Kenya Commercial Bank on Saturday hosted potential home buyers to the last edition of the 2015 Property Tour, as it leverages on partnerships to grow its mortgage book.
This comes after the lender recently announced its plan to enter into construction industry in an effort to address the housing deficit currently standing at 80 per cent. Reports show that the third quarter of 2015 represented sustained stability in house prices reflecting a favorable market.
Speaking about the tour, KCB Director of Mortgages Mr. Samuel Muturi said that the platform will provide a unique platform that allows both established and potential estate developers to meet and share ideas with each other as well as other professionals involved in the real estate industry.
“The Bank’s aim is to build solid partnerships with the like-minded investors willing to invest in the sector with a view to reducing housing deficit in the property sub-sector,” he added.
KCB has affiliated with various entities at various levels of the value chain. This will enable prospective home owners to determine enjoy their eligibility, the type of mortgage they can afford and assist them in selecting the proper house design. This includes internal and external finishing options (paint colors, tile and fixtures) and most importantly, the completion of requisite paperwork.
Report by Kenya Banker’s Association show that preference of apartment to bungalows and mansions is reflected in their relatively higher price movements than those of the other two house categories. With apartments targeting the middle class, their popularity is a function of their relative affordability.
Demand for houses on offer continued to be influenced by the location of the house a preference for gated communities, and the characteristics that will be appealing to the increasingly discerning households. The ongoing infrastructure developments Nairobi is also driving property boom on the city outskirts.
The event was open to both KCB customers and non-customers and it remains to be an opportunity for developers and potential home owners to monitor the market trends. KCB continues to offer 105% per cent funding at a competitive rate.