The Housing Crisis
By 2030, it is estimated that 50% of Africans will in cities. With a growing population of 2.4%, the current urban housing market does not meet the demand. According to UN Habitat, more half of Africa's population in the cities is living in informal housing and 14 million housing units are needed annually.
In Kenya, 60% of households are considered to be living in inadequate housing; 150,000 units are required annually, however only 30,00 units are constructed. Yet, Kenya is the leading economy in the Greater East African Region. Some of the key challenges that have hindered this housing provision are; high land prices, poor infrastructural services and cost of construction. Also, new construction technologies are expensive as they are not readily available, and there is a lock of government incentives to prompt developers to acquire these technologies.
Home Afrika is a property development company incorporate in 2008, founded on key principles of “homes for all” and “economic empowerment”. Home Afrika seeks to create communities around Africa by providing, quality, sustainable and affordable housing through long term positive societal impact, and synergy in our partnerships, integrity, fairness and discipline.
In July 2013, Home Afrika was listed on the Growth Enterprise market Segment (GEMS) on the Nairobi Securities Exchange (NSE) valued at Kshs. 8 Billion. Currently implementing its “Go County” strategy Home Afrika is involved in major projects in various Counties valued at over Kshs. 20 Billion. Home Afrika targets to implement 10 new projects in the next 5 years.
To ensure the success of Home Afrika Strategic focus, the company is underpinned by its Pillars of Success
- Land - a strong and co-operative relationship between government. private sector, and development partners.
- Service Excellence - a framework to ensure that design, construction and maintenance of residential and commercial buildings comply the regulatory framework, for sustainability and conformity.
- Human Capital - a strong human capital with skilled labour to achieve Home Afrika's growth plans
- Marketing - keeping inline with the ever changing market trends of the real estate business and creating selling opportunities and increase brand equity
- Financial Strength - developing formal frameworks that allow for efficient financing such as mortgage equity, pension funds real investment trusts ( REITS) foreign funds, government institutions and investment groups/ co-operatives
- Partnerships - a strategic initiatives designed to increase focus on Home Afrika real estate portfolio, gain access to best practices, leveraging knowledge, drive overall real estate productivity with consistent service delivery and transform corporate real estate.
- Innovation & Technology - technology driven within the real estate industry as a competitive advantage in building mass homes.
- Regional Expansion - Strategies in implementing the "Go County" and " Go Africa" plans contributing toward achieving the 1 Million homes under the mass housing program across Africa.