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It’s not the bubble busting but rather with covid there is probably no rent coming in and he has to repay the loan.
Cue in Ghanaian pallbearers.
You spend all that money halafu ni luthuli.
the FUCKING BUBBLE HAS FUCKING BUSTED. Kama kukosa rent ya mwezi mmoja inafanya u default ujue hakuna kazi ya maana unafanya hapo
Ni upuzi na utoto. How can you be living hand to mouth kama jamaa za kubeba mzigo kwa soko. FYI loan repayment was suspended for six months
Chinga!
Hmm. If income from ground floor and M1 alone is 4.2 m / month. That’s 50m per year. Mortgage repayment on a 1.5b loan at 15% is 18m a month. So he only needs to lease 10 floors to stay afloat. If the loan was 1b ( which is closer to the real value) loan repayment is 12m a month. So he only has to lease 6 floors out of 17.
It’s probably pointing to a very soft economy.
You don’t know when covid will end. Right now during an emergency like this one there will be a lot of panic selling and buying of one thing or the other.
And you cannot make such an assumption that the bubble is bursting based on one building you have seen.
First of all you don’t know the owner of this building PERSONALLY. You’ve picked the story from facebook. It could be a fake story but if indeed true you have to VERIFY from the owner why he is selling. Maybe the guy has a terminal disease and he is disposing this asset to get some cash.
Na hapo umesema ati kukosa rent ya mwezi mmoja imekushinda hakuna kazi unafanya… :D… hebu wewe jenga COMMERCIAL building tukuone. Ukose hio rent ya mwezi moja ukuje utuambie.
Ukiona nyumba zikiingiwa kabla hata hazijaisha usifikirie kujenga nyumba ni mchezo. It’s because the owner needs that cash yesterday!
Even billionaires who build malls, they often lease the space out way before they even start building that commercial building. To guarantee that immediately they are about to finish the key tenants will move in and start paying rent. Failing which they would be in a beautiful mess.
And doesn’t a bubble burst start from the banks, the source of money???
A bubble burst usually starts from the banks declaring that numerous customers have defaulted on loans, and the banks are now insolvent and in need of an immediate government bailout. Failing which these banks will collapse and the country will also collapse.
And a housing bubble bust is usually followed by foreclosures. The government is now the new landlord. You see sheriffs with court orders throwing people out of houses. Serikali haitakagi kujua.
People blame the banks but in essence it is the govt. throwing you out of that house.
Sure, covid has brutalized the financial sector in ways that cannot even be quantified right now. It is traumatic! In such uncertain times, everyone is busy trying to hold on to cash. Buying assets is not very wise unless rock bottom can be defined. What if things get worse? Will the world ever get back to 100% normal?
It will get back to 100% . The Owner hasn’t said He is ending it. There was a time in the early 90s where Africa looked like it won’t survive AIDS combined with numerous wars and extreme famines. Remember Rwanda genocide had just started. Angola, Liberia … election clashes here in Kenya. Bad economy and corruption everywhere. Everyone wanted to leave Africa. And now with AIDS the U.S govt. decided to ban all travel and immigration.
Thank God there was no social media. Watu wangeharibika akili hizo miaka. During that time I saw a documentary of a very famous Ugandan musician who died from AIDS and Museveni was like the only person in Africa remaining with hope. He was fighting AIDS very aggressively. Don’t forget there was Ebola and another one called Marburg fever.
Yaani ulikuwa unashika gazeti hivi… page 1 Wanugu shoots family of 3… Molo child finally succumbs to arrow wound, father still comatose. … Ntimama tells Madoadoa to lay low…
PAGE 2 : Marburg claims 4 more victims, AIDS has killed 15,000 Kenyans since August. …
PAGE 3, Rwanda genocide UPDATE more bodies discovered in rivers, drinking water not safe… Angola, Savimbi says he won’t relent as more fighters join his cause, death toll hits 500,000…
PAGE 4 : 500 Muslims assassinated in Bosnia night massacre, bodies found hidden in forest grave… Israel Palestine suicide bombings continue… Fresh fighting starts in Somali capital…
If we survived all that, then we will survive this one.
[COLOR=rgb(65, 168, 95)]Misery loves company
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Hahaha sad but very true. Funny how we say the 90s were the best years ever. To who? It’s all perspective. Perhaps the media should be put on lockdown to avoid spreading the fear pandemic.
The beauty with social media is that you will often get instant feed back. Umesoma hizo comments ziko kwa facebook?
Many guys are saying that this is a scam. Uambiwe leta pesa , ni mimi mwuuzaji nauza quick cash juu ya covid… pesa yako ina disappear. 
Kwanza since the owner of that fb acoount anaitwa Kimanzi, ameambiwa waKambodia tunawajua sana na scams… :D:eek:
And finally there is a guy there who says that he knows the owner of that building personally na amemwuonyesha hadi hii picha and the owner said that that building is not for sale. Mwingine akauliza, " Hii si ni ile nyumba ya Francis?"
So who is to be believed???
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In the early 90s KBC Tv walikuwa wanawekea watu hii documentary among several others immediately before or after 7p.m news. Kwanza huyu jamaa aliguza roho za watu wengi sana. His final days were documented for all East Africans to see and know that AIDS is real.
You have reminded me this. I remember this about our mother land with tears in my eyes. There was a time aids seemed like it would wipe us off the continent. It was either times or the economist that famously put a headline about Africa… “a hopeless continent”… We will survive…
This is quite an interesting comment and really encouraging in these trying times. Hizo miaka bado nilikuwa toddler, but I appreciate our resilience. Tuta prosper