Kenyans residing in wealthy estates are losing multi-million homes and other properties to auctioneers amid tough economic times witnessed across the country.
A spot-check by Kenyans.co.ke on adverts in local dailies shows that various residential homes in Nairobi were put up on sale by auctioneers in areas such as Lavington, Kileleshwa, Kiambu Road, Kitengela, Imara Daima and along Thika Road.
Other areas include Milimani Estate in Kisumu, Ngoingwa Estate in Thika, Chogoria in Tharaka Nithi County, Vipingo Beach area in Kilifi County and Kithimani Township in Machakos County
The majority of properties were advertised by the auctioneers to recoup the money accrued owing to debt.
For instance, a residential and commercial block situated in Kileleshwa has been put up for sale by Phillips International Auctioneers. The prime property, which approximately measures 0.7325 hectares, is held on a leasehold interest for a term not exceeding 2083.
Another prime vacant property located within Mirema Drive Estate in Nairobi County has also been put up for sale. The property measures 0.0257 hectares and has a leasehold interest interest for a term up to 2050.
The area along Four Ways Junction along Kiambu Road put up six plots for sale, noting that the projects underwent significant improvement through the contractor.
"Electricity, water, and drainage are not connected to the property. The plot is connected with Tarmac roads as it is touching Kiambu Road. The plots can also be accessed from the service road to Fourways Estate. The estate access road is not graded," read part of the notice.
In Kilifi, two prime properties, situated at Utalii Gardens in the Vipingo Beach area, were also put up for sale.
In Kitengela, 13 plots were advertised, with interested applicants being advised to pay between Ksh100,000 and Ksh5 million for the properties.
"Interested bidders will be required to pay a refundable deposit drawn in favour of Phillips International Auctioneers to obtain a bidding number and a catalogue at the auctioneer's office," the notice read in part.
Many Kenyans are grappling with tough economic times which has pushed them to the edge, resulting in them being unable to service their loans.
According to the latest data by the Central Bank of Kenya (CBK), non-performing loans rose by 14.7 per cent from Ksh3.42 trillion in 2022 to Ksh3.924 trillion in 2023.
Non-performing loans are loans where borrowers fail to make payments as outlined in the initial agreement.
These loans pose financial risks for lenders as they may not be fully repaid, impacting the overall health of the banking system.
