Slum violence inspires Kenyans to tackle huge housing shortage
Thursday December 29 2016
Karibu Homes, a property developer of low-cost housing in Athi River, Machakos County, April 10, 2015. FILE PHOTO | NATION MEDIA GROUP
Most new homes in Kenya target the middle and upper classes as it's easier to make a profit from high-end property sales.
It is a story echoed across Africa which has the fastest growing cities in the world, with 40 per cent of the continent's one billion people in towns and cities, according to UN-Habitat.
Karibu Homes says its cheapest property, a one-bedroom apartment, costs 1.8 million Kenyan shillings ($17,660), which is 17-times cheaper than the average asking price of a house in Kenya, at $306,000, according to real estate firm Hass Consult.
The company was born out of the bloodshed that erupted across Kenya following its contested general elections in 2007.