What’s in store for Kenya’s real estate sector in 2022?

The housing and property market in Kenya is set to experience growth in 2022, building on the success of 2021, despite the ongoing recovery from the pandemic challenges. George Wachiori, the CEO of Optiven Group, shared insights on the sector's resilience and opportunities during a recent interview with CNBC Africa. The impact of the pandemic on the real estate market in Kenya has been significant, prompting a shift in perspective among developers and homebuyers. With remote work becoming more common, there is a growing realization of the importance of having a personal space, leading to increased interest in homeownership. Millennials, in particular, are actively seeking ways to acquire their own homes, driving a surge in demand for residential properties. The pandemic also spurred innovation in home design, with architects and developers adapting to the new reality of working and living spaces merging. As a result, there has been a wave of updated and unique property designs in Nairobi and beyond. Wachiori noted that the real estate sector in Kenya has rebounded, witnessing an uptick in activity, especially among young buyers and investors. The trend towards owning property rather than renting has been on the rise, with more Kenyans exploring homeownership opportunities. Additionally, infrastructure development in various parts of the country has opened up new areas for property investment, contributing to the sector's growth. Foreign investors looking to enter the Kenyan real estate market are advised to consider opportunities in open spaces and green developments. Properties with access to green spaces and amenities are in high demand, catering to both younger and older demographics. The coastal regions and metropolitan areas, such as Nairobi, present attractive prospects for investment, with a focus on affordability and comfort. Commercial real estate also offers opportunities, particularly in developing infrastructure for schools and commercial spaces. Optiven Group is strategically positioning itself to take advantage of these opportunities through partnerships and sustainable construction practices. By collaborating with like-minded stakeholders and adopting green building technologies, the company aims to meet the evolving needs of the market. Accessibility and affordability are key principles guiding their development projects, ensuring that public transportation and essential amenities are within reach. The future of affordable housing in Kenya remains a top priority, with the government's big four agenda emphasizing the need for accessible housing. Despite the upcoming change in government leadership, industry players remain optimistic that the focus on affordable housing will continue. The Vision 2030 plan, which aligns with the government's long-term development goals, is expected to drive further investment in housing and infrastructure. Initiatives such as tax incentives for developers promoting affordable housing demonstrate the commitment to addressing the housing needs of the population. In light of the upcoming elections and the ongoing pandemic, the real estate sector in Kenya is deemed resilient to withstand any potential shocks. With a focus on development, innovation, and adaptability, industry stakeholders are prepared to navigate challenges and seize opportunities for growth.