Property developer Superior Homes Kenya has inked a deal with Kenya Commercial Bank (KCB) to facilitate Kenyans seeking to own homes under asset financing, a boost for President William Ruto’s Affordable housing agenda.
According to Kenya National Bureau of Statistics (KNBS), Kenya’s homeownership rate declined from 64% in 2013 to 61% in 2024, despite government efforts to promote affordable housing.
This decline is attributable to the faster growth of renters and squatters compared to new homeowners.
While 2.6 million additional households have become homeowners over the past decade, the overall population grew by 51%, leading to a proportional decrease in homeownership rates.
To address this gap, Superior Homes Kenya says investors will access tailor-made mortgage products from KCB Bank, specifically designed to support the mid-income and premium housing market segments.
Today, Kenya’s real estate contributes 6.7 percent to the Gross Domestic Product (GDP), up from 4.1 percent in 2020.
Also Read: Superior Homes to Build Ksh.14 Billion Property in Lukenya
This, even as 88.6 percent of Kenyans are still struggling to put up homes over a long period, relying on personal savings rather than mortgage financing, due to limited access to structured financial solutions.
The memorandum was signed on May 12, 2025 which dictates, among other deal, unlocking flexible financing for existing and potential homeowners looking to buy into Superior Homes developments.
“Through this partnership, we are looking to offer the Kenya Mortgage Refinance Company (KMRC) mortgage facility which allows for 105 per cent borrowing,” said KCB Group Head of Projects and Investments Kenneth Luusa.
“This partnership cements our relationship with Superior Homes in terms of being able to provide affordable housing for the populations in Kenya.”
Also speaking after striking the deal was Superior Homes Kenya Chief Executive Officer Shiv Arora who said the bank will offer competitive mortgage financing deals for aspiring home owners.
“Our goal as a company is to create and drive the uptake of sustainable master-planned communities. Whether you are a first-time buyer, an investor, or living abroad, this partnership brings you one step closer to being a homeowner in a financially sustainable way, while also contributing meaningfully to the country’s housing agenda,” said Arora.
KCB Bank will offer competitive mortgage financing for Superior Homes Kenya’s pipeline of mid-tier and premium housing projects.
This includes structured repayment plans, longer tenure options, and dedicated customer support to guide homebuyers through the application and approval process.
In 2023, the average mortgage interest rate in Kenya was 14.3%, according to the Kenya Mortgage Refinance Company (KMRC). This rate rose from 12.3% in 2022.
The average mortgage size in 2023 was Ksh.9.2 million.
Superior Homes is one of the leading property developers in the country and has been in the real estate market for 20 years.
