Building and Construction
The Real Estate and Construction Industry in Kenya has experienced exponential Growth as Government and Private Developers Increase Investments in the Real Estate and Construction Industry in response to the huge demand for housing, Office Space and Recreational Facilities caused by the Rapid Growth in the Country’s population, increased foreign direct investment and trade in the region.
Opportunities in the Real Estate and Construction Industry Include the Following;
Construction of Residential, Commercial and Industrial buildings, including prefabricated low-cost housing
Manufacture and supply of Construction Materials and Components
Manufacture and supply of construction equipment
With an increase in the population and congestion in the neighboring Nairobi County, there is a growing demand for affordable housing. It’s estimated that of the 150,000 units required annually, only an estimate of 35,000 are built. The shortage for low cost housing is particularly acute inurban areas since only an estimated 6,000 units (20%) of the total number of houses built, fall under this category. This brings about investment opportunities in the construction of prefabricated low-cost housing, residential, commercial and industrial buildings.
Machakos as a county has been able to secure Memorandums of Understanding (MOUs) with key stakeholders in the industry to provide quality and affordable construction materials and components for the sector. The county is also streamlining building plan approvals to ensure that all development plans submitted are approved within 21 days.
Machakos County has a well-developed building and construction industry and is a key focal point in Kenya's on-going retail real estate boom. Given that the county collects cess tax between KES.500,000 to KES.1 million (about 5,800 to 11,700 dollars) daily goes to show that there is high demand for construction materials mined within Machakos County. The new Machakos City also presents the opportunity for investors in the building and construction industry to bid for road, bridge and urban infrastructure projects within the county.