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Kenya - Market Shaping Indicators

View Reall projects in Kenya

As a priority country, in Kenya Reall is committed to expanding end-user housing finance solutions to 2.5 million previously excluded low-income and informally employed borrowers by 2025; addressing critical governance, policy, standards and regulatory barriers that impede the market; and resolving data voids and evidence gaps that have inhibited more effective solutions for affordable housing. CAHF has also been working in Kenya for some time, primarily through the publication of case studies that have explored the challenges and opportunities involved in delivering and financing affordable housing. Starting in 2021, CAHF is working with FSD Kenya, FSDAi and Reall in promoting an Affordable Housing Investment Alliance for Kenya, which will support market development through an Open Access Initiative.

Country Overview

Housing is a backbone of Kenya’s real estate sector, which contributed approximately 5.3 percent of gross domestic product (GDP) in the third quarter of 2020′. Championed by the government’s Big 4 Agenda, which established the Affordable Housing Programme (AHP), activities by both the private sector and government have increased to resolve the housing deficit that stands at two million and grows annually by approximately 200,000 housing units.

For the financial year 2020/21, the housing sector recorded a decline in budget allocation, attributed to constrained fiscal space as the government grapples with economic effects of COVID-19, which means reduced development of affordable housing. Financial access (formal and informal) is high in Kenya, having expanded to 89 percent in 2019 from 26.7 percent in 2006. However, mortgage uptake has remained relatively low with the number of mortgage accounts at 27,993 at the end of 2019, representing an increase of 1,806 accounts from December 2018.

State of Housing Data

The assessment of data availability and quality in Kenya’s housing sector has highlighted a number of gaps and limitations. Data gaps along various components of the housing value chain affect the ability to accurately measure investment in Kenya’s housing sector, contribution of housing to Kenya’s economy, and access to finance and affordability. The majority of the macroeconomic and financial data gaps can be closed through the disaggregation of existing data to allow for the analysis of the housing sector.

Kenya’s Central Bank is attentive to the need to collect and share housing finance data. The provision of disaggregated budget, government expenditure and high-level mortgage data would address the main data gaps. Private and public sector market players need to be leveraged to access and centralize data that would help improve segmenting the demand side and tracking housing supply. An important step is to develop an institutional data engagement approach to lobby and engage key market players on their important roles in collectively improving Kenya’s housing data landscape.

Text on this page is based on the MSI Kenya Country Profile’, drawn from Centre for Affordable Housing Finance (2020). Housing Finance in Africa Yearbook: 11th Edition 2020, with additional content from CAHF and Reall.

Key Indicators

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1. Land & Infrastructure

% of urban bottom 40 households without access to basic sanitation services

88.25

Bottom 40 See all MSI countries
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Country Year Data Source Value
Cote d'Ivoire 2012 DHS 96.5%
Ghana 2014 DHS 93.15%
Kenya 2014 DHS 88.25%
Morocco 2004 DHS 52.05%
Mozambique 2011 DHS 95.6%
Nigeria 2018 DHS 83.1%
Tanzania 2017 DHS 37%
Uganda 2016 DHS 94.5%
Rwanda 2016 National Institute of Statistics Rwanda (NISR) 13.13%
Pakistan 2018 The DHS Program 2.75%
India 2018 NSSO 76th Round 0.2%

2. Construction & Investment

% of urban population living in slums, informal settlements, or inadequate dwellings

46.5

Urban See all MSI countries
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Country Year Data Source Value
Cote d'Ivoire N/A
Ghana N/A
Kenya N/A
Morocco N/A
Mozambique N/A
Nigeria N/A
Tanzania N/A
Uganda N/A
Rwanda 2018 World Bank 42.1%
Pakistan N/A
India 2018 NSSO 76th Round 35%

3. Sales & Rental

Number of residential mortgages outstanding

27,993

National See all MSI countries
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Country Year Data Source Value
Kenya 2019 Central Bank of Kenya 27,993
Nigeria 2019 NMRC 32,260
Tanzania 2019 Bank of Tanzania and Tanzania Mortgage Refinance Company Limited 5,460
Rwanda 2020 National Bank of Rwanda (NBR) 44,177
Pakistan 2019 State Bank of Pakistan - Housing Finance Data Review 58,620
India 2020 Reserve Bank of India 9,817,180

3. Sales & Rental

Price of the cheapest, newly built dwelling by a formal developer or contractor

4,000,000 Ksh$37,037.04

Urban See all MSI countries
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Country Year Data Source Value
Cote d'Ivoire 2018 Site d'annonce et promotion dans l'immobilier en Côte d'Ivoire 15,500,000 CFA$27,087.48
Ghana 2019 Damax Construction Co. Ltd 108,704 GH₵$19,621.66
Kenya 2019 Tsavo Real Estate 4,000,000 Ksh$37,037.04
Morocco 2019 Various real estate websites 250,000 DH$27,027.03
Mozambique 2016 Casa Minha 3,418,491 MZ$48,147.76
Nigeria 2019 Millard Fuller Foundation; Shelter Origins 2,900,000 NGN$7,651.72
Tanzania 2018 CAHF 37,966,107 TZS$16,508.58
Uganda 2019 Various property developers 125,000,000 UGX$34,097.11
Rwanda 2020 Marchal Real Estate Developers 10,000,000 R₣$11,119.14
Pakistan 2021 Partners 2,500,000 PKR$14,305.33
India 2022 Real estate websites and industry experts 160,000 IN₹$2,176.87

3. Sales & Rental

% of national households that rent their dwelling

35.01

National See all MSI countries
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Country Year Data Source Value
Ghana 2017 Ghana Statistical Service 28%
Kenya 2019 Central Bank of Kenya, Kenya National Bureau of Statistics, FSD Kenya 35.01%
Morocco 2014 High Commission for Planning; World Bank 18.5%
Nigeria 2018 World Bank; Nigeria National Bureau of Statistics 21.8%
Tanzania 2017 National Bureau of Statistics 80.56%
Uganda 2016 DHS 53.45%
Rwanda 2020 Access to Finance Rwanda (AFR) and National Institute of Statistics Rwanda (NISR) 8.94%
Pakistan 2017 Population and Housing Census 11.53%
India 2018 NSSO 76th Round 13%

5. Enabling Environment

Ease of Doing Business Index Rank: Global

61

National See all MSI countries
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Country Year Data Source Value
Cote d'Ivoire 2020 World Bank 110
Ghana 2020 World Bank 118
Kenya 2019 World Bank Ease of Doing Business 61
Morocco 2020 World Bank 53
Mozambique 2019 World Bank 74
Nigeria 2020 World Bank 131
Tanzania 2020 World Bank 141
Uganda 2020 World Bank 116
Rwanda 2020 World Bank Ease of Doing Business Indicators 38 out of 190
Pakistan 2020 World Bank Doing Business Indicator 108 out of 190
India 2020 World Bank 63 out of 190

6. Economic Environment

GDP Per Capita

173,272 Ksh$1,604.37

National See all MSI countries
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Country Year Data Source Value
Cote d'Ivoire 2018 World Bank 1,024,171 CFA$1,789.82
Ghana 2019 World Bank 11,489 GH₵$2,073.83
Kenya 2018 World Bank 173,272 Ksh$1,604.37
Morocco 2018 World Bank 30,725 DH$3,321.62
Mozambique 2018 World Bank 30,772 MZ$433.41
Nigeria 2018 World Bank 659,159 NGN$1,739.21
Tanzania 2018 National Bureau of Statistics; World Bank 2,297,020 TZS$998.80
Uganda 2018 World Bank 2,357,327 UGX$643.02
Rwanda 2019 World Bank 737,578.59 R₣$820.12
Pakistan 2020 World Bank National Accounts Data 188,900 PKR$1,080.91
India 2020 Ministry of Statistics and Program Implementation 151,760 IN₹$2,064.76

7. Demand

Population Size

50,221,473

National See all MSI countries
Close
Country Year Data Source Value
Cote d'Ivoire 2017 World Bank 24,437,469
Ghana 2019 World Bank 30,417,856
Kenya 2017 World Bank 50,221,473
Morocco 2017 World Bank 36,471,769
Mozambique 2018 World Bank 29,495,962
Nigeria 2017 World Bank 190,873,311
Tanzania 2019 World Bank 58,005,463
Uganda 2017 World Bank 41,487,000
Rwanda 2019 World Bank 12,626,950
Pakistan 2020 World Bank National Accounts Data 220,892,331
India 2021 Minsitry of Health and Family Welfare 1,361,343,000
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    Guide 1. Land & Infrastructure 2. Construction & Investment 3. Sales & Rental 4. Maintenance & Management 5. Enabling Environment 6. Economic Environment 7. Demand

    The Market Shaping Indicators project is a work in progress. Significant gaps exist in data, which will be filled in future revisions. We would recommend checking back regularly for updates. We are keen to receive any feedback that you have on this Dashboard, which can be sent to [email protected].

    Using the Dashboard

    The indicators are split into 6 key areas, split into the Housing Value Chain: Land & Infrastructure, Construction & Investment, Sales & Rental, Maintenance & Management, Enabling Environment, Economic Environment and Demand, shown in the following tabs. Navigation can either be undertaken by using the tabs, or through the Search box immediately above. Above this, currency indicators can be toggled between USD and local currency.

    Users are able to further interrogate each indicator each indicator through clicking on the arrows to the left of each indicator. This expanded section shows the data elements that are used to produce the overall indicator value, dates of data collection, source details, hyperlinks to the original data where possible, and a breakdown of data quality. The majority of indicators are quality assessed, based on the whether they are: Interpretable; Relevant; Sufficiently Accurate; Representative; Timely; and Accessible. Indicators are scored on each of these criteria using a 1-4 star system, detailed below:

    ☆ – poor

    ☆☆ – moderate

    ☆☆☆ – good

    ☆☆☆☆ – excellent

    Finally, all data can be downloaded for further interrogation. By clicking on Switch to Data View at the top of the screen, users can filter data based on countries and columns, and download in a .csv or .xls file.

    Bottom 40

    Reall targets the Bottom 40% of the urban income pyramid, referred to as the ‘Bottom 40’ or ‘B40’. An objective of the MSI work was to better understand and demonstrate the market from the perspective of households in the Bottom 40, and as such data is aggregated for this group where possible. Data for this group can be particularly challenging to come across. In part, this is due to the difficulties in accurately defining this group using existing data sets. Additionally though, the informality of much of life for lower income groups severely limits data availability, particularly in terms of key data on jobs, housing and relationships with local government. This lack of data is a key blockage for further engagement at the lower end of the housing market, and resolving this is an objective of Reall’s and of the MSI work.

    Aggregations

    Data is shown at various different “aggregations”, which demonstrate the size and location of the population for which the data represents. This varies from national to city level in terms of population groupings. Additional aggregations exist for the Bottom 40, as detailed above, enabling a focused view on the lower end of the market.

    For relevant data, Reall’s partners are also included as an aggregation. This is not meant to be representative of the entire market, but recognises that as practitioners and experts within the lower end of the housing market of each country, their experiences are a useful check on other data sets, and an indication of the value when other data is not available.

    Terms of Use

    Reall Ltd (“Reall”) endeavours to make its data as freely available as possible in order to demonstrate the successes of its model and encourage other actors into the affordable homes movement. Reall provides the user with access to these data free of charge subject to the terms of this agreement.

    Users are encouraged to use the data to benefit themselves and others in creative ways.

    Unless specifically labelled otherwise, you are free to copy, distribute, adapt, display or include the data in other products for commercial or non-commercial purposes for no cost under a Creative Commons Attribution 4.0 International License, with the additional terms below.  The basic terms may be accessed here. By using or downloading the data, users are agreeing to comply with the terms of a CC BY 4.0 licence, and also agreeing to the following mandatory and binding additions:

    – You agree to provide attribution to Reall in any published use of the data, including but not limited to articles, papers, blogs, books. Usage includes both direct publication of the existing data, along with any analysis undertaken by the user. This attribution should include Reall’s name and the following link – reall.net/dashboard. An electronic copy of all reports and publications based on the data should be shared with Reall ([email protected]).

    – When sharing or facilitating access to the data, you agree to include the same acknowledgement requirement in any sub-licences of the data that you grant, and a requirement that any sub-licences do the same. You may meet this requirement by providing the uniform resource locator (URL) to these terms of use.

    – Some datasets and indicators may be provided by third parties, and may not be redistributed or reused without the consent of the original data provider, or may be subject to additional terms and conditions. Where applicable, third party data is labelled as such, and usage conditions can be found on their respective websites.

    Land

    In Kenya, property ownership rights exist as freehold, leasehold and community-owned land. Freehold gives the holder absolute ownership of land for life. For leasehold, property rights are transferred from the lessor, usually the government, to lessee for a maximum of 99 years . Once the period lapses, the lessor can either renew the lease or land reverts back to the government. Land is communally owned where there are unwritten land ownership practices, and the land rights are held in trust by community leaders or by the county.

    The supply of affordable serviced land is inadequate amid soaring prices in urban areas, with Nairobi recording an eight-year compounded annual growth rate of 13.5 percent , leading to increased development costs that challenge the provision of affordable housing. To alleviate this, the government is undertaking land swaps and has established a land bank to access strategically located land for investors and other government housing projects. The Ministry of Lands has digitised its land records for transactions such as searches, applications for registration of documents, transfer of ownership or lease, caution and withdrawal of caution in Nairobi City. This has minimised human interference, saving time through eased processes, boosting land transactions and reducing delays experienced by developers during the pre-construction period.

    Infrastructure

    It has been widely acknowledged that informal settlements in Nairobi have inadequate housing and little access to clean water, sanitation, health care, schools, and other essential public services. 88 percent of households in the Urban Bottom 40 have no access to basic sanitation services while over half have no access to drinking water services.

    Of the 23 indicators in this group, 12 are currently populated.

    Indicator Data Source Aggregation Year Data Quality Data Accessibility Value
    Regulated minimum size of a residential plot in urban areas in square meters
    i
    The minimum size of a residential plot in urban areas in square meters as per legislation/regulation.
    		 Nairobi City County Urban 2004
    		500
    Average land costs per m2
    i
    The average cost per square meter of unserviced land that is zoned for residential development in urban areas.
    		 NACHU NACHU 2019 Not rated Not rated 1,292 Ksh$11.96
    % of land for residential development acquired from the private sector
    i
    Percentage of land acquired from the private sector by formal developers / contractors for residential developments in urban areas out of all the land that they acquired for residential developments in urban areas.
    		 NACHU NACHU 2019 Not rated Not rated 100.00%
    Total number of residential properties with a title deed
    i
    The total number of residential properties that have a title deed as per the deeds registry.
    		 National Land Commission National 2018
    		4,060,000
    Number of procedures to register residential property NACHU NACHU 2019 Not rated Not rated 9
    Name of residential property registration procedure that takes the longest to complete
    i
    The name of the procedure that takes the longest to complete out of all procedures required to register residential property. Assumptions about the sellers property: Is fully owned by the seller. Has no mortgages attached and has been under the same ownership for the past 10 years. Is registered in the land registry or cadastre, or both, and is free of title disputes. Is located in an urban residential zone and no rezoning is required. The property, consisting of land and a dwelling, will be transferred in its entirety. The dwelling is in good condition, complies with all safety standards, building codes and other legal requirements. The property will not be subject to renovations or additional construction following the purchase. Has no trees, natural water sources, natural reserves or historical monuments of any kind. Will not be used for special purposes, and no special permits are required. Has no occupants, and no other party holds a legal interest in it. Assumptions about procedures: A procedure is defined as any interaction of the buyer, the seller or their agents (if an agent is legally or in practice required) with external parties, including government agencies, inspectors, public notaries, architects, surveyors, among others. Interactions between company officers and employees are not considered. All procedures that are legally or in practice required for registering property are recorded, even if they may be avoided in exceptional cases. Each electronic procedure is counted as a separate procedure. Payment of capital gains tax can be counted as a separate procedure. If a procedure can be accelerated legally for an additional cost, the fastest procedure is chosen if that option is used by the majority of property owners. Although the buyer may use lawyers or other professionals where necessary in the registration process, it is assumed that the buyer does not employ an outside facilitator in the registration process unless legally or in practice required to do so. Assumptions about time: Time is recorded in calendar days. The measure captures the median duration that property lawyers, notaries or registry officials indicate is necessary to complete a procedure. It is assumed that the minimum time required for each procedure is one day, except for procedures that can be fully completed online, for which the time required is recorded as half a day. Although procedures may take place simultaneously, they cannot start on the same day (again except for procedures that can be fully completed online). It is assumed that the buyer does not waste time and commits to completing each remaining procedure without delay. If a procedure can be accelerated for an additional cost, the fastest legal procedure available and used by the majority of property owners is chosen. It is assumed that the parties involved are aware of all requirements and their sequence from the beginning. Time spent on gathering information is not considered. If time estimates differ among sources, the median reported value is used.
    		 NACHU NACHU 2019 Not rated Not rated Preparation of the sub-titles
    Time to register residential property (days)
    i
    The total time taken in days to complete all of the procedures required to register residential property. Assumptions about the sellers property: Is fully owned by the seller. Has no mortgages attached and has been under the same ownership for the past 10 years. Is registered in the land registry or cadastre, or both, and is free of title disputes. Is located in an urban residential zone and no rezoning is required. The property, consisting of land and a dwelling, will be transferred in its entirety. The dwelling is in good condition, complies with all safety standards, building codes and other legal requirements. The property will not be subject to renovations or additional construction following the purchase. Has no trees, natural water sources, natural reserves or historical monuments of any kind. Will not be used for special purposes, and no special permits are required. Has no occupants, and no other party holds a legal interest in it. Assumptions about procedures: A procedure is defined as any interaction of the buyer, the seller or their agents (if an agent is legally or in practice required) with external parties, including government agencies, inspectors, public notaries, architects, surveyors, among others. Interactions between company officers and employees are not considered. All procedures that are legally or in practice required for registering property are recorded, even if they may be avoided in exceptional cases. Each electronic procedure is counted as a separate procedure. Payment of capital gains tax can be counted as a separate procedure. If a procedure can be accelerated legally for an additional cost, the fastest procedure is chosen if that option is used by the majority of property owners. Although the buyer may use lawyers or other professionals where necessary in the registration process, it is assumed that the buyer does not employ an outside facilitator in the registration process unless legally or in practice required to do so. Assumptions about time: Time is recorded in calendar days. The measure captures the median duration that property lawyers, notaries or registry officials indicate is necessary to complete a procedure. It is assumed that the minimum time required for each procedure is one day, except for procedures that can be fully completed online, for which the time required is recorded as half a day. Although procedures may take place simultaneously, they cannot start on the same day (again except for procedures that can be fully completed online). It is assumed that the buyer does not waste time and commits to completing each remaining procedure without delay. If a procedure can be accelerated for an additional cost, the fastest legal procedure available and used by the majority of property owners is chosen. It is assumed that the parties involved are aware of all requirements and their sequence from the beginning. Time spent on gathering information is not considered. If time estimates differ among sources, the median reported value is used.
    		 NACHU NACHU 2019 Not rated Not rated 100
    % of residential development projects where developers are paying for bulk infrastructure or the building of roads
    i
    The share of site-based residential development projects in urban areas that are currently ongoing and have not yet been completed where the developer has had to provide bulk infrastructure or build roads. This indicator does not include projects where construction occurred on multiple individual plots in an existing community. Bulk infrastructure includes the provision of electrical and water mains connections to a site/plot. Road building includes all roads built to connect to a municipal roadway.
    		 NACHU; Reall NACHU 2019 Not rated Not rated 100.00%
    % of households without access to improved drinking water services
    i
    The share of households without access to improved drinking water services. According to DHS 7, these include: piped into dwelling piped to yard/plot; public tap/standpipe; piped to neighbour; tube well or borehole; protected well; protected spring; rainwater; tanker truck, cart with small tank; bottled water
    		 World Bank National 2017
    		41.08%
    DHS Bottom 40 2014
    		64.60%
    % of households without access to improved sanitation services
    i
    The share of households without access to an improved sanitation facility. According to DHS 7, these include: flush - to piped sewer system; flush - to septic tank; flush - to pit latrine; flush - don't know where; pit latrine - ventilated improved pit (VIP); pit latrine - with slab; composting toilet
    		 World Bank National 2017
    		70.49%
    DHS Bottom 40 2014
    		88.25%
    % of households without access to electricity
    i
    The share of households without access to electricity in their dwelling.
    		 World Bank National 2018
    		25.00%
    DHS Bottom 40 2014
    		99.40%
    Transport as a % of household expenditure
    i
    Expenditure on transport as a share of total household expenditure.
    		 Kenya National Bureau of Statistics National 2020
    		9.65%
    Smallest residential plot size
    i
    The smallest plot size (in square meters) available in a residential development by a developer / contractor.
    		 - - -
    World Bank DBI geographic coverage index score ranking: Africa
    i
    The rank of the country's score on the World Bank's geographic coverage index within Africa. The geographic coverage index has four components: (1) How complete the coverage of the land registry is at the level of the largest business city. A score of 2 is assigned if all privately held land plots in the city are formally registered at the land registry; 0 if not. (2) How complete the coverage of the land registry is at the level of the economy. A score of 2 is assigned if all privately held land plots in the economy are formally registered at the land registry; 0 if not. (3) How complete the coverage of the mapping agency is at the level of the largest business city. A score of 2 is assigned if all privately held land plots in the city are mapped; 0 if not. (4) How complete the coverage of the mapping agency is at the level of the economy. A score of 2 is assigned if all privately held land plots in the economy are mapped; 0 if not. (5) The index ranges from 0 to 8, with higher values indicating greater geographic coverage in land ownership registration and cadastral mapping.
    		 - - -
    World Bank DBI geographic coverage index score ranking: Global
    i
    The global rank of the country's score on the World Bank's geographic coverage index. The geographic coverage index has four components: (1) How complete the coverage of the land registry is at the level of the largest business city. A score of 2 is assigned if all privately held land plots in the city are formally registered at the land registry; 0 if not. (2) How complete the coverage of the land registry is at the level of the economy. A score of 2 is assigned if all privately held land plots in the economy are formally registered at the land registry; 0 if not. (3) How complete the coverage of the mapping agency is at the level of the largest business city. A score of 2 is assigned if all privately held land plots in the city are mapped; 0 if not. (4) How complete the coverage of the mapping agency is at the level of the economy. A score of 2 is assigned if all privately held land plots in the economy are mapped; 0 if not. The index ranges from 0 to 8, with higher values indicating greater geographic coverage in land ownership registration and cadastral mapping.
    		 - - -
    World Bank DBI quality of land administration index ranking: Africa
    i
    The rank of the country's score on the World Bank's quality of land administration index within Africa. The quality of land administration index is composed of five other indices: the reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution and equal access to property rights. Data are collected for each economys largest business city.
    		 - - -
    World Bank DBI quality of land administration index ranking: Global
    i
    The global rank of the country's score on the World Bank's quality of land administration index. The quality of land administration index is composed of five other indices: the reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution and equal access to property rights. Data are collected for each economys largest business city.
    		 - - -
    Cost to register residential property
    i
    The total cost to register residential property as a percentage of the value of the property. Assumptions about the sellers property: Is fully owned by the seller. Has no mortgages attached and has been under the same ownership for the past 10 years. Is registered in the land registry or cadastre, or both, and is free of title disputes. Is located in an urban residential zone and no rezoning is required. The property, consisting of land and a dwelling, will be transferred in its entirety. The dwelling is in good condition, complies with all safety standards, building codes and other legal requirements. The property will not be subject to renovations or additional construction following the purchase. Has no trees, natural water sources, natural reserves or historical monuments of any kind. Will not be used for special purposes, and no special permits are required. Has no occupants, and no other party holds a legal interest in it. Assumptions about procedures: A procedure is defined as any interaction of the buyer, the seller or their agents (if an agent is legally or in practice required) with external parties, including government agencies, inspectors, public notaries, architects, surveyors, among others. Interactions between company officers and employees are not considered. All procedures that are legally or in practice required for registering property are recorded, even if they may be avoided in exceptional cases. Each electronic procedure is counted as a separate procedure. Payment of capital gains tax can be counted as a separate procedure. If a procedure can be accelerated legally for an additional cost, the fastest procedure is chosen if that option is used by the majority of property owners. Although the buyer may use lawyers or other professionals where necessary in the registration process, it is assumed that the buyer does not employ an outside facilitator in the registration process unless legally or in practice required to do so. Assumptions about time: Time is recorded in calendar days. The measure captures the median duration that property lawyers, notaries or registry officials indicate is necessary to complete a procedure. It is assumed that the minimum time required for each procedure is one day, except for procedures that can be fully completed online, for which the time required is recorded as half a day. Although procedures may take place simultaneously, they cannot start on the same day (again except for procedures that can be fully completed online). It is assumed that the buyer does not waste time and commits to completing each remaining procedure without delay. If a procedure can be accelerated for an additional cost, the fastest legal procedure available and used by the majority of property owners is chosen. It is assumed that the parties involved are aware of all requirements and their sequence from the beginning. Time spent on gathering information is not considered. If time estimates differ among sources, the median reported value is used. Assumptions about the cost of the property: Cost is recorded as a percentage of the property value, assumed to be equivalent to 50 times income per capita. Only official costs required by law are recorded, including fees, transfer taxes, stamp duties and any other payment to the property registry, notaries, public agencies or lawyers. Other taxes, such as capital gains tax or value added tax (VAT), are excluded from the cost measure. However, in economies where transfer tax can be substituted by VAT, transfer tax will be recorded instead. Both costs borne by the buyer and the seller are included. If cost estimates differ among sources, the median reported value is used.
    		 - - -
    World Bank DBI transparency of information index ranking: Africa
    i
    The rank of the country's score on the World Bank's transparency of information index within Africa. The transparency of information index has 10 components: (1) Whether information on land ownership is made publicly available. A score of 1 is assigned if information on land ownership is accessible by anyone; 0 if access is restricted. (2) Whether the list of documents required for completing all types of property transactions is made easily available to the public. A score of 0.5 is assigned if the list of documents is easily accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (3) Whether the fee schedule for completing all types of property transactions is made easily available to the public. A score of 0.5 is assigned if the fee schedule is easily accessible online or on a public board free of charge; 0 if it is not made available to the public or if it can be obtained only in person. (4) Whether the immovable property agency formally specifies the time frame to deliver a legally binding document proving property ownership. A score of 0.5 is assigned if such service standard is accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (5) Whether there is a specific and independent mechanism for filing complaints about a problem that occurred at the agency in charge of immovable property registration. A score of 1 is assigned if there is a specific and independent mechanism for filing a complaint; 0 if there is only a general mechanism or no mechanism. (6) Whether there are publicly available official statistics tracking the number of transactions at the immovable property registration agency in the largest business city. A score of 0.5 is assigned if statistics are published about property transfers in the largest business city in the past calendar year at the latest on May 1st of the following year; 0 if no such statistics are made publicly available. (7) Whether maps of land plots are made publicly available. A score of 0.5 is assigned if cadastral plans are accessible by anyone; 0 if access is restricted. (8) Whether the fee schedule for accessing cadastral plans is made easily available to the public. A score of 0.5 is assigned if the fee schedule is easily accessible online or on a public board free of charge; 0 if it is not made available to the public or if it can be obtained only in person. (9) Whether the mapping agency formally specifies the time frame to deliver an updated cadastral plan. A score of 0.5 is assigned if the service standard is accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (10) Whether there is a specific and independent mechanism for filing complaints about a problem that occurred at the mapping agency. A score of 0.5 is assigned if there is a specific and independent mechanism for filing a complaint; 0 if there is only a general mechanism or no mechanism. The index ranges from 0 to 6, with higher values indicating greater transparency in the land administration system.
    		 - - -
    World Bank DBI transparency of information index ranking: Global
    i
    The global rank of the country's score on the World Bank's transparency of information index. The transparency of information index has 10 components: (1) Whether information on land ownership is made publicly available. A score of 1 is assigned if information on land ownership is accessible by anyone; 0 if access is restricted. (2) Whether the list of documents required for completing all types of property transactions is made easily available to the public. A score of 0.5 is assigned if the list of documents is easily accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (3) Whether the fee schedule for completing all types of property transactions is made easily available to the public. A score of 0.5 is assigned if the fee schedule is easily accessible online or on a public board free of charge; 0 if it is not made available to the public or if it can be obtained only in person. (4) Whether the immovable property agency formally specifies the time frame to deliver a legally binding document proving property ownership. A score of 0.5 is assigned if such service standard is accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (5) Whether there is a specific and independent mechanism for filing complaints about a problem that occurred at the agency in charge of immovable property registration. A score of 1 is assigned if there is a specific and independent mechanism for filing a complaint; 0 if there is only a general mechanism or no mechanism. (6) Whether there are publicly available official statistics tracking the number of transactions at the immovable property registration agency in the largest business city. A score of 0.5 is assigned if statistics are published about property transfers in the largest business city in the past calendar year at the latest on May 1st of the following year; 0 if no such statistics are made publicly available. (7) Whether maps of land plots are made publicly available. A score of 0.5 is assigned if cadastral plans are accessible by anyone; 0 if access is restricted. (8) Whether the fee schedule for accessing cadastral plans is made easily available to the public. A score of 0.5 is assigned if the fee schedule is easily accessible online or on a public board free of charge; 0 if it is not made available to the public or if it can be obtained only in person. (9) Whether the mapping agency formally specifies the time frame to deliver an updated cadastral plan. A score of 0.5 is assigned if the service standard is accessible online or on a public board; 0 if it is not made available to the public or if it can be obtained only in person. (10) Whether there is a specific and independent mechanism for filing complaints about a problem that occurred at the mapping agency. A score of 0.5 is assigned if there is a specific and independent mechanism for filing a complaint; 0 if there is only a general mechanism or no mechanism. The index ranges from 0 to 6, with higher values indicating greater transparency in the land administration system.
    		 - - -
    % of households living in dwellings built using durable building materials (walls and roof) with inadequate services
    i
    The share of households living in dwellings where the main material of the walls and roof are finished, but the household does not have access to improved water services, improved sanitation facilities, or electricity. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles. According to DHS 7, improved water services include: piped into dwelling piped to yard/plot; public tap/standpipe; piped to neighbour; tube well or borehole; protected well; protected spring; rainwater; tanker truck, cart with small tank; bottled water. According to DHS 7, improved sanitation facilities include: flush - to piped sewer system; flush - to septic tank; flush - to pit latrine; flush - don't know where; pit latrine - ventilated improved pit (VIP); pit latrine - with slab; composting toilet.
    		 - - -
    World Bank DBI Reliability of infrastructure index ranking: Africa
    i
    The rank of the country's score on the World Bank's reliability of infrastructure index within Africa. The reliability of infrastructure index has six components: (1) In what format land title certificates are kept at the immovable property registry of the largest business city of the economy. A score of 2 is assigned if the majority of land title certificates are fully digital; 1 if scanned; 0 if kept in paper format. (2) Whether there is a comprehensive and functional electronic database for checking all encumbrances, caveats, charges or privileges affecting a registered propertys encumbrances. A score of 1 is assigned if yes; 0 if no. (3) In what format cadastral plans are kept at the mapping agency of the largest business city of the economy. A score of 2 is assigned if the majority of cadastral plans are fully digital; 1 if scanned; 0 if kept in paper format. (4) Whether there is a geographic information system (a fully digital geographic representation of the land plot) an electronic database for recording boundaries, checking plans and providing cadastral information. A score of 1 is assigned if yes; 0 if no. (5) Whether the land ownership registry and mapping agency are linked. A score of 1 is assigned if information about land ownership and maps is kept in a single database or in linked databases; 0 if there is no connection between different databases. (6) How immovable property is identified. A score of 1 is assigned if both the immovable property registry and the mapping agency use the same identification number for properties; 0 if there are multiple identifiers. The index ranges from 0 to 8, with higher values indicating a higher quality of infrastructure for ensuring the reliability of information on property titles and boundaries.
    		 - - -
    World Bank DBI Reliability of infrastructure index ranking: Global
    i
    The global rank of the country's score on the World Bank's reliability of infrastructure index. The reliability of infrastructure index has six components: (1) In what format land title certificates are kept at the immovable property registry of the largest business city of the economy. A score of 2 is assigned if the majority of land title certificates are fully digital; 1 if scanned; 0 if kept in paper format. (2) Whether there is a comprehensive and functional electronic database for checking all encumbrances, caveats, charges or privileges affecting a registered propertys encumbrances. A score of 1 is assigned if yes; 0 if no. (3) In what format cadastral plans are kept at the mapping agency of the largest business city of the economy. A score of 2 is assigned if the majority of cadastral plans are fully digital; 1 if scanned; 0 if kept in paper format. (4) Whether there is a geographic information system (a fully digital geographic representation of the land plot) an electronic database for recording boundaries, checking plans and providing cadastral information. A score of 1 is assigned if yes; 0 if no. (5) Whether the land ownership registry and mapping agency are linked. A score of 1 is assigned if information about land ownership and maps is kept in a single database or in linked databases; 0 if there is no connection between different databases. (6) How immovable property is identified. A score of 1 is assigned if both the immovable property registry and the mapping agency use the same identification number for properties; 0 if there are multiple identifiers. The index ranges from 0 to 8, with higher values indicating a higher quality of infrastructure for ensuring the reliability of information on property titles and boundaries.
    		 - - -

    Supply

    At the national level, less than 2.5 million of the 14 million households in Kenya live in dwellings built using durable building materials. With an annual demand of 250 000 units, the incoming supply of housing units stands at approximately 50 000 housing units a year, with only two percent of this being for the low income market. However, the value of residential buildings approved in the first two months of 2020 increased to KSh63.2 billion (US$593.5 million) from KSh20.8 billion (US$195 million) for the same period last year, attributed to the clearing of the backlog created in 2019 due to delays with the Nairobi City County technical planning committee.

    Current hurdles to the supply of affordable housing include high costs resulting from the housing construction value chain, with key drivers being land and titling; bulk and internal infrastructure provision; inefficient planning; zoning and land registration systems; and land speculation that continues to restrict access to well-located land for development; lack of project finance as investors hold back monies amid market uncertainty; and reduced revenue inflows and disruption of supply chains due to the pandemic.

    In 2020, the cheapest newly built house from a formal developer in Kenya is Tsavo Real Estate s 88m unit, costing KSh 2 700 000 (US$24 590), an improvement from KSh 4 000 000 the previous year.

    Investment

    Construction finance is limited and expensive. Bank loans make up 95 percent of all construction finance, while the remainder is sourced from equity or debt investment from development financial institutions and structured products. The funding is costly with interest rates up to 18 percent per annum, and depends on land title having been secured “ a condition not often in place at the start of a development. As a result, most developers offer cash payment options, incentivising these with discount rates. Buyer deposits and progress payments have thereby become an affordable form of construction finance, and a way to overcome the time delays caused by slow land titling. Not costed in this arrangement, however, is the risk that buyers then take that a developer will fail to complete the obligation. In part as a result of these inefficiencies, the supply of housing units is constrained, and the associated high development cost are passed on to the end buyers, compromising housing affordability.

    Of the 19 indicators in this group, 8 are currently populated.

    Indicator Data Source Aggregation Year Data Quality Data Accessibility Value
    Number of people per sleeping room in formal dwellings
    i
    The number of people per sleeping room in formal dwellings. Sleeping rooms exclude kitchens, bathrooms, and garages. Formal dwellings are defined as dwellings where the main material used for the walls and roof of the dwelling are finished. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles.
    		 DHS Urban 2014
    		2.35
    DHS Bottom 40 2014
    		2.41
    Number of people per sleeping room in informal dwellings
    i
    The number of people per sleeping room in informal dwellings. Sleeping rooms exclude kitchens, bathrooms, and garages. Informal dwellings are defined as dwellings where the main material used for the walls or roof of the dwelling are unfinished. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles.
    		 DHS Urban 2014
    		2.45
    DHS Bottom 40 2014
    		2.93
    Number of households living in dwellings built using durable building materials (walls and roof)
    i
    The number of households living in dwellings where the main material of the walls and roof are finished. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles.
    		 Central Bank of Kenya, Kenya National Bureau of Statistics, FSD Kenya National 2019
    		2,466,384
    % of population living in slums, informal settlements, or inadequate dwellings
    i
    The percentage of the population that are part of households whose main dwelling meets the criteria of a slum/inadequate/informal dwelling. A household living in a slum/inadequate dwelling/informal settlement is defined as a group of individuals living under the same roof lacking one or more of the following conditions: access to improved water, access to improved sanitation, sufficient living area, and durability of housing. As per the UN definition, access to improved water requires the household to have access to: Piped connection to house or plot OR Public stand pipe serving no more than 5 households OR Bore hole OR Protected dug well OR Protected spring OR Rain water collection OR Bottle water (new). As per the UN definition, access to improved sanitation requires the household to have access to: Direct connection to public sewer OR Direct connection to septic tank OR Poor flush latrine OR Ventilated improved pit latrine OR Pit latrine with slab (new). The sufficient living area requirement requires there to be less than 4 people per habitable room in the household's dwelling. Habitable rooms exclude kitchens, bathrooms, and garages. Durability of housing requires the main material of the walls, floor, and roof of the household's dwelling to be finished. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. In DHS 7, finished floor materials included: parquet or polished wood; vinyl or asphalt strips; ceramic tiles; cement; carpet/rug. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles.
    		 World Bank Urban 2018 Not rated Not rated 46.50%
    Size of the cheapest, newly built dwelling by a formal developer / contractor in an urban area in square meters
    i
    The size of the cheapest, newly built dwelling by a formal developer / contractor in an urban area in square meters.
    		 Tsavo Real Estate Urban 2019
    		47m2
    Number of dwellings completed annually
    i
    The number of new residential units completed per annum for which occupancy permits have been issued.
    		 Kenya National Bureau of Statistics National 2019
    		12,332
    Cost of standard 50kg bag of cement
    i
    The wholesale price of a standard 50kg bag of OPC cement in local currency units. The strength class of the OPC cement should be 32.5N.
    		 Bamburi Cement, Mombasa, Savannah and Blue Triangle National 2020
    		650 Ksh$6.02
    Total cost of all residential construction permit-related procedures
    i
    The total cost of all permits (in local currency units) required for the construction of a residential dwelling and declaring it fit for occupancy. Assumptions about the developer/contractor, dwelling to be built, and water & sewerage connections: The developer is 100% domestically and privately owned; has five owners, none of whom is a legal entity. Has a licensed architect and a licensed engineer, both registered with the local association of architects or engineers. The developer is not assumed to have any other employees who are technical or licensed experts, such as geological or topographical experts. The developer owns the land on which the dwelling will be built and will sell the dwelling upon its completion. The dwelling will be used for residential purposes only. The dwelling will have a single storey, above ground, with a total constructed area of approximately XX square meters. The single storey will be XX meters high and will be located on a land plot of approximately XX square meters that is 100% owned by the developer. The dwelling is valued at XX times income per capita. The dwelling will have complete architectural and technical plans prepared by a licensed architect. If preparation of the plans requires such steps as obtaining further documentation or getting prior approvals from external agencies, these are counted as procedures. The dwelling will take XX weeks to construct (excluding all delays due to administrative and regulatory requirements). The water and sewerage connections of the dwelling will be XX meters from the existing water source and sewer tap. If there is no water delivery infrastructure in the economy, a borehole will be dug. If there is no sewerage infrastructure, a septic tank in the smallest size available will be installed or built. The water connection for the dwelling will be XX inch in diameter and the sewerage connection for the dwelling will be XX inches in diameter.
    		 NACHU NACHU 2019 Not rated Not rated 35,000 Ksh$324.07
    % of households living in dwellings built using durable building materials (walls and roof) that are overcrowded
    i
    The percentage of households living in dwellings where the main material of the walls and roof are finished and the dwelling is overcrowded. The definition of finished materials are as per the latest DHS questionnaire. Some of these may be country specific, but the major categories are standard. An overcrowded dwelling is one where there are more than two people per sleeping room. In DHS 7, finished wall materials included: cement; stone with lime/cement; bricks; cement blocks; covered adobe; wood planks/shingles. In DHS 7, finished roof materials included: metal/zinc; wood; calamine/cement fibre; ceramic tiles; cement; roofing shingles.
    		 - - -
    Gross fixed capital formation of dwellings as % of GDP
    i
    The value of capital invested in the formation of dwellings as a percentage of the country's Gross Domestic Product.
    		 - - -
    Residential rental sector as a % of GDP
    i
    The value of the rental sector as a percentage of the country's Gross Domestic Product.
    		 - - -
    Residential construction sector as a % of GDP
    i
    The value of the construction sector as a percentage of the country's Gross Domestic Product.
    		 - - -
    Is there a body that organises developers / contractors?
    i
    A "Yes" or "No" answer whether or not a body exists that organises developers / contractors.
    		 - - -
    Number of formal private developers / contractors serving the bottom-end of the market
    i
    The total number of registered private developers or contractors that build dwellings affordable to the bottom-end of the market. Registered private developers / contractors refers to businesses that are privately owned (not owned by government) and have a valid business/operating permit/license. From a buying perspective, affordability for the bottom-end of the market requires the price of the dwellings to be such that the bottom end of the market (calculation methodology to be determined) can afford to purchase it at market borrowing terms or the terms offered by the developer/accessible through the developer. From a rental perspective, affordability for the bottom-end of the market requires the rental price of the dwellings built by the developer / contractor to be such that the monthly rent-to-income ratio of the dwelling does not exceed 30% of bottom end of market household incomes.
    		 - - -
    Number of people employed in the residential construction sector
    i
    The number of people employed in the residential construction sector as per CAHF's HEVC methodology.
    		 - - -
    Number of people employed in the residential rental sector
    i
    The number of people employed in the residential rental sector as per CAHF's HEVC methodology.
    		 - - -
    Number of completed developer built dwellings that are accessible to the bottom-end of the market
    i
    The total dwellings completed in the last calendar year that are affordable to the bottom-end of the market (calculation methodology to be determined). Completed dwellings are dwellings for which occupancy permits have been issued. From a buying perspective, affordability for the bottom-end of the market requires the price of the dwellings to be such that the bottom-end of the market households can afford to purchase it at market borrowing terms or the terms offered by the developer/accessible through the developer. From a rental perspective, affordability for the bottom-end of the market requires the rental price of the dwellings built by the developer / contractor to be such that the monthly rent-to-income ratio of the dwelling does not exceed 30% of the bottom-end of the market household incomes.
    		 - - -
    Average residential building cost inflation for dwellings over 5 years
    i
    The average annual residential building cost inflation for dwellings over five consecutive years.
    		 - - -
    Time (in days) from application to completion for dwellings in the main urban city
    i
    The median number of days (inclusive of weekends and public holidays) between the issuance of a building construction permit and the issuance of an occupancy permit for residential dwellings. A building construction permit provides developers / contractors with permission to commence construction on the proposed site / development. An occupancy permit provides certifies the dwelling as habitable.
    		 - - -

    Property Markets

    The real estate sector (residential and non-residential) grew by 4.3 percentage points in Q1 2020. Apartments accounted for 43 percent of the concluded sales, attributed to affordability, with detached units accounting for 54 percent. Rental prices also declined in Q2 2020, attributed to pressure on landlords to offer discounts amid reduced disposable income .

    In urban areas, home ownership and rental rates stand at 21.3 percent and 78.7 percent, respectively . Low levels of home ownership in urban areas are attributed to the unaffordability of housing units and spiking house prices, resulting from the high cost of land and construction costs. Nationally, the rental market lacks formal supply with 88.5 percent being supplied through individual investors . The bulk of the rental stock is characterised by low quality and low levels of compliance.

    Mortgages

    Formal financial inclusion has improved from 26.7 percent in 2006 to 82.9 percent of the adult population in 2019, attributed to the accelerated uptake of mobile money, but similar growth has not been experienced in terms of access to credit. In 2019, there were 27 993 live mortgages in Kenya, equal to 0.69% of the total number of formal properties with title deeds. Of these 3 193 mortgages (11.41%) were classified as non-performing. The Kenya Mortgage Refinancing Company (KMRC) was established in 2018 to support the affordable housing programme and commenced operations in 2020. The facility, which has raised funds from financial institutions, also plans to issue bonds in the capital markets. The KMRC lends to financial institutions at 5 percent, who onward lend to qualified borrowers at 7 percent for up to 20 years representing a significant reduction in interest rate and increase in loan term length.

    The 2019 repeal of the interest rate cap notwithstanding, banks continue to operate under tight underwriting standards, coupled with the one-third rule that prevents employers making deductions from salaries that reduce take-home pay to less than one-third of basic salary. In addition, despite 83 percent of total employment being in the informal sector, this portion of the population lacks access to mortgage loans due to insufficient credit risk information for meeting the criteria set in the mortgage products.

    In the wake of strict underwriting rules by banks, especially when lending to the informal sector, KMRC is expected to partially resolve this by lending at a subsided rate to Kenyans earning below KSh150 000 (US$1 409) monthly, through primary lenders such as cooperatives. The loans will be directed towards home purchase, thus boosting housing affordability.

    Affordability

    It is estimated that, using standard financial products, the maximum dwelling price affordable to Bottom 40 households would only be KSh 1 142 991 (US$10 410), and that the cheapest house from a formal developer in 2019 (Tsavo Real Estate) would only be affordable to 12.34 percent of urban households.

    The affordability problem has been exacerbated by the ongoing COVID-19 pandemic, which has resulted in job losses as organisations restructure their business models. This has affected households ability to cater for their housing needs, with approximately 21.5 percent of both formal and informal renting households unable to pay rent .

    Of the 40 indicators in this group, 21 are currently populated.

    Indicator Data Source Aggregation Year Data Quality Data Accessibility Value
    Price of the cheapest, newly built dwelling by a formal developer or contractor
    i
    The price of the cheapest, newly built dwelling by a formal developer or contractor in local currency units.
    		 Tsavo Real Estate Urban 2019
    		4,000,000 Ksh$37,037.04
    % of households that own their dwelling
    i
    The share of households that claim to own their dwelling.
    		 Central Bank of Kenya, Kenya National Bureau of Statistics, FSD Kenya National 2019
    		61.22%
    DHS Bottom 40 2014
    		59.07%
    % of households with female or joint ownership of a dwelling
    i
    The share of households where a female member of the households owns their main dwelling or any other dwelling either outright or jointly with someone else.
    		 NACHU NACHU 2019 Not rated Not rated 53.01%
    Typical rental price for cheapest, newly built dwelling by a formal developer or contractor
    i
    The typical rental price per month in local currency units for a dwelling that matches the price and size characteristics provided by the "Price of the cheapest, newly built dwelling by a formal developer / contractor in an urban area in square meters" and "Size of the cheapest, newly built dwelling by a formal developer / contractor in an urban area in square meters" indicators.
    		 Property24 Urban 2019
    		23,000 Ksh$212.96
    % of households that rent their dwelling
    i
    The share of households that claim to rent their dwelling.
    		 Central Bank of Kenya, Kenya National Bureau of Statistics, FSD Kenya National 2019
    		35.01%
    Number of formal estate agents
    i
    The total number of registered real estate agents that are subject to regulatory oversight.
    		 The Kenya Gazette National 2020
    		421
    Value of formal housing finance outstanding
    i
    The value of outstanding residential mortgages in local currency units at the end of a calendar year for residential mortgages issued by licensed/registered residential mortgage providers.
    		 Central Bank of Kenya National 2019
    		238,000,000,000 Ksh$2,203,703,703.70