Kenya’s Economic Down Spiral Exposed As Surge In Property Auction In Big Cities
Tough times have continued to affect several industries, and even high-net-worth individuals in real estate are not immune.
On Monday, August 12, the Daily Nation ran seven pages of auctioneer advertisements, mostly for houses and parcels of land, four of which were entire storey buildings with at least three and a maximum of seven stories.
Phillips International Auctioneers put two-storey buildings up for auction, the first being the Sagaas Center Building, a seven-story commercial property.
The architectural building on Nandi and Makasembo Roads in Eldoret Town serves as a commercial hub. By the time it was auctioned, the top two floors remained unoccupied and unfinished.
The auction will begin on Wednesday, August 28, at 11:00 a.m.
Separately, the auctioneer announced that a three-story prime commercial and residential property in Kinungi Town, Nakuru, was also up for auction. The auction is scheduled for September 3, 2024.
Muga Auctioneers, on the other hand, put up for auction a five-story apartment in Kiambu County’s Gitaru area.
The building has 41 one-bedroom apartments, four bedsitter units, one two-bedroom apartment, one single room, and one outdoor shower. The building’s gross income is estimated at Ksh384,500.
Valley Auctioneers put a six-story building in Ngumba Estate, off the Thika Superhighway in Nairobi County, up for auction. The auction is scheduled for Thursday, August 15, 2024.
The auction announcements were displayed alongside an advertisement for Onyango and Tarus, a company based in Upper Hill, which was looking to sell 65 cars with a starting price of Ksh200,000.
The company stated that the listed vehicles are being sold “as is, where is.”
When borrowers default on loans, lenders try to get as much money as possible from their homes and cars.
In the housing sector, the majority of homes are foreclosures, indicating a difficult economy for homeowners and business owners.
Kenya’s Economic Down Spiral Exposed As Surge In Property Auction In Big Cities
