Real estate in Nairobi. [Photo/]

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A stalemate has hit property sales around Nairobi and its neighbouring environs after a sharp drop was experienced in the sale of land and developed properties.

HF Development and Investment (HFDI) Executive Director, James Karanja, reported massive inactivity in the market, which he attributed to the political climate in the country.

The firm has new units in the pipeline in Nairobi Eastlands area that includes two and three-bedroom in their project dubbed, Komarock Heights.

Enka Villa Properties Managing Director, Meshack Muhoho, said business had ground to a halt despite heavy investments in property infrastructure, especially roads and provision of water and electricity.

Enka Villa which derives about 15 percent of its sales from the diaspora, stated that a few people who buy low-priced property during a crisis are showing interest. Sadly, the majority of people are awaiting the outcome of the political stalemate.

Borrowers who rely on Sacco’s and banks for loans to buy property are not willing to seek such funds for fear of default in the current environment.

Letas Developers Managing Director, Patrick Muchoki, stated that unlike the first half of the year where there was a healthy flow of clients, only a few people are enquiring about property availability.

He further stated that a wait and see attitude has been adopted by the majority as people are unsure of what will happen next.