Mombasa Homes Expo records resounding success

Willis Oketch

Mombasa has quickly become a vibrant real estate market for holidaymakers hoping to own holiday homes in the area.

Myspace Properties Chief Executive Mwenda Thuranira says there is a wind of change blowing across Mombasa and beach line properties are in high demand.

He says there is an upsurge of people looking for houses and homes following awareness created by the first Mombasa expo in April.

"The value of land has gone up because there is a high demand for plots where houses can be built," says Thuranira.

According to Thuranira, the second Mombasa expo last weekend saw a huge turn out of local and foreign tourists inquiring on how to own a home, a clear indication of growth of the market.

Housing minister, Soita Shitanda officially opened the expo, which began on Friday.

Shitanda accompanied by Thuranira toured various stands among them Home Automated Security System, where they learned how a home’s security could be controlled from a mobile phone. The system garget, which was exhibited by Kenyans from South Africa, attracted many attendants.

Winners awarded

The other stands, which drew a lot of interest, were Kaluworks where they displayed corrosion-resistant aluminium-roofing sheets.

At the Ministry of Housing stand, Shitanda witnessed a demonstration of the new way of making cheap building blocks.

According to the ministry officials, equipment for making the building blocks was available in every province and developers could access it free of charge. Shitanda later presented trophies and certificates to the best exhibitors.

He commended the organisers of the event and assured them that his ministry would partner with them for another expo in April next year. During the event, which attracted 43 exhibitors, Ministry of Housing emerged the winner in the Real Estate category. Katari came second and Myspace Properties was third.

In the Finance category, Savings and Loan (S&L) was declared the winner followed by Housing Finance and Co-operative Bank respectively. Likoni Furniture was first position in the Building Support category followed by Aquachem. In Communication, DSTV won with Wananchi Group coming second. A day before the expo, the organisers held a conference where exhibitors were educated on various aspects pertaining to the real estate industry.

Among the lecturers was Housing Finance Managing Director Frank Ireri, who advised Kenyans to stop shying away from taking development loans. He explained that the institution was there for every Kenyan with an ambition of owning a better house or good business premises.

"We have been in business for 44 years. During that time we have facilitated financing of major housing projects around the country," said Ireri.

Third expo

Co-operative Bank Head of Mortgage Finance, Chris Chege said the bank had made enough contacts to enable it penetrate Mombasa’s vibrant market.

"We are going to work very closely with our customers in the region to give them what will satisfy their members," says Chege.

He said the bank would now help the cooperative societies in the region to build houses, which are in high demand in the area.

Thuranira announced that following the success of the second event; Mombasa expo would now be an annual event.

He also revealed Myspace Properties has been invited to participate in the organisation of the London Expo where Mombasa property developers will exhibit their wares.

Shitanda said the Government had put in place equipment for making building materials at a low cost.

"So far we have established nine provincial and 13 constituency centres in various parts of the country to give equipment for making low cost block," said Shitanda. He appealed to Kenyans who wanted to build good houses at a low cost to visit Ministry of Housing offices at provincial offices for help.

A Mombasa advocate, Karim Chekera admitted that the second Mombasa Expo was better than the first one.

"It was a success because it turned out to be a good platform for developers to show their products to prospective buyers," said Chekera.

A land and estate agent in Mombasa, Suleman Salyani said demand for apartments in the town had gone up.

"There is an upsurge in the local tourism. These people are looking for homes, raising the demand for the property," said Salyani. He said the level of awareness about what was available in the local market was high. "This is why many upcountry people came to the expo," says Salyani.

Diaspora

During the expo, Salyani says he got 10 clients who booked the second and third floors of a four-storey apartment developed by Wonder Apartments at Tudor.

Ms Wamaitha Muthomo who travelled to Mombasa from Nairobi was amazed by the business opportunities in the town. "I have now made up my mind to open a branch office in Mombasa after what I saw during the expo," she said.

Among Kenyans from abroad who have invested in Mombasa include, Mrs Joyce Rumsey, the Director of Knightsbridge who is building apartments worth Sh250 million in Nyali.

She decided to build the apartments in Mombasa after she realised there was a ready market. Rumsey says that at first when she came back to Kenya, she had an intention of selling the plot but after evaluating the cost of selling it and putting up apartments, she realised the latter was more profitable.

"I have already signed a contract with a Chinese Construction Company to put up the buildings for me," says Rumsey.

Housing Finance’ head of mortgage, David Maveke explains that the institution is focusing on Kenyans abroad interested in investing back at home. "Kenyans abroad have decided to invest at home following the global finance crunch, which lowered returns on investment abroad," says Maveke.

The participants included Aden Developers, Buyut Agencies, Chloride Exide, Converge Movers and Daystar University, Royal apartments.

Others were Direct Movers, Diani Homes, Electric Links, Ndatani Shikara Ltd, Oakpark Apartments, WilkenGroups, Island Homes, Neljos Security Services, Manson Hart Kenya Pelly Properties, Solatec knowledge & Renewable Energy, Likoni Quality Furniture and Gimco Ltd among others.