Author: David Indeje

House prices in Nairobi declined by 2.9 percent during the first half of 2020 compared to a decline of 1.8 percent in the first half of 2019 according to Knight Frank Pan-Africa Residential and Office Dashboards. The latest data pushed the annual decline to 5.1 percent in the year to June mainly attributed to the continued oversupply of residential developments, unfavourable economic climate, low liquidity and expatriates returning to their home countries. The report also tracked performance and trends in 29 African cities during the Covid–19 pandemic. Prime residential rents also declined over the review period by 6.55 percent compared…

Little Cab, Kenya’s fastest-growing ride-hailing company says it will be transitioning permanently from the call center support lines to Email in responding to customer queries. It termed the move as a way “To enhance the quality of our service delivery.” In an emailed statement to clients, it said, “Throughout the years, it has been a delight to hear your voice and feedback on how we can improve our products and services.” The transition will be effective from & October 2020. According to the company,  they will be responding to queries under three categories: Hgh priority under 1 working hour, medium…

The Central Bank of Kenya has licensed the country’s first mortgage refinance firm. The regulator said the Kenya Mortgage Refinance Company (KMRC) which was established in 2018, as a non- deposit-taking financial institution under its supervision in issuing mortgage-backed bonds and other instruments in order to increase the availability and affordability of mortgage loans to Kenyans. “The license has been granted pursuant to the CBK (Mortgage Refinance Companies) Regulations, 2019 after KMRC’s fulfillment of the stipulated licensing requirements,” said the CBK on Friday. The Government of Kenya through the National Treasury owns twenty (20) percent of the Company while the…

The Central Bank of Kenya has raised Ksh64.176 billion from the  triple-tranche re-opening  September Treasury Bonds against the advertised Ksh 50 billion. The bonds: FXD2/2010/15 with a 5.3 years tenor and a 9.00 percent per annum coupon rate raised Ksh11.019 billion, FXD1/2020/15 with a 14.5 years tenor and a 12.756 percent per annum coupon rate raised Ksh45.692 billion and FX1/2011/20 with a 10.7 years tenor and a 10.00 percent per annum coupon rate raised Ksh7.465 billion. The proceeds will be used for budgetary support in the current 2020/21 fiscal year. https://twitter.com/CBKKenya/status/1306245136687468548?s=20 The National Treasury projects ordinary revenue to decline from…

Retailer, Tuskys Supermarket has been ordered to shut down its Greenspan outlet over KSh30 million rent arrears. Greenspan mall’s Real Estate Investment Trust (Reit) manager, ICEA Lion Asset Management (Ilam), said  they resolved to shut the branch because it had failed to meet its tenancy obligation. “Tuskys started showing signs of distress as a tenant earlier in the year with regards to the tenant’s obligations. As the REIT Manager, we have been in discussions with them to reach an amicable payment plan and warrant their continued operations at the mall,” noted ICEA. “The payment plan has been dishonoured by the…

Tanzania has lifted the ban on airlines from Kenya to resume flights bringing to an end to the airspace feud between the two countries. The Tanzania Civil Aviation Authority (TCAA) Wednesday announced that it had lifted the suspension that hit Kenya Airways, AirKenya Express, Fly540, and Safarilink Aviation. In a statement, TCAA director-general Hamza Johari said the authority was acting on a reciprocal basis after the Kenya Civil Aviation Authority (KCAA), included Tanzania on a revised list of countries exempted from the 14-day mandatory quarantine upon arrival. “In view of that and on a reciprocal basis, Tanzania has now lifted…