Several Kenyans are set to lose their property after banks and financial institutions move to recover outstanding loans.
Through auction adverts published during the week, mansions and commercial buildings were among the most targetted items.
For instance, six homes have been listed for auction in Nairobi and the neighbouring satellite towns.
Among the homes listed for auction is a double-storey villa in Runda. On the other hand, four mansions within Syokimau and Katani will also be auctioned in the coming days.
Most of the homes listed for auctions range between four to five-bedroom houses.
Commercial Properties
Among commercial properties listed for auctions include residential apartments in Embakasi, Juja, Thika and Ongata Rongai.
For instance, one auction company noted that the six-storey residential apartment in Embakasi attracted a monthly income of Ksh240,000 when fully occupied.
Another five-storey residential plot in Ongara Rongai was said to attract Ksh365,000 monthly income from rent charges.
Meanwhile, a private school owner in Karen estate will lose part of the property which includes an incomplete swimming pool and a basketball court.
Equally, auctioneers have listed items sold at a supermarket chain in Machakos.
"Duly instructed, we shall sell by public auction the under-mentioned goods located at the supermarket in Athi River, Machakos County.
"The goods to be sold include brand-new furniture, washing machines, TVs, fridges, cookers, home theatres, blenders kettles and other home appliances," read the advertisement in part.
In Westlands, another investor is also set to lose a seven-storey hotel.
The recent auction listings are a testament to the tough economic hardships that have hit several sectors of the economy.
For instance, in a Survey conducted by the Central Bank of Kenya among banks and financial institutions in March, recovery of non-performing loans will be intensified during the year.
"Respondents indicated that the level of NPLs is expected to remain constant in eight economic sectors, increase in the personal and household, and trade sectors, and a decrease in the transport and communications sector during the next quarter.
For the quarter ended June 30, 2024, banks expect to intensify their credit recovery efforts in eight economic sectors and retain them in three sectors. The intensified recovery efforts are aimed at improving the overall quality of the asset portfolio," read the report in part.
