The Kenyan middle class are the main drivers of the property market in the African nation, Housing Finance has claimed.
According to the firm, 12.4 million Kenyans live in urban areas at present, up from 5.6 million in 1990.
This rapid urbanisation, population growth and expansion of the middle class are the main drivers of Kenya's property market, Business Daily Africa reports.
Indeed, as a result of this growth, the asset class has consistently outperformed the Nairobi Stock Exchange over the past decade.
A survey by Stanbic Investment Management Services and HassConsult shows that real estate values have appreciated by 3.5 times over the last ten years, compared to share prices growth of 2.42 times.
The news follows reports that Housing Finance has posted a 62 percent jump in its net profit recording Sh380 million in its 2010 full year up from Sh234 million.
"We intend to continue with our involvement in the supply of residential houses for both the low and middle-income segment," managing director of the firm Frank Ireri said.