A section of international building and construction companies have set their sights on East Africa’s real estate industry as they look to cash in on the region’s expanding housing sector.
The stakeholders are reportedly gearing up for this year’s edition of The Big 5 Construct East Africa event, an affair that will bring construction stakeholders together from the 7th to the 9th of November, 2018 in Nairobi, Kenya.
It is believed that a new collaboration between international construction firms and local contractors will help Kenya meet its affordable housing deadline, a government-backed initiative to build 500,000 housing units within the next five years.
The Big 5 Construct East Africa event comes at a time when Kenya continues to call for international firms who can support an affordable housing agenda comprising 500,000 units to be constructed in five years, as set by the country’s National Housing Corporation.
“An affordable home in this case is a 2 bed-roomed house of about 65 square meters with minimum finishes and including all infrastructure and amenities,” said Vice President of the Architectural Association of Kenya (AAK), Gad Opiyo.
Speaking ahead of the forum, Opiyo explained that affordable housing is at the forefront of Kenya’s ‘Big Four’ development agenda, which also includes the growth of security, affordable healthcare and manufacturing sectors.
Opiyo and the AAK support government efforts by formulating housing policy and by linking officials to professionals and stakeholder consultants from the global construction industry.
“Given the scale of the project, some 500,000 units in five years, we are actively introducing international construction companies to local contractors in the housing sector,” he revealed.
“There is no better time than now to invest in the Kenyan construction market. Thanks to the ambitious focus on housing, investors will enter a sector that is currently benefiting from strong government backing in the form of construction-focused finance schemes and updated building policies,” explained Muhammed Kazi, Event Director for The Big 5 Construct East Africa affair.
The event is expected to bring together over 200 brands from around the world to showcase the latest building solutions during its second edition.
Touted as a central meeting place for construction professionals to meet and do business in Kenya, the event will also offer 40 complimentary workshops and live product demonstrations.