NAIROBI, Kenya- The National Housing Corporation (NHC) is facing a significant challenge with hundreds of unsold houses worth over Sh1.2 billion scattered across various parts of Kenya.
Despite being completed years ago, these properties have failed to attract buyers, casting doubt on the viability of the government’s housing initiatives.
A report by the Auditor General, Nancy Gathungu reveals that the NHC’s unsold houses are valued at Sh1,275,730,014.
These homes, priced between Sh1.58 million and Sh8.75 million depending on their location and size, remain part of the NHC’s inventory.
The Auditor General’s report highlights the corporation’s efforts to sell these properties, which have so far proven unsuccessful.
In an attempt to market these homes, the NHC has engaged with County Governments, Saccos, Kenyans in the diaspora, and other relevant institutions.
Despite these efforts, the high number of unsold units has forced the NHC to rent out many of its properties, currently valued at Sh843 million.
Idle Properties and Market Challenges
In addition to the rented properties, the NHC has an inventory of idle houses worth an estimated Sh433 million.
The Auditor General’s report indicates that the corporation may struggle to return value for the money invested in these housing projects.
“In the circumstances, the Corporation may not have obtained value for money for the schemes implemented at Sh1,275,730,014 included under inventories,” the report states.
Among the units listed for sale are 370 homes located in Stoni Athi River, Homa Bay, and Kisumu Kanyakwar’s Phase Three.
Specifically, 160 houses are in Stoni, 100 in Kanyakwar, and 110 in Homa Bay. The inability to sell these houses raises questions about the broader marketability of government-led housing projects.
The challenges faced by the NHC in offloading these properties have cast a shadow over President William Ruto’s controversial affordable housing project.
