Young Diaspora Kenyans are answering the call to create jobs for young Kenyans in Kenya by becoming Diaspora University Town (DUT) townhouse developers. Currently, DUT is establishing the list of the first 200 townhouse developers who will develop the first 200 townhouses at DUT using the DUT THIDA system. About 5% of the 200 townhouse developers list will be young Kenyans, the Gen Z.
The budgeted construction cost of the 200 townhouses is Ksh 1.3 billion. Once construction starts, 5,000 jobs will be created at the DUT site, and another 3,000 jobs will be created by the Ndara B 16 Micro Small and Medium Enterprises (MSMEs) of building materials manufacturing.
The 5,000 jobs the 200 townhouse developers create translate to each townhouse developer creating 25 jobs for Kenyans. Over 50% of those taking up the 5,000 jobs are expected to be Gen Z.
The 200 townhouses will be financed by the Kenya Mortgage Refinance Company (KMRC) through the KCB Bank, the primary mortgage lender. Once the houses are completed, they will be issued long-term mortgages through the KCB Bank (KMRC) product of 105% financing, up to Ksh 10.5 million, 9.5% interest, and a 25-year tenor. The construction budget of Ksh 1.3 billion, which averages Ksh 6.5 million per house, will thus become 200 mortgages fully financed by KMRC finance.
The 200 townhouse developers will start the DUT townhouse development system and kick off Diaspora University as founders of Diaspora University. As the 200 townhouses are completed, about 1,000 students will join the university. 100 of the 200 townhouses will accommodate Diaspora University students. The other 100 will accommodate the families of those taking the jobs created at the university, hospital, town, MSMEs, and organizations.
The young Diaspora Kenyans joining will develop their first unit using the DUT THIDA system. This innovation, part of the Diaspora University system, aims to deliver as many housing units as possible in Kenya.
Kenya has a housing deficit of about 4 million houses. This deficit is reflected in the slums and unplanned settlements, which destroy the Environment. Based on population growth, there is a need for 3 million houses by 2035. The 4 million and 3 million create an opportunity for 7 million housing units to be developed by 2035. Seven million residential housing units development at an average of Ksh 7 million is a Ksh 50 trillion opportunity.
The DUT townhouses development system established today is making young Kenyans property developers. Some young Kenyans who start with their first unit as part of the 200 townhouses will be able to use the DUT system to develop over 500 houses and apartment units in the next 10 years.
With an average developer income of Ksh 500,000 per unit, the 500-unit development can create about Ksh 250 million in new wealth for the developer. Once achieved, this wealth can progressively give Gen Z investors an income of over Ksh 25 million yearly. Young Gen Z Kenyans who become DUT developers can retire before their 40th birthday, even when living abroad.
The DUT property development system creates jobs, develops houses, and grows Kenya's Gross Domestic Product (GDP). Kenya's GDP of about $140 billion (Ksh 17.5 trillion) will increase as jobs are created and housing is developed, enabling Kenyans to achieve their rights to food, housing, healthcare, clean water, education, environment, and children's rights every day.
