listed in their manifesto.

The manifesto indicates the government’s commitment to growing the number of mortgages from 30,000 to 1,000,000 by enabling low-cost mortgages of Sh10,000 and below.

AE News