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Ten-fold rise in prices in 15yrs deepens housing crisis, says World Bank

World Bank Country Director for Kenya Diarietou Gaye (left) and Central Bank of Kenya Governor Patrick Njoroge during the release of the Kenya Economic Update in Nairobi on April 12, 2017. PHOTO | DIANA NGILA | NMG

By  EDWIN OKOTH

A ten-fold rise in house prices since 2000 has blocked millions of potential buyers from the market, worsening Kenya’s home ownership crisis, the World Bank said Wednesday.

Kenya stands alone in the region as the country that left home prices to rise beyond the reach of the majority of its citizens —with the cheapest homes in the capital Nairobi now priced at Sh4 million, up from Sh500,000 in 2000. 

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