High Cost of Construction Materials Raises Fear That Projects Will Stall

[Nairobi Star]

The rising cost of construction materials has exposed property developers to intense financial pressures, with actors in the industry now saying many projects face threats of stalling. Some builders in Nakuru who are in the process of construction report that they have had to adjust project costs as high interest rates and a weakened shilling in the last quarter of 2011 inflated material costs, amid dwindling re-financing opportunities.