Real estate developers in the county expect a housing boom, now that the
mining industry is due to start soon. PHOTO/ISMAIL KEZAALA
Real estate developers in the county expect a housing boom, now that the mining industry is due to start soon.
With titanium, niobium and rare earth mineral prospects high in the South Coast, developers are capitalising on shortage of decent housing, and are putting put up blocks to accommodate the staff and visitors.
“Estate developers are strategically targeting to construct units in the county for both the domestic and foreign market,” said Mr Mwenda Thuranira, Myspace Properties executive officer, ahead of the Mombasa Homes Expo that kicks off Friday.
Already, land in Kwale has appreciated by between 100 and 200 per cent in the last five years, helped by the discovery of the minerals and the establishment of Ramisi Sugar Factory.
“For instance, five years ago, an acre around Ramisi used to go for about Sh30,000 but today we are talking of more than Sh200,000 for the same piece of land,” said Mr David Ndirangu, a land agent based in Ukunda.
“We expect the price of land to continue rising due to increased demand for housing units,” he said.
Base
Titanium Limited will start exporting titanium at the end of the month
while Cortec Mining is expected to start mining rare earths minerals in
case an ongoing court battle is decided in its favour.
“Once mining takes shape, prospective developers will focus on the demand in the market for modern houses,” said Mr Thuranira.
However, poor infrastructure in the area, especially congestion at the ferry channel, is likely to slow down development.
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