Next week, at the East Africa Property Investment Summit (EAPI), Kenya will unite citizens, government entities, local and foreign investors, and development partners with property interests across East Africa. America-based, EchoStone has been selected to present their affordable housing innovations currently being deployed in West Africa. Currently earmarked to develop more than 200,000 homes in Lagos, Nigeria, EchoStone came to regional attention after delivering a two-bedroom unit in just 14 days. Kenya, specifically, has chosen to address the crisis of global housing through the Big 4 initiative, launched by President Uhuru Kenyatta in 2018. The plan is designed to accelerate the development of affordable housing; along with manufacturing, food security, and universal healthcare – over the next 5 years.
“Our invitation to present at EAPI, highlights the need for innovation in the market especially with regard to the global housing shortage,” says Anders Lindquist, Co-Founder and Chief Business Development Officer of EchoStone.
According to World Bank, Kenya has a production target of “200,000 housing units annually for all income levels. However, the production of housing units is currently at less than 50,000 units annually, well below the target number, culminating in a housing deficit of over 2 million units, with nearly 61% of urban households living in slums.”
EchoStone’s focus is to create affordable and sustainable housing for low and middle-income communities in high impact markets like Kenya. EchoStone has created a solution that satisfies this critical need for rapid development by building at an unprecedented rate; through a combination of technology, public-private partnerships, and sustainable development practices – certified by the International Finance Corporation’s Excellence in Design for Greater Efficiencies (IFC EDGE).
“We’re making history,” says Anthony Recchia, EchoStone Co-Founder and CEO. “We constructed the first IFC EDGE certified house in Nigeria, a 64m2 unit, in just 14 days. This project represents Echostone’s commitment to helping governments around the world deliver high-quality housing and affordability to their citizens. The growth potential of our system is making the improbable, possible – that’s why we’re sharing our story at EAPI.”
The affordable housing “deficit continues to rise due to fundamental constraints on both the demand and supply side and is exacerbated by an urbanization rate of 4.4%, equivalent to 0.5 million new city dwellers every year,” cites World Bank.
The EchoStone Housing System is the missing link between government, development, financing, off-take, and the industrial scale of building houses. Through their sophisticated approach, EchoStone delivers high-quality construction, rapid development, and streamlined operations that ultimately offer stakeholders a greater long-term value for their investment.
“By designing and constructing our communities with international sustainability standards and alignment to the United Nation’s Sustainable Development Goals, EchoStone significantly reduces the projects’ embodied carbon footprint, as well as its lifecycle use of energy and water,” says Emmanuel Stefanakis, Chief Sustainability & Development Officer at EchoStone. Therefore, homebuyers can expect lower utility costs and less long-term maintenance than with traditionally constructed houses.
During EAPI Lindquist and Stefanakis will share the stage in presenting the EchoStone Housing System and its impact in West Africa. Join them at the “Addressing Affordable Housing with Innovative Technology, Public-Private Partnerships, & Sustainability” presentation to learn more about EchoStone’s collaborative framework, proprietary technologies, and achievements in sustainability around the world.