Event Details
Over the years, the property sector in Kenya has experienced constant change and reformation sparking interest from Kenyans and investors to venture into and benefit from its merits. At the core of its operations, government policies and legislation- both fiscal and monetary have played a huge impact towards hindering or boosting the industry and influencing the prices of real estate in Kenya.
Some of the legislations that have been passed and shaped the sector since include but not limited to:
· The Finance Act of 2022 (Finance Act) which has amended the Income Tax Act (ITA), by increasing the rate of capital gains tax (CGT) from 5 percent to 15 percent. This increase took effect on 3rd January 2023.
· Sectional Properties Act 2020 which seeks to sub-divide buildings into units to be owned by individual proprietors and common property to be owned jointly by the proprietors as tenants in common.
· Affordable Housing Regulations that made contributions to the National Housing Development Fund voluntary under the Affordable Housing Program
However, the uptake of these regulations and policy changes has been marred by lack of clear communication and concise guidelines on the implementation front with most sector players decrying the tough timelines set to meet these terms.
Nevertheless, in a sector that is linked with the overall performance of the economy, real estate investors need to adhere to these policy issues as this is will not only influence investment and development decisions but also help to manage risks because such regulations help determine demand and supply of real estate in the market as well as identify trends.
Join us on 31st January 2023 from 7:00 -10:30 am at Park Inn by Radisson-Westlands, Nairobi as we engage key stakeholders in government and the private sector to understand the Impact of Government Regulations on the Business Environment.
We look forward to seeing you there!