Default on mortgages jumped 41 percent to Sh38 billion, pointing to widespread distress in the real estate sector as Kenya’s economy slows down and property auctions pick up.
Latest Central Bank of Kenya (CBK) data shows that mortgages recorded the highest growth in non-performing loans (NPLs) last year from Sh27.2 billion in 2017, reflecting the struggle by investors to find buyers for their houses amid dwindling returns.
