Expo targets Coast's untapped potential

By Willis Oketch

Mombasa is fast gaining fame as potential property investment location rivalling even Nairobi. Indeed, as a gateway to East Africa owing to the location of the principal seaport, it has emerged as potential area for real estate development because of shipping activities in the place.

It is for this reason that the theme of Fifth Mombasa Homes Expo slated for April 22 and 24 at Sarova Whitesands Hotel is about exploring and tapping on the emerging opportunities in Mombasa. According to Myspace Property Chief Executive Mwenda Thuranira the expos organiser, developers view Mombasa as a hub of industries thanks to the port.

"This is a market which can not be ignored by any serious investor," he says.

According to him, the more the industries the more the demand for housing. The demand for property in the coastal town has attracted many developers over the past few years.

"In fact now the big time developers view Mombasa the way they viewed Nairobi ten years ago," he says.

Entertainers during the last Mombasa expo.

Over the past two years, Mombasa Homes Expo has provided opportunities where potential clients have met with developers and other stakeholders in the industry.

This year’s expo will target both middle and low-income earners who can afford houses ranging between Sh1.5 million and Sh10 million.

High-income earners

There will also be properties targeting high-income earners going for over Sh20 million.

The expo is expected to be different, as many companies will be showcasing their new products. Bamburi Cement, one of the expo’s main sponsors will display new building materials at the expo.

According to Thuranira the low income earners are continually faced with a bleak future given the rising cost of living. He says building a house costing less than Sh1.5 million is becoming elusive.

This is further worsened by the escalating cost of land experienced through out the country.

However, all is not lost and everyone’s dream for a decent housing can be realised. In Mombasa, for example, he believes the Government can start by improving the living conditions in areas such as Mshomoroni, Likoni, Kisauni Magongo and other areas.

This year’s expo has attracted 14 new exhibitors like Hilton homes, Toyota Kenya, Pekar Roofing, Heyland properties and Consolidated Bank among others.

Regular exhibitors like Shikara, Vipingo Ridge and Lantana Gulu will be showcasing their latest projects in the property sector.