Real Estate & Construction sector.
The real estate and construction sector has continued to be a significant contributor to the Kenya economy. The sector contributed 15% of the Kenya GDP in year 2023 with construction sector contributing 6.6% while the real estate sector contributed 8.4%
Both domestic and foreign investors have made real estate investments, mostly in the retail, commercial, and hotel sectors. There has also been an increase in interest in mixed-use complexes. New opportunities for residential and commercial properties have also been created by infrastructure development, and the Kenyan government has started a drive to provide affordable housing.
For many investors, the issues of an improper capital mix, cost of capital, regulatory compliance, changes in foreign exchange and oversupply—particularly in the office space market—remain formidable obstacles.
Application of financial reporting standards in the reporting of real estate and construction industry and also the understanding and application of the relevant tax laws and related tax regulations has been a challenge for many organisations in this sector.
At MGK, we understand the risks, tax and reporting complexities
of the real estate industry
.
Our team of experts will walk with you through the process, to ensure compliance with the relevant local laws and regulations, as well as provide tax planning, tax compliance, risk management and assurance services.
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