In tandem to Decongest the city of Nairobi in a bid to enable it to suit a Saleable Confluence as away to improve Foreign Direct Invest (FDI), Youth are exhorted to Subsidize in Real Estate
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Real Estate firm , United Investment Property, announced several young people have been excluded in the line of land investment primarily due to the unaffordability nature of properties within the city. Patrick Malika – the company’s Chief Executive Officer announced, there is a necessity for the youth capitalized in taking charge of ventures in their nation.
“The young people have been sidelined in the line of investment when it comes to land. In the suburbs, it is too expensive for the youth to have a chunk,” Malika let out during its 8th edition of Title Deed Issuance ceremony. He explained, the longing for real estate in terms of land has remained strong among older generations.
“Our grandparents invested in this city in the 1970s but now it’s quite expensive to even stay in the city. Let’s decongest the city for it to be more of a commercial hub to host the foreigners. Like right now, we can’t host the World cup due to a lack of enough bed capacity. It’s about time we open the rural areas,” Malika meant.
Real estate sectors namely, residential, office, retail, and hospitality particularly were hit by lockdown measures and diminishing disposable income by a majority of Kenyans, hence affecting disposable incomes. Irrespective of the wave of the Novel Coronavirus (COVID–19) pandemic that has haggled a gust to the financial sector, it has dissemble
as a wake–up call to investors in terms of acquiring their own priorities.
The CEO noted that, there has been an inflow of investors taking up investment opportunities in real estate.
“It has been a call to remember that it is not possible to continue renting and the status quo will remain. When salary cuts and loss of jobs were rife, it was a wake–up call for many,” Malika noted.
The UIP CEO however suggested that, without the advancement of infrastructure and progress in the devolution sector then the real estate sector will not achieve growth.
“We have the Standard Gauge Railway that is now working, and we are looking into the government to invest more in infrastructure through electric railway. This will enable Kenyans to stay in their homes and commute to the city to work,” said Malika.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent