Kenya’s economy continues to face significant challenges, with rising taxes and a high cost of living forcing many businesses to close their doors.
Property owners are also feeling the economic strain, with some opting to sell their assets due to hefty land rates and other financial burdens.
A real estate investor in Kayole, Masimba, has listed a multi-unit flat for sale at Ksh45 million, sparking conversations about the challenges property owners face in the current economic climate.
Kayole Plot Owner Sells Property Amid Economic Struggles
The flat, which consists of 56 bedsitters and two shops, generates a monthly income of over Ksh400,000, with an additional Ksh210,000 annually from an Airtel booster installed on the premises.
Despite the steady revenue, the seller has opted for a “distress sale,” an indication that financial constraints or market pressures may have forced the decision.
A listing circulating online confirms that the property has a valid title deed.
President Ruto’s Optimism Amid Economic Struggles
President William Ruto has consistently maintained that Kenya’s inflation is declining, even as citizens grapple with reduced purchasing power and economic hardships.
Earlier this year, the Head of State expressed optimism about Kenya’s economic prospects for 2025.
“Kenya is going to go places, our economy is healing, and by working together, inflation, interest, and exchange rates have come down. I believe 2025 will be a fantastic year,” President Ruto stated.
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During his State of the Nation address in November 2024, President Ruto highlighted the strengthening of the Kenyan shilling against the US dollar and a significant reduction in inflation.
The shilling has stabilized, appreciating from Ksh 162 in February 2024 to Ksh 129 in January 2025. Inflation has also declined from 9.6% in September 2022 to 2.7% in October 2024, the lowest rate in 17 years.
Despite these positive economic indicators, many Kenyans continue to face financial difficulties, with the high cost of living and rising taxes taking a toll on households and businesses alike.
KNBS Survey on Housing
A recent Kenya Housing Survey conducted by the KNBS revealed the average rent paid by tenants in Nairobi and other counties. According to the report, the average rent for a three-bedroom townhouse was Ksh 70,000, while a three-bedroom bungalow cost Ksh 65,000.
Also Read: Average Rent Kenyans Pay in Nairobi and Other Counties- Report
For smaller units, a one-bedroom bungalow was priced at Ksh 13,000, and a two-bedroom unit at Ksh 18,000. Flats and apartments showed a broad range, with bedsitters starting at Ksh 7,500, one-bedroom apartments at Ksh 8,500, and two-bedroom units at Ksh 15,000. Larger apartments ranged from Ksh 30,000 for four bedrooms to Ksh 38,000 for five bedrooms.
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