Kenyan property demand boosting mortgage market

17/10/2011 - Kenya property & investment news Posted by Bob Brunskell
Kenyan property demand boosting mortgage market

Rising property demand in Kenya is providing a huge boost for the country's mortgage market, a new report shows.According to the Centre for Affordable Housing Finance in Africa, mortgage providers have recorded healthy profits because more people have looked towards home ownership over the past two years.Indeed, Kenya's mortgage market is the largest in East Africa, The Nation reports.In addition, the rising demand for property in Kenya has driven up prices.The research also notes that Kenya is to witness a construction boom, with Sh19 billion worth of buildings approved in Nairobi in the first three months of 2009."The country is very well positioned to support the future growth of its mortgage market by tapping into its capital market," reads the report.Figures cited by the news provider from Hass Consult’s Quarterly Property Index shows that Nairobi has witnessed a 100 per cent rise in the value of property since 2001.