This archive report was first published on 6 August 2020.
Published on August 6, 2020, Mizizi Africa Homes is optimistic about the real estate sector's prospects, citing a phased re-opening of the economy as a key driver of increased activity.
According to the developer, the partial lockdown implemented to curb the spread of COVID-19 had forced many players in the sector to cut down on the number of workers on sites and disrupted supply chains, impacting project delivery timelines.
"We expect most activities to gradually return to optimum levels to correct longer development periods, a situation we had been pushed into by the COVID-19 pandemic," said Mizizi Africa Homes Operations Director, George Mburu.
Subdued economic activity also meant that installment collections for off-plan units were slightly disrupted, with investors becoming risk-averse due to delayed payments.
It is estimated that around 300,000 people in Kenya have lost their jobs since the country reported its first case of coronavirus in March, with many more projected to be jobless over the next six months.
However, Mizizi Africa remains optimistic that the sector will take an upward trajectory, driven by commitments and concerted efforts towards affordable housing provision by government and private sector players.
