Bubble imembust. Expect Huge Net Worth Loses in 2020

some people will lose upto 70% of their net worth at the end of this nonsense.

watu walikuwa wanafikiria kushikila mashamba kubwa za wizi watakuwa mbilionea.

Good luck holding onto your worthless tracts when you could have invested in the forex market and CFDs. There’s no panya route to wealth creation.

Kenya: House Prices Decline Further in Nairobi Due to Oversupply

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Photo: Francis Mureithi/Daily Nation

(file photo).

4 DECEMBER 2019

Capital FM (Nairobi)

By Julie Owino

Nairobi — House prices in Nairobi are on a sharp decline, according to a new report by international realtor Knight Frank Prime Global Cities Index which focussed the last quarter of 2019.

Housing prices slid by 5.4 percent in the year to September as prime residential prices in the Capital city as buyers sought higher opportunities in a market segment still influenced by oversupply and distressed properties.

“Prevailing macro- and micro-economic conditions coupled with an oversupply in the segment have resulted in a sustained price correction, subsequently buyers have control of the market,” reads the report.

The increasing decline in houses has now placed Nairobi at position 43 out 45 cities that were covered by the index.

All prime prices for the 45 cities also dropped to an average of 1.1 percent during the year to the third quarter compared to 3.4 percent recorded in the same period last year.

Agency Head at Knight Frank Kenya Anthony Havelock said the reduction in housing prices is a trend projected to happen even in the next quarter.

“We haven’t reached the bottom of the cycle yet and we expect to see further reductions in the near-term until the macroeconomic and local situations improve. One of the major issues right now is illiquidity in the market,” said Havelock.

The report further indicates that the rising number of distressed properties in Nairobi has also affected prime residential values significantly, with lenders intensifying efforts to recover non-performing loans through the sale of collateral.

“Deals are happening but are few and far between, and at discounted rates. It will take time for the economy to rebound considering it’s also not immune to external shocks,” Havelock added.

In September, Knight Frank also reported that prime residential properties fell by 1.8 percent over the period, increasing the decline to 6.7 percent in the year to June.

Read the original article on Capital FM.

Nangojea ninunue hapo Karen ya 3 million mansion
Baada ya kumi tena. nataka wakubwa wamalize economy kabisa… wacha ata unga ikuwe 5000
Karen 2022

soon everyone in Nai will be able to afford a three bedroom bungalow at just 10K a month. kila ngafaa siku hizi akiiba kwao ni kununua maploti na kujenga bila kufukiria wanachi watatoa pesa wapi kama uchumi haikui

sisi rent imeshukishwa by 10k…New tenants are paying 10k less…thats after over 30units stayed without tenants for 1year…nimezusha yangu ishukishwe wamekataa so January nahama

In Rongai, several new commercial building are without tenants months after completion. No takers at all. Guess this is replicated all over the city now

Wacha uhururaila wamalize economy na china loans alafu tungoje mansions za 100k 2032

Toa Raila hapo hukumpigia kura

uhuru bado anasukisha bei

[MEDIA=facebook]1447279502262775/posts/2538694149787966[/MEDIA]

This is the market correcting itself plus the drying up of illicit money

ktalk billoinaires might become millionaires

Na bado hawaezi shusha bei… Heri waache ploti zioze na panya ziishi ndani. Smdh!

Na kuna nugu zinatupandishia ati from next month.Napeana notice leo

There is this new apartment just before valley arcade, right next to the road near our offices. I see the elder muhoho formerly of Kenya airport authority coming there in some dark V8, I assume he owns it. 11 months since it was completed and huge to let signs, no single unit occupied

kwani mnalipa ngapi?

this is the market collapsing since it was build on thin air. The building being created are not based on any supply and demand. it is simply mikora na wezi trying to sanitize their money and plan for retirement. Ole wao, some will die without ever recovering the money they invested in their lifetime

problem with kenya is the framented rental market. Finding reliable sources of infromation on empty apartments is a huge challenge. Ile siku mtu ataunda idea kali ya kuonyesha watu nyumba ziko wapi, kwisha the unfair market overpricing. Saa hii manugu hujenga ploti alafu zinanyamaza hadi uchoke ukitafuta au uende kwa agent, who are also quite fragmented.

thats not important…thing is new tenants are paying 10k less, that’s very significant

Noma sana aiseh

Auditing proved that there was massive looting in 2013 and part of 2017 both at the county and national level. And people ran to sanitize the loot through real estate and buying acres of land. Since the government sealed the loopholes the market has been correcting itself gradually, and with the recent demonetisation, the Wells are drying up.
Btw nmeskia sirkal intaka kuvunja mkataba na AMACO insurance…

Waliiba wakasahau kubakishia raia ya kununua vitu zao. Saa hii hizi project zao ni loss making na bado kanjo inadai land rates.