VituVingiSana wrote:
It is a lie to say (many) folks do not borrow to buy land/properties in Kenya. If not from banks, then family, then friends, then SACCOs, then informal sources...
@VVS you honestly know people who have lent their families and friends money to buy property?? These people must have really deep pockets
Even if this were the case, the number of people taking out mortgages in EA is negligble..
Infact now that I think about it, Property prices are set to skyrocket after Ndungu's move on interest rates..
If anyone borrows money in the property market its the developers.. The hike in intetest rates will lead to the stoppage of many housing projects and thus reducing supply in the market..
Reducing supply in the midst of stable and growing demand will send prices through the roof!!
Mark 12:29
Deuteronomy 4:16