NEW infrastructure developments in Mombasa have increased the pace of property value growth in the region, leading to a windfall for investors. According to some developers, the planned construction of the Dongo Kundu bypass linking the South and North Coasts has caused land prices on the South Coast to double over the last year.
The upcoming projects in the coastal town have opened up Mombasa West, mainly occupied by warehouses, container freight stations, factories, and low-cost houses, to other types of real estate development.Dongo Kundu bypass, which incorporates the Mombasa free trade zone, is aimed at decongesting the city.Most of the people in the city are moving to the neighboring environment, ie, Mariakani. Inuka Afrika Properties, one of the developers in Mariakani, advises
The road is 17.5 km from Miritini at the mainland west of Mombasa to Ng’ombeni in the South mainland. It will reduce over-reliance on the Likoni Ferry, the main transport link to the South Coast.
The ongoing construction of the Sh327 billion standard gauge railway, developers say, has also contributed to the appreciation of land prices at the Coast. Noted by Star newspaper.
These projects have had a very big impact on land, house prices, and rents. An acre of land at Miritini costs Sh20 million, up from Sh7 million two years ago. A 5,000-square-foot warehouse within the Jomvu and Changamwe industrial areas currently costs between Sh25 million and Sh30 million, up from Sh15 million two years ago.Other areas that have attracted more investors, hence driving up land prices, are the nearby towns of Mazeras and Mariakani, which have attracted industries, transport firms and warehousing developments.
Other areas that have attracted more investors, hence driving up land prices, are the nearby towns of Mazeras and Mariakani, which have attracted industries, transport firms and warehousing developments.An acre of land at Mazeras is currently going for Sh12 million, up from Sh3 million, while a similar piece of land at Mariakani is asking between Sh10and and Sh15 million.
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