Covid-19: Nakuru property market hit hard

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An aerial view of Nakuru town. Coronavirus pandemic fears has slowed down property market in the town. PHOTO | FRANCIS MUREITHI | NATION MEDIA GROUP

At least seven registered Real Estate Agents in the county are staring at losses as transactions diminish by the day.

The industry players have warned that the impact is causing massive financial losses.

The Sh1 billion property market in Nakuru County has been affected by the coronavirus pandemic fears.

As uncertainty continues, industry players have warned that the impact is causing massive financial losses and disruption that has shaken the property market.

At least seven registered Real Estate Agents in the county are staring at losses as transactions diminish by the day.

COVID-19 CRISIS

Hundreds of commercial and brokerage agencies are not spared either and could face one of their worst recessions with a negative growth if the Covid-19 crisis continues.

For instance, land transactions worth millions of shillings on the shores of Lake Naivasha have been suspended since buyers have shied away.

Land transactions and commercial leases involving millions of shillings on the outskirts of Nakuru town have been put on hold as the land office has been closed. Banks have suspended loan disbursement to developers.

Apart from hundreds who work directly in the real estates and commercial agencies, many are worried about their job security. Lawyers specializing in conveyance business have also been hard hit.

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