Nairobi Expressway lift for real estate – Business Daily
Motorists at the Nairobi Expressway Mlolongo Toll Station on Sunday, June 26, 2022. PHOTO | DENNIS ONSONGO | NMG
After months of disruption, road closures and diversions, the Nairobi Expressway became a reality in May 2022, adding novel features to the Nairobi city skyline.
The 27-kilometre road assures quick and easy passage from Mlolongo to Westlands in Nairobi in a quarter of the time commuters would spend previously.
Consequently, tenants and homeowners have gained the confidence to shift to less congested and quieter environs away from the city. The 10,000 people who registered to use the Expressway when it was opened is a clear indicator.
Real estate developers are working overtime to secure land for development along Mombasa Road, Athi River, Mlolongo and Lukenya. These areas still have underdeveloped land, which has caught the interest of savings and cooperative societies, (saccos), pension funds, chamas and individual investors.
For instance, looking ahead of time, the Safaricom Staff Pension Scheme (SSPS) secured land in Athi River and created Crystal Rivers, a mixed development that has changed the face of the area. The project provides modern, spacious and a secure gated community complete with an ultra-modern shopping mall.
Another key driver of interest in developments is the Athi River area is proximity to Mombasa Road, the standard gauge railway (SGR) station in Syokimau, Jomo Kenyatta International Airport (JKIA) and the Nairobi National Park.
In addition, the post-Covid-19 way of working has underscored the value of connectivity to the Internet as more and more organisations adopt the hybrid or working from home concept.
This reality has challenged Internet service providers (ISPs) to expand connectivity far and wide in response to this new world we are operating in.
This development of infrastructure is a boon to real estate developers whose selling points are access to good roads, electricity, water and other amenities. The other positive outcome is the creation of employment in the construction sector.
In 2020 the sector recorded an 11.8 percent growth from 5.6 percent in 2019, with cement consumption increasing by 20.3 percnt, according to the Kenya National Bureau of Statistics (KNBS).
Masons, plumbers, carpenters, painters, engineers, welders, project managers, architects will continue to be occupied as more peri-urban areas open up.
As the country emerges from the ashes of Covid-19, sectors such as housing and construction can support economic rejuvenation through facilitating easier access to financing for homeowners. Sacco’s and mortgage financiers have reported an increase in applications from members desiring to own homes.
The newly formed Kenya Mortgage Refinance Company (KMRC) is a game changer for low-cost housing, as the Government strives to ensure more people gain access to the affordable housing scheme.
Apart from diversification of investments, the Safaricom Staff Pension Scheme, is giving its members and Kenyans a chance to own some great real estate at a comparatively affordable price.