President Sata’s Facebook : MCS- 26/01/14 – Housing deficit

Good Morning Dear Friends,

Today, I wish to share with you some of our Government’s initiatives to cushion our country’s housing deficit, which has resulted in scarce and expensive accommodation for our people. Our Government through the Zambia National Building Society (ZNBS) is promoting its broad branch network in all the major towns of Zambia (Livingstone, Choma, Mazabuka, Mongu, Solwezi, Chililabombwe, Chingola, Mufulira, Kitwe, Luanshya, Ndola, Kapiri Mposhi, Mpika, Kasama, Kabwe, Chipata and Lusaka) to reach out to citizens to access both mortgages as well as loan products to either, renovate, purchase or build property.

To this effect, our Government will this year recapitalize the ZNBS to a tune of K167 million in order to provide affordable finance to our people for the construction of housing. You may wish to know that the ZNBS targets middle income families who earn K2000 or more per month who can access mortgages of as low as K50,000 and as high as K700,000. During 2014, our Government expects the ZNBS mortgage portfolio to grow from K111.9 million as at 31st March, 2014 to K212.2 million as at 31st March, 2015 representing a growth of K100 million. Furthermore the number of our people who will be able to access mortgages is expected to increase by 159% from 1,238 as December 2013 to 3,363 by the end of December 2014. This represents an average of 172 of our people accessing mortgages per month, from an average of 50 people per month in 2013.

I am happy to inform you that about 55% of all the mortgages accessed are for building a property and for each property being built at least 10 people are employed either as artisans or labourers. Going forward, it is my wish that ZNBS will forge strategic partnerships to provide completed houses and offer affordable mortgages to our people, thereby creating a better Zambia for all. Furthermore, I expect the Honourable Minister of Local and Housing to expeditiously implement my directive during the official opening of the 3rd Session of the 11th National Assembly to explore various partnership and investment to cushion the current national housing deficit.

My passion in housing or property development stems from my vast experience in structuring such projects as maybe attested to the Avondale Housing Development Project among others. I believe in our people being empowered with suitable accommodation and I will strive to ensure that this dream is realized for the majority of our people. Have a good weekend. MCS- 26/01/14