Banks hawking properties to auctioneers amid buyer dryspell
A cursory look at leading newspaper classifieds in Kenya gives the impression that auctioneers have taken over all the advertising space in print media with almost half of the Monday paper, up to 15 pages, littered with images and descriptions of assets on fire sale. One would think the classifieds only point to the increase in the number Kenyans losing property but industry players say most of it is re-advertisements of properties that have refused to sell due to the difficulty in finding buyers under the current economic crunch. Mr Joseph Gikonyo of Garam Auctioneers says lenders are having a harder time recovering their investments…
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