HOUSING OPPORTUNITIES  FOR KENYANS

By Harrison Maina
Boston, Massachusetts
04/09/2007

After making a sterling presentation at the recently concluded Kenya Investment Conference in Atlanta, Georgia, the Managing Director of Kenya Housing Corporation, Mr. Jimmy Ruitha, visited Kenyans living in Massachusetts.  He held several in-house meetings, in which he informed Kenyans about the available opportunities for them to own modern homes or a classy apartments in the choicest parts of Nairobi city and its environs.

Speaking at a house party in Lowell, on Sunday April 1, Mr. Ruitha explained that the National Housing Corporation (NHC) had been mandated by the current government to look for ways and means of providing decent hosing to middle-income Kenyans, saying that the high-income Kenyans did not need help.  He explained that NHC had been very successful in fulfilling this mandate.  Within a couple of years, NHC had managed to return a dividend of KShs. 11million in 2006 to the government of Kenya, the major shareholder.  Mr. Ruitha explained that for the 53 years his company had been in operation, it had never before accomplished such a remarkable feat.  He said that NHC was now aiming at a dividend of KShs 22 million by the end of 2007.

Mr. Ruitha informed Kenyans that his corporation was currently having two housing schemes up for sale. In one scheme, one could own and individual home in Kiambu Riverside Phase 3 Scheme, only 15km away from Nairobi City.  Homes in this estate ranged between KShs. 3.2 million to 3.4 Million.
“The terms are very attractive for potential buyers. All one needs to do, is to come up with a 10% down payment, followed by regular monthly mortgage payments at very affordable rates,” Mr. Ruitha explained.   Talking to some Kenyans in the Diaspora, they expressed optimism about the offer.  They informed ajabuafrica.com that this offer was exciting and affordable, as most of them were used to making mortgage payments.

Kenyans listen in as the renowned Mr. Ruitha illustrates the opportunities available in the growing Kenyan real estate market

Mr. Ruitha encourages Kenyans to invest back home

Mr. Ruitha further explained that for those who preferred to own classy apartments, there was great opportunity in the Langata Flats Phase 2 scheme, of up to 890 units.   The price range for a unit went from KShs. 3.9 million to 4.1 Million.  Mr. Ruitha also explained that other exciting housing schemes were coming up shortly. He said that the demand for decent housing was on the rise, and that this trend influenced NHC to make big plans regarding decent and comfortable housing that Kenyans could take advantage of.  He added that the mortgage sector was growing rapidly in Kenya, with very attractive lending rates. 
  “Kenyans in the Diaspora need to liaise closely with NHC, in order to be aware of when houses are going up for sale,” Mr. Ruitha said.
“NHC is also looking into the possibility of going into partnerships with Kenyans who already own land in Kenya, in order to help develop housing at a faster rate,” he added.

A Land Economics graduate of Nairobi University, Mr. Ruitha joined NHC one year ago.  ajabuafrica.com was privileged to learn about the amazing changes that this savvy graduate had brought to NHC within his short tenure of office.  Apart from providing strategic leadership for NHC, Mr. Ruitha and his wife also run Zabibu Center, a  fast-growing Children’s Home in Ruiru, about 20km from Nairobi City. The Home was originally started as a shelter for children with developmental disabilities, but had rapidly expanded into a 50-bed children’s home, which now housed about 42 children.   Mr. Ruitha informed ajabuafrica.com that the children’s conditions included developmental disabilities like physical handicaps, mental retardation, HIV/AIDS orphans, as well as street children.   

Mr. Ruitha said that he was impressed at the progress made by Kenyans in the US.  He made special mention of entrepreneurship, which he said was the key to development. Although he returned to Nairobi last week, Mr. Ruitha said that he planned to come back to the US this summer, for a fundraising drive for Zabibu Center.  The date for this event was yet to be announced.

 ajabuafrica.com News, © 2007