I don't think anyone is suggesting a bust. But I think a decrease in the growth and slight correction in some areas is very likely.
Developers who sold houses off plan are having difficulty completing the properties on time. The prices of inputs have gone up and the few they are trying to sell once complete are being affected by high mortgage rates.
Something will have to break in some of these markets where there is oversupply of houses/ apartments and the prices will definitely come down. I suspect syokimau (area in the short term), Kilimani & kileleshwa, Thika I think are areas where prices of houses will probably come down.
I also envision the rental yields increasing in the short to mid term. The rent will not come down in any of the areas above. The supply of rental units is way below demand (both will & able and well defined) and since the prices will be coming down this makes it ripe for long term investment.
So the question begs .. is real estate a viable market? YES but strategies will have to change.

If speculating, better go for cheap and bigger land otherwise getting a buyer for any land above 1 million is not that easy unless it is very prime.

Interest costs up from 14% to 20% means many families will have problems paying the mortgages unless they cut back on other discretionary spending.

For those who are already straining to pay the mortgage, a loss of one job (if a couple) or an unexpected event can push them over the edge.

I expect defaults to soar 9 months from now. A pity.