Mombasa Homes Expo set for next month

Real Estate

It has been eight months since the first Mombasa Homes Expo was held.

The second event is scheduled to open mid next month.

My Space Properties Chief Executive Officer Mwenda Thuranira says the inaugural expo was an eye opener to many property investors who began to appreciate the potential at the Coast.

"We realised the main obstacle to property development in Mombasa was lack of information on the offers," says Thuranira.

"There is a lot of potential in the town. Since April, many people have acquired property at the Coast while others have made offers."

During the December expo, three international developers from South Africa, Holland and Canada will participate.

Discussions with experts

The expo will kick off with a conference on December 17 where experts will give lectures on property development and financing.

Venerated industrialist Manu Chandaria will be among the key speakers and his topic of choice is on how to succeed in business.

The main sponsors of the event include the Ministry of Housing, Savings & Loans, Housing Finance, Shikara Ltd, Tamarind, Unique Homes Magazine, Commercial Bank of Africa and Lantana Homes.

Being a peaceful town with a warm climate all year round that is spiced by cool sea breezes, the coastal towns are a favourite with both locals and foreigners, many of whom are more keen to own property in the region.

"The expo unveiled untapped opportunities in Mombasa, which is why several Nairobi-based developers have rushed to Mombasa," says Thuranira.

Thuranira urges other major developers to organise similar expos in other towns such as Eldoret, Nyeri, Meru and Nakuru. Kisumu held its first homes expo a few months ago.

Seafront properties

"The expos will encourage more Kenyans to invest outside the city or their ethnic regions especially considering that land has become a scarce resource in most populated areas," says Thuranira.

Following the Mombasa expo, retirees from around the country trooped to the Coast to seek property.

"More people are now contemplating retiring in Mombasa because the coastal city is welcoming, peaceful and hospitable. People here are not as aggressive and this is a charming trait," says Thuranira.

Seafront properties are particularly popular with the wealthy.

"People who live near beaches believe the sea has a healing effect on their lives," says Thuranira.

Interest in apartments has also gone up as investors consider them safer.

Commercial interests have also increased at the coastal town, evident in the number of malls and office complexes that are coming up.