Building under construction[photo/superiorhomes.co.ke]The building and construction sector slumped mid last year all blame directed politics. However, good tidings beckon the real estate sector in the new year.r. In December, they breathed a sigh of relief as the electioneering period that caused a slump and slowed down investments came to an end.
The real estate sector is expected to witness increased investments especially in the low-end housing and hospitality sectors,” says the senior manager regional market at Cytonn Investments firm, Johnson Denge.
“This is especially after elections were concluded, which is now supporting the recovery in tourism from a downward trend noted over the past five years, as well as encouraging more developers,” he added.
According to the sales and marketing manager at Sandline Construction Limited, Victoria Maina, last year was marked by politics, electioneering, and uncertainty, which caused many developers to hold back on releasing funds.
This led to many projects coming to a halt and the contractors were left with few jobs. “Construction materials suppliers were also affected and could no longer give credit as it was before,” says Maina.
However, she is optimistic the New Year holds better promise as things are beginning to look up. Developers are now requesting for quotations and they are ready to pump in money.