Property market loses Sh60 billion to flooding

Houses at Bamburi , Kisauni in Mombasa County

Major stakeholders in the property sector are warning that the continued flooding in major towns and cities could see developers count huge losses estimated at Sh60 billion annually.

This presents new challenges to the real estate sector occasioned by increased costs that eat into the developers’ profit margin, as they seek their own ways to dispose of storm water, drain septic tanks as well as improvise ways to secure their properties from floods.