As tough economic times persist, numerous properties—mainly residential houses—have been listed for public auction by various auctioneers in Nairobi and other major towns across Kenya.
In various notices published in the local dailies, auctioneers have put up houses worth billions of shillings for sale.
A residential property located in Nairobi's Embakasi South is among the buildings that have been put on sale by way of public auction.
The property, a six-storey building, is located within Mukuru Kwa Njenga in Nairobi and is identifiable as Genesis Apartments.
The property has mainly bedsitters and one-bedroom units and is ideal for investors looking to establish businesses in the rental sector.
In Mombasa, a five-storey building has also been put on sale by way of public auction to the public.
According to the auctioneers, the property is a residential building situated approximately 11.6 kilometers from the Mombasa central business district and about 18 kilometers off Mombasa Road within the Mikindani area of Mombasa County.
The property has shops, bedsitters, and one-bedroom units, as well as other modern amenities, making it ideal for residential purposes.
In Kiambu, a two-bedroom bungalow free leasehold property has been put on sale in the Muguga area of the county.
In the adjacent Runda posh estate, a four-bedroom maisonette has also been put up for sale by way of public auction in the Runda Paradise Phase Estate.
The property is located within a gated community, and interested bidders can contact Keysian Auctioneers for the details of the property.
In Nairobi, a penthouse known as the Green House at Adams Arcade has been listed for auction, attracting potential buyers interested in high-end living along Ngong Road.
Alongside the penthouse, the auctioneer has also put up several office spaces within the same building for sale—ideal for businesses seeking strategic premises in one of Nairobi's busiest commercial corridors.
According to official documents, the rise in non-performing loans (NPLs) has led many financial institutions to turn to property auctions as a strategy to recover defaulted loans and reduce the volume of bad debts on their books.
