10 April 2012

Kenya: Coast Homes Market Hits Temporary Snag

Recent cases of insecurity at Kenya's Coast have begun impacting the region's real estate market as potential buyers and investors adopt a wait-and-see attitude.

According to chairman of the Institution of Surveyors of Kenya (ISK) Mombasa chapter Joel Ombati, the region's property market has temporarily slowed down, evidenced by low turn out to the just concluded homes expo.

"The recent homes expo in Mombasa was not well attended. For this reason it is evident that there is low interest by potential buyers of property in Mombasa," he said.

The land valuer said the recent disruption of mock elections in Malindi blamed on the outlawed Mombasa Republican Council (MRC) worsened the market with jitters of political instability as elections approach.

Ombati said the government should address historical injustices in regard to land allocation in the coast region, and urged parliament to pass the relevant land laws.

More than 5,000 visitors had been expected to visit stands at the Mombasa Homes Expo held at the Sarova Whitesands, where various players in the property market displayed their products and allied services.

The expo is held twice a year and is the only property exhibition at the coast.

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