Seventeen players in the real estate were feted at the inaugural East African Property Awards held late November. The awards saw 90 submissions from 20 categories. “The idea was inspired by the need to celebrate our very own who have surmounted numerous odds to keep the sector on the move. We are happy to have also used the platform to congregate various players to exchange ideas on the sector’s future prospects,” said Rita Oyier the Managing Director of the East Africa Property Awards.
The event attended by Principal Secretary, Ministry of Lands Housing and Urban Development Mariamu El Maawy, reflected on the trends that have shaped real estate over the years.
Developers who have had to grapple with exorbitant financing costs especially the spiraling cost of building materials and infrastructure have had to revise the cost of their developments upwards making them out of reach for millions of Kenyans.
It is a fact that has made Kenya’s housing prices higher than continental average, dumping investor moods.
Locally, there is a 150,000 housing deficit annually which is projected to rise to 2.9 million units in the next 10 years if the current conditions continue.
This deficit will primarily be driven by lack of affordability.
EAPA 2014 WINNERS
1.Watermark by Hass Consult Best Office Development of the year
2.Courtyard Vanga Road – by Spartan Developers-Best Apartment Development of the Year
3. Mt Kenya Holiday Homes Best Gated Community Development of the Year
4. DusitD2 Hotel , Nairobi Best Hotel Development of the Year Honorary mention
5. Hass Consult Best Development Marketing
6. BuyrentKenya.com Best Internet Marketing Portal of the Year
7. N-Soko Property Show with Janet Kanini Best Property TV Show
8. Kevin Oguoko – Standard Media Group Property Journalist / Blogger of the year.