Business Daily | by Edward Kariuki
Affordable housing in Kenya will remain a pipe dream if the problem of land speculation and hoarding is not urgently addressed. Inaccess to large pieces, serviced and affordable parcels is discouraging private developers from investing in affordable housing projects.
One of the quickest ways to riches in Kenya is to buy a piece of land, leave it idle and then cash in when the price goes up. Individuals and groups resort to speculating in idle pieces as a real estate investment strategy.
While there is nothing inherently wrong or illegal in speculating in land and other assets, the widespread practice of sub-dividing land into small plots is largely to blame for sky-rocketing prices in Nairobi and other urban areas…
