“When property prices are increasing there tends to be inherent overvaluation. The higher the property valuation, the higher the fees charged by the valuer. Gikonyo says the auction prices are discounted. “By law auctions are discounted 25 per cent of the market price." In an auction, a Sh10 million property would go for about Sh7.5 million.

Source: Standard Digital June 09, 2021 21:00 UTC