Written By Lisa Murimi
Kenya’s property market is reeling under the weight of severe economic pressures, with high-value assets like properties, vehicles, and hotel furnishings now being seized by auctioneers.
The wave of auctions highlights the broader financial difficulties faced by various sectors.
Garam Investments Auctioneers will conduct a significant sale on August 29, 2024, featuring assets from the former Intercontinental Hotel in Nairobi.
The auction includes cold rooms, reception counters, fridges, chillers, and other high-end hotel equipment. The once-luxurious hotel now stands as a stark symbol of Kenya’s faltering economy.
Bidders must make a refundable deposit of Ksh50,000 and settle payments within 48 hours of winning a bid, reflecting the auction’s urgency.
The distress is also evident at Integra Auctioneering (K) Company, which will auction the Osotua Luxury Resort in Naivasha on September 10, 2024.
This high-end property, including 30 studio apartments and other amenities, is set to be sold on a strict payment plan requiring a Ksh 5 million deposit to bid.
In Kitengela, Nguru Auctioneers has announced the auction of several vacant plots in prime locations, further illustrating the strain on the real estate market.
Additionally, the Ministry of Transport is auctioning vehicles, with stringent deposit requirements for bidders.
These auctions underscore Kenya’s broader economic challenges, including high inflation, rising interest rates, and a depreciating shilling, forcing many to liquidate assets amid financial distress.
