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Paltry 4pc of Kenyans can afford Sh10m mortgage
Expensive homes, high interest rates and high incidental costs like stamp duty, legal and valuation fees remain the biggest obstacles to the growth of the mortgage sub-sector.
Only four percent of Kenyans have the income to afford a mortgage of Sh10 million amid the rise in home prices.
A new survey by pension firm Zamara, the Centre for Affordable Housing Finance in Africa (CAHF) and Financial Sector Deepening Kenya (FSD Kenya) shows that 6,146 of 145,205 pension scheme members can afford a house loan of more than Sh10 million, representing 4.23 percent of the respondents.
