Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: KCB Record 30% Growth in Forex Mortgage Uptake

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Kenya: Press Releases: KCB Record 30% Growth in Forex Mortgage Uptake

Thursday, 01 September 2011

Nairobi, 29 August 2011 --- KCB Group has recorded a 30% growth of its mortgage products targeting the diaspora markets, mainly Kenyans living abroad. KCB Mortgages, the leading mortgage financier in the country, has said that five months after its launch, dollar-denominated mortgage products or foreign currency loans have captured the market, driven mainly by favourable terms attached to the facility.

According to Joram Kiarie, the Director Mortgages at KCB Group, this trend was in keeping with the growing interest of Kenyans abroad in owning property back home. Before the amalgamation in 2010 of S&L Mortgages with the larger KCB Group, the firm was not allowed in law to offer foreign currency mortgage loans.

“A key advantage is that a dollar-denominated loan attracts interest rates as low as 7% compared to local currency loans,” he said, adding that the www.kcbpropertyguide.co.ke web portal that was launched in March this year had also seen a spike in both local and international visitors, averaging up to 610,000 hits per month.

Kiarie was addressing 250 prospective homeowners who had turned up at the Kenyatta International Conference Centre for the KCB S&L Mortgages Bus tour on Saturday, 27 August 2011. During the property tour, the prospective home owners visited ready and units under development in Athi River, Kiserian, Kitengela and Rongai priced between KES4.7m and KES6.5m. Other routes included up market areas of Lavington, Kilimani, Kileleshwa, Runda/Kiambu Rd, Westlands and Parklands with prices ranging between KES12m to KES20m for two, three and four-bedroom units.

Another group toured Embakasi, South B and C, Stoney Athi, where homes are priced at KES3.5m to KES9m. Yet another group toured Kabete, Ruaka, Kiambu Road, Ruiru, and Thika looking at two to four-bedroom units priced between KES5.5m and KES7m.

The KCB S&L Mortgages bus tour has become an integral part of the mortgage business in Kenya, linking developers with their specific target market. Buyers get to view and compare quality and prices of homes within their budgets. This was sixth KCB S&L Bus Tour and the second this year following on one in May that featured 200 prospective home owners and which has since yielded over KES25m in mortgages. KCB, he added, would be looking to close over KES105m in new mortgages as a result of the May Bus Tour.

The developments come as the Mortgage Division of KCB realigns its strategy in efforts to grow market share while widening its customer base. The bank this year launched mortgage services in Uganda and Rwanda and has set eyes on the new republic of South Sudan market.

“We are delighted at the opportunities that virgin markets such as Rwanda and South Sudan offer. We shall tap into these, as we continue playing our supportive role in providing financing to developers looking to venture into these markets”, said Kiarie.

He explained that KCB was anticipating the passing of the building code by parliament this year, which would institute professionalism in the construction sector. The code is also expected to allow other forms of building materials other than brick and mortar, which may lead to lowering of building costs and lead to the growth of low cost housing.

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