(3 minutes read)
Garam Investments Auctioneers, one of the largest auctioning firms in the country, has put on sale properties including houses, offices, and land valued at over Sh7.97 billion in Kenya. This gives a glimpse into the economic hardships facing individuals and businesses.
Garam Investments Auctioneers, one of the largest auctioning firms in the country, has put on sale properties including houses, offices, and land valued at over Sh7.97 billion in Kenya. This gives a glimpse into the economic hardships facing individuals and businesses.
The properties on sale have a market price worth more than Sh10 billion given that auctions are by law allowed to pick a reserve price that is 25 percent below the market value. The guide price is Sh7.97 billion.
The combined value of auctions in the country could also be much more than that given that other auctioneers including Phillips International Auctioneers, Kenyan Auctioneers, Watts Auctions, Taifa Auctioneers, and Antique auctions are all aggressive in the market wooing buyers with different properties.
Read Also:
https://trendsnafrica.com/fuel-prices-go-up-in-kenya-jacking-up-cost-of-living/
https://trendsnafrica.com/indian-ict-business-delegation-to-kenya-tanzania/
Recently, 30 different auctioneers advertised in two newspapers the sale of different properties, including residual houses, industrial land, agricultural land, and shops with the auction planned for September and October. The list, however, does not include vehicles, which have also seen increased direct auctions, especially by banks who have been spooked by a rise in non-performing loans. Banks are moving aggressively to repossess and sell.
