Mombasa becomes an investment destination
08 July 2014, 08:09
Mombasa - Property investors are taking advantage of the infrastructure improvements and good weather in the sea-side city of Mombasa, as demand for modern apartments increases , Standard Digital reports.
With the assistance of banks, investors are purchasing apartments and renting them out to tourists, especially from Europe.
The property industry in Mombasa has taken a knock in recent months, both the United States and the United Kingdom issued warnings to their citizens not to travel to the picturesque city because of terror threats in recent months.
Interest in the booming property business has increased with from other African countries such as Nigeria, while mostly are local investors.
One of the investors, Sunset Paradise Apartments has recently put in KES 400 million into modern apartments in the coastal region.
Units are being priced between KES 12.5 million for a four bedroom apartment, while it costs KES 11.5 million for a two bed-roomed duplex.
Various banks are supporting the major project such as Kenya Commercial Bank and Shelter Afrique.
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