Bridging the gap of affordable housing in Kenya

Affordable housing is a pressing issue in Kenya, with the demand for low-income homes rapidly increasing. President Uhuru Kenyatta's 'Big Four Agenda' has highlighted the importance of addressing this housing gap, and experts believe that investing in affordable housing could significantly boost the country's economic growth. Mi Vida Homes, a middle-income housing platform, has emerged as a key player in this sector, aiming to bridge the affordability gap in the Kenyan real estate market. Founded just eight months ago, Mi Vida Homes is a joint venture between Actus and Shippootee Polonji real estate, focusing initially on the middle-income segment before expanding to target the lower middle-income demographic. Chris Coulson, the CEO of Garden City and Mi Vida Homes, recently sat down with CNBC Africa to discuss investments, affordability, and industry projections for the upcoming year. Coulson shared insights into Mi Vida Homes' first project at Garden City, where 280 units are being sold at a rapid pace. The one, two, and three-bedroom units are priced between 8 million and 15 million Kenyan shillings, with sales exceeding expectations. Coulson highlighted that Mi Vida Homes had changed its business model to self-fund construction, allowing the company to kickstart the building process without relying solely on deposits and installments. Despite a decline in real estate revenues in Kenya in recent years, Mi Vida Homes has managed to thrive by catering to the underserved middle-income market segment. Coulson expressed optimism for the future, citing strong sales and a continued focus on meeting the housing needs of Kenyans. In addressing the need for more affordable housing, Coulson acknowledged the importance of government policies. While Mi Vida Homes is currently focused on Nairobi, with plans to deliver 3,000 units over the next five years, Coulson expressed interest in expanding to other East African markets in the future. The company's commitment to training local talent and supporting the development of skills within the real estate value chain demonstrates a long-term investment in Kenya's housing sector. As the country navigates upcoming elections and economic changes, Mi Vida Homes remains dedicated to providing quality, affordable housing options for the Kenyan population.