The property market in Nakuru has been affected by the coronavirus pandemic. This pandemic has caused financial losses and has interfered with the property market.
Commercial properties are not gaining a lot of income, since the government is urging people to work from home in order to protect themselves from the disease. Residential properties are also facing a lot of challenges. This is because some people are no longer working hence they lack any income to pay their monthly rents.
Some developers have bank loans and were hoping to repay their loans in April and May but with no tenants coming, the developers are really struggling. The managing director of Jojean Properties also said very few tenants have moved houses as they monitor the situation. This has put new developers with vacant properties. The director also said the coronavirus pandemic has forced potential buyers to withhold their money.
“No worried person spends money and that is the situation we are facing now in the property sector in Nakuru County. Many have postponed their transactions and have adopted a wait- and-see attitude, “said Mr.kiguru.
In conclusion the real estate industry in Nakuru is greatly affected by this pandemic and the people working in the industry are just hoping for things to turn around.