Somalis are Kenya’s new property kings

[Che -Guevara]

Money from Kenyans living abroad and war profiteering in the region has flooded into the Kenyan property market, leading to a doubling of prices for land and houses and steep increases in rents, real estate experts say.

 

They attribute this trend in part to demand by non-Kenyans, most of them from war-torn Somalia.

 

The areas most affected are Nairobi, Mombasa and other major urban centres where the price of land has more than doubled as property is sold long before it is ready for occupation.

Hiiraan

[Caano Geel]

not sure about the thump up, it's not a particularly upbeat article ,,, lots of criminal insinuations

[Che -Guevara]

^It's called envy!

 

Somalis would be force to reckon if they only organize themselves, and work on common interests.

[Paragon]

^It's a bubble which may burst.

 

On another related story in Dubai, I heard many islaamo who used their hagbad to buy properties are under investigation in the UK.

 

Unrelated: there was another story in Hargeisa recently, which involved a lady from the UK, who introduced 'pyramid schemes' to Hargeisa women whose results were disasterous. A lot of money was lost when the women legged with the money.

[Che -Guevara]

^The article noted one word that capture the essence of this new business, it is a TREND. Most are in for quick money with no longterm outlook, but I would hope a small fraction of them are in for the long haul.

[Valenteenah.]

Despite appearances, Somalis are pretty resourceful. Che, indeed we would take over the world if we were more organised and worked to common interests.

[STOIC]

When I read the article the "pirate money" kind of put me off.Though I still believe there are some hard working Somalis who are involved in many legitimate business in Nairobi. I particularly have a cousin who worked all his life in London and decided to buy properties in Nairobi and sell it back to his former collegues and friends in the UK.He is breaking the bank while seating on his behind in Nairobi.Somlis have been the movers and shakers of the Kenyan economy for a long time I'm not surprised that they are ahead of the natives a few steps ahead

[IsseRiyole]

For some reason anytime a Somali person touches or involves any project that thing gets hot and hard to negotiate, what the hell is wrong with somalis.why we are so Hot.

[Coloow]

I agree with Paragon. Somalis in the diaspora should either buy their homes and invest in somalia (there are some pockets of peace in somalia) or buy homes in the countries they live in. A third alternative is to invest in North Eastern,

 

It wouldn't surprise (given Kenyan's history of screening) if the somalis lose their precious homes or are killed like in South Africa.

 

Eastleigh poses a paradox; on the one hand it is booming while on the other detoriating.

 

It is not only in Mombasa/Nairobi that booms but North Eastern is going through an economic boom; the small town of Habaswein (a dusty village a decade or so ago has witnessed many beautiful homes). Mandera iyo Garissa iskaba daa. Mandera has grown, grown, grown.

 

I have always wondered where the money comes from. Aniga waxaan ahay middle class laakin "Boloodh" ama qurbac ma aanan gadanin.

 

Concerning the cajuusos that but property in the middle east, I think they don't know what they are buying; it is Isoo raac. Bal maxaay naqshada u gadanayaa kolley "old age home" ayaa u dambeeyse.