Defaults on mortgages jumped 48 percent to Sh70.5 billion in the year to March, pointing to widespread distress in real estate in the wake of Covid-19 economic hardships as property auctions pick up.
Latest Central Bank of Kenya (CBK) data shows that mortgages recorded the highest growth in non-performing loans (NPLs) from Sh47.5 billion in March last year, reflecting the struggle by investors to find buyers for their houses amid dwindling returns.
