Kenyans lose multi-million homes to auctioneers amid tough economic times

Kenyans continue to lose multi-million homes and other property to auctioneers, amid tough economic times witnessed across the country.

On Monday, December 5, a number of auction businesses advertised a number of residential properties in Nairobi and the surrounding area for sale under the hammer of the auctioneer.

The homes include four-bedroomed maisonettes in Lang’ata, South C, Kitengela, Ruiru, Thika, Kiambu, Kajiado, Kiserian, Membly, and Juja.

Only a portion of the price that the original owners paid to secure the homes will need to be paid by prospective buyers.

“A deposit of 25 percent must be paid in form of a banker’s cheque at the fall of the hammer. The balance will be payable within 90 days,” one of the adverts read in part.

Landlords owning residential plots are also among those who lost their real estate investments.

“Immediate access road is murram, and public and social amenities are readily available in the neighborhood. Estimated monthly income is Ksh50,000,” another advert read in part.

Most of the properties were put up for auction in order to recoup money from unpaid loans and defaulting mortgages.

Along with residential homes, agricultural farms, automobiles, industrial, buildings, and farm machinery were also offered for sale.

Property listings skyrocketed in 2022 along with an increase in the number of people and businesses defaulting on loans.

Despite the fact that the majority of Kenyans earn the same amount of money or less, the loan rate increased as a result of the Central Bank of Kenya’s (CBK) review of the minimum lending rate.

Another contributing factor is inflation, with a report by the Kenya National Bureau of Statistics (KNBS) placing the inflation at 9.5 in November, an increase of 3.7 points from the same period in 2021.

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