However, there is another class referred to as the “floating middle class” which are not poor but can fall into poverty courtesy of a small disturbance on their economic well-being.

A housing shortage exists but the common man hasn't been factored into plans of the real estate developers.. The drop in rent is expected and long overdue

The said bubble burst isn't countrywide.. And NSSF have capacity to deliver Kenyans from this economic suicide by replication of BuruBuru, Nyayo Estate etc But they would rather chase mirage of NBK shares and Hazina Towers.. This country is f×cked up!

For smaller houses yes, but property worth KES 6m or more, a mortgage may be necessary

I am convinced there is creative accounting and mis-reporting going on at banks. Some of them should be quite distressed. There must be a lot of capital tied up in half-finished projects or in projects completed but with no occupancy or buyers, which means the owners are not servicing loans. These loans should be in bad debt / write-down territory now, fire sale mode. But no, everyone remains stiff lipped, probably hoping things will turn around, the turds in the books remain hidden somehow cause the fundamentals don't appear badly off, it is all hunky-dory.
What if there is no turn-around in the next 5 to 10 years? How bad are the books I wonder? Will it be another Nakumatt-like scenario, a shiny edifice that is hollow inside?