Affordable housing is that housing that you, specifically, can afford. Low-cost housing on the other hand, is less expensive than the average cost or that which you can easily afford.
The term affordable housing has rapidly been gaining currency over the past few years across Kenya in policy and research circles. These homes are considered to be 20-40% below market rate, reasonably adequate in standard and location.
To attain affordable homes, Kenya must look deeper into the dynamics and demographics of the country.
Affordable housing must have the following elements:
- Security: Ensure that most of the areas that are highly populated are secure. This increases the value of the property.
- Water: Safe, clean and reliable water supply gives people a peace of mind.
- Power: All projects should be solar powered, especially in common areas. This provides clean energy to people.
- Functional space: The houses must be functional and agile enough to accommodate global lifestyles.
The Governments role in provision of these houses should weigh towards policies and regulations of the sector and include offering more tax incentives in addition to free land to attract investors to build affordable housing.
It is purely an element of demand and supply on one end and on the extreme end the profit margins.