The Government of Malawi, through the Malawi Housing Corporation, is embarking on a project that seeks to construct 250, 000 housing units in the next 10 years. The housing units are meant for sale and rent.This is in response to the growing demand for housing and housing infrastructure due to population growth (estimated at 2.8% per annum and urbanization (estimated at 5.3% per annum). The Malawi Vision 2063 has also necessitated the provision of more housing facilities in view of the planned urbanization and industrialization programs.
Under the project, The Malawi Housing Corporation intends to undertake various housing programs namely construction of new housing estates, office and multipurpose buildings, social housing units as well as redevelopment of old housing estates and urban slums.
The proposed project undertakes to construct houses in every district in Malawi based on population and housing needs for public and private sector institutions, commercial banks and tertiary institutions, among others.
The Corporation has since drawn a compendium that seeks to inform stakeholders including prospective partners about the proposed project while exposing the housing and business terrain in Malawi. MHC has also reserved pieces of land across the country that could accommodate an estimated 50,000 housing units. The Corporation is currently engaging prospective investment partners, both locally and internationally, with a view to raise an estimated 18.6 billion dollars required for the project.13.4 billion dollars of the estimated financing requirement is earmarked for residential properties while 5.2 billion dollars is for commercial and public properties namely shopping malls, recreational facilities, nursery schools, office buildings and health clinics. The Corporation intends to adopt a phased approach in the implementation of the project with an annual financing requirement of 1.86 billion dollars for 25,000 housing units.
It is envisaged that the project would have a positive impact on the social economic development of the country. Through increased access to decent and affordable housing, it is expected that the quality of life for Malawians would improve. The project would also create more employment opportunities and create new opportunities in the construction industries.
