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Economic Brief - African Housing Dynamics Lessons from the Kenyan Market
The African continent is booming. Alongside the strong economic growth rates registered in the past decades, empirical evidence has shown that the African middle class has been growing too. According to recent research by the African Development Bank, the continent’s middle class has reached 34.3% of the population in 2010, up from 26.2% in 1980 (AfDB 2011).
In Kenya, it encompasses 44.9% of the population (see figure 1). This phenomenon has been accompanied by rapid urbanisation and strong growth in consumption expenditure and demand for certain types of goods and services. Housing demand has not, and will not, remain idle to these changes.