Over 20 property owners are among the latest Kenyans to face the auctioneer's hammer as the country grapples with tough economic times.
On Tuesday, March 21, an auction firm issued a notice of upcoming sales for over 23 properties in Nairobi and other major urban centres.
Among the property listed for auction was a four-bedroomed maisonette in Avenue Park along Outering Road in Nairobi. The property sits next to Tumaini Estate and has a servant’s quarter.
A five-storey block of flats comprising 12 shops, a restaurant area, a bar and a lounge with counter and washrooms was also listed for the auctioneer's mallet.
The apartment also features a kitchen, 14 two-bedroom units, 22 one-bedroom units a spacious parking area for revellers and tenants.
Incomplete apartments were also included in the auction, to signify constraints faced by developers in completing projects.
An incomplete four-storey flat, a residential block located about 820 Meters off Kasarani - Mwiki road, and an incomplete four-bedroomed maisonette in Thika, approximately 850 Meters off Garissa Road, were also put up for sale.
The high cost of building materials and servicing loans were highlighted as the major challenges developers face.
In addition, bidders were asked to compete for a four-bedroom villa in Redhill, a gated estate known as Rivers Edge Estate in Limuru road, Kiambu County.
The auction announcement came amid concerns about the growing inflation rate in Kenya. According to statistics released by the Central Bank in February 2023, the inflation rate in Kenya stood at 8.3.
Further, businesses and investments across various sectors have also struggled to recover from the effects of the pandemic, a situation which has culminated in a rise in nonperforming loans.
Non-performing loans had risen to an all-time high of Ksh514.4 billion in June 2022, with construction and manufacturing industries being among the most affected.
However, the loans registered a record drop of Ksh18 billion in December 2022.
Businesses in Kenya are also grappling with dollar shortages, which has complicated the ease of trading, especially for cross-border traders.
In a statement released on Friday, March 17, CBK assured that the country had enough reserves surpassing USD 6.5 billion (Ksh854 billion) enough to sustain the country for the next three months.
