The rate of inflation and losses occasioned by the weakening shilling made building costs soar, compelling developers to devise new ways of meeting the ballooning demand for affordable homes in the country.
Inflationary pressures on building materials will push up prices of newer housing units in areas backed by local demand while new build in competitive over supplied markets will see developers lose margins and therefore either reach for product value engineering or exit the market entirely.
1. Community Land Trust
The Community land trust is where the cost of a home is separated from that of land. In this case, developers advise a community to agree on setting up properties and then share the proceeds.
The community members raise initial money from a combination of local governments, philanthropy organizations, individuals, and bank loans to buy one or more properties.
The trust then maintains ownership of the land, while the homeowners pay for the cost of the structure plus a nominal ground lease fee for the use of the land. When the home is sold, the land trust sets limits on its pricing so that it can be affordable for the next buyer.
2. Joint Ventures
Some developers building apartments and homes in various Nairobi estates enter joint ventures to meet the demand for affordable homes.
They reach agreements with landowners to construct homes and then, through legal processes, work out a division plan.
3. Using Simple Designs
Some designers are now going for simple house structures and designs. Developers choose simple floors and avoid intricate roofs.
Multi-storey Houses
Instead of building single units, realtors are now going for multi-storey houses. This saves on building usually expensive foundations.
It also saves on the cost of roofing.
4. Recycling
Developers are also recycling some materials used in construction to save costs. Some even prefer using second-hand construction materials.
Instead of buying ladders, developers encourage the use of improvised structures.
“When constructing, you do not have to buy all the necessary material. A cheap and more affordable way is to recycle. You can also go for second-hand construction materials,” a realtor stated.
5. Buying surveyed and bounded plots of land
Real estate agents prefer buying land that is already serviced. This helps them save on the cost of public services.
This also helps cut on charges associated with excavating, clearing bushes, or fixing extended drainage.
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