KCB will on Saturday launch this year’s property tours to showcase real estate progress in the city to potential buyers. This comes after the lender secured a Ksh28.2 billion loan from development finance institutions (DFIs) to fund key developers in construction and other industries.
So far the KCB mortgage book stands at more than Ksh45 billion, which is over 31% of the market share. “We want to to fund property developers leveraging on the rising demand for housing. Prices in Kenya’s residential property market continue to rise, amidst robust economic growth and a sharp increase in the population of middle-class and expats,” said Mr Sam Muturi, KCB Mortgage Director.
Domestic property prices have skyrocketed 357% between the year 2000 to third quarter of 2014. The total value of residential properties constructed in the city last year stood at $1.32 billion, making real estate one of the most lucrative sectors in Kenya.
The property tours will create awareness of the properties and KCB’s home loan 105% financing.