Mwenda Thuranira Calls for Policy Shift to Boost Affordable Housing Uptake
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The high cost of homeownership and limited access to financing remain major challenges in Kenya’s affordable housing sector, according to Mwenda Thuranira, founder of Myspace Properties.
While the government has made strides in promoting affordable housing, Thuranira believes its current approach does not fully address the real needs of ordinary Kenyans.
One of the key issues he highlighted is the low preference for ready-built houses, suggesting that the government should prioritize public sensitization rather than constructing units that may not align with market demand.
He emphasized that creating an enabling environment for developers through incentives such as a housing fund or low-income tax credits would be more effective in achieving affordable housing goals.
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Thuranira also advocated for stronger public-private partnerships (PPPs), arguing that private developers should take a leading role instead of the government competing with them.
He pointed out that mortgage accessibility is crucial in increasing homeownership and identified the Kenya Mortgage Refinance Company (KMRC) as a key institution in bridging the mortgage gap.
However, he stressed that KMRC must be fully funded to allow private developers to focus on delivering housing while the government ensures affordability.
“The government must provide an avenue for greater housing absorption through mortgage affordability. Subsidies should play a key role,” he stated.
Additionally, Thuranira called for more transparency in housing allocation, particularly through platforms like BOMA YANGU, to ensure fairness in distributing units.
He also urged the government to explore self-build housing models, which would empower individuals to construct their own homes instead of relying solely on developers.
To enhance consumer protection, Thuranira proposed the enactment of a Housing Act to regulate the sector and improve market transparency through data collection.
He further stressed the need for the government to prioritize slum upgrading projects, similar to its investments in roads and stadiums, to cater to the most vulnerable populations.
“The poorest populations cannot even afford houses valued at KSh 500,000. If we are serious about affordable housing, we must ensure both the cost and the requirements to access these homes are balanced,” he noted.
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