The current formal housing sector of Kabul city caters only to the top end of market demand, i.e. households earning more than $3,500 per month. In general, formal housing in Kabul is in short supply, expensive, and offers ‘too little for too much’ money – both in terms of purchase or rental. This, combined with the lack of housing finance – which is partially due to banks being unwilling to lend in what they perceive as an ‘over-valued’ real estate market environment.