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Kenya High Rise Apartment Building Industry Analysis
The demand for affordable housing in urban areas has been rising rapidly in Kenya. As more people move from rural to urban areas in search of better job opportunities, there is a need for more housing options. High-rise residential apartment buildings/towers have become an attractive option for developers because they allow for more people to be housed in less space.
Furthermore, Kenya's economy has been growing steadily in recent years, leading to an increase in the middle class. This segment of the population is looking for more modern and luxurious housing options, and high-rise residential apartment buildings/towers provide just that.
Despite this growth, the industry faces several challenges. One of the main challenges is the high cost of construction materials. Developers are struggling to keep the costs of construction low, making it difficult to offer affordable housing options.
Another challenge facing the industry is the high cost of financing. Banks and other financial institutions are hesitant to lend money to developers due to the high risks involved in the construction industry. This has led to delays in construction and higher costs.
Despite these challenges, the industry outlook is positive. The government of Kenya has recognized the need for affordable housing and has implemented policies to support the development of the industry. In 2017, the government launched the Big Four Agenda, which aims to provide affordable housing to all Kenyans by 2022. The agenda includes incentives for developers, such as tax breaks and reduced construction costs.
In addition, developers are exploring new construction technologies, such as prefabricated construction, to reduce costs and speed up the construction process. This has the potential to make high-rise residential apartment buildings/towers more affordable for the average Kenyan.
In conclusion, the High-Rise Residential Apartment Buildings/Towers construction projects industry in Kenya is a rapidly growing sector that faces both challenges and opportunities. With the government's support and the exploration of new construction technologies, the industry is well-positioned for continued growth in the future.
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