The future of housing in Africa is pegged on a shift in focus towards rental housing. These were observations made during a panel discussion chaired by Shelter Afrique on the issues affecting housing in Africa.
Panelists at the event held at a Nairobi hotel outlined the various advantages that can be accrued from establishing a formal rental housing system. Femi Adewole the Director of Portfolio Management at Shelter Afrique remarked on the need for long term capital investment in order to construct the rental homes.
“With about 90% of Africa’s population unable to buy a house or even qualify for a mortgage, there is need to make a serious mental shift towards formal rental housing as a viable option to solve the housing crisis” remarked James Mugerwa the Managing Director of Shelter Afrique.
“We must break the housing unit the same way we broke down the mobile phone – Lands PS Mariam El Maawy. Investors and the Government must flag important policy to spur housing development.
The forum that brought together government officials, private rental property owners, financiers and nongovernmental organization in housing sector comes ahead of a pan africa wide conference to be held in October. The conference themed “Formal Rental Housing in Africa: A Critical Option in the Challenge of Providing Affordable for All” is an open forum to discuss formal rental housing as a critical housing option, with a view to formulating concrete proposals on how best to stimulate this sector in Africa.
