Real estate is victim of bad economy, say developers

Taj Apartments in Kileleshwa which might be demolished as its constructed in the water catchment area. (Beverlyne Musili,Standard)

For a big part of last year, newspaper and web pages were littered with notices of auctions. A quick check with some auctioneers indicates that more than 90 per cent of the auctions had to do with real estate developments.

For instance, of the more than 3,000 items currently listed for public auction on one Kenyan website, 1,688 have to do with real estate – that’s just over 50 per cent.