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Mombasa a magnet for high net worth people

Assistant Director Investment

Mombasa’s stature will be in sharp focus next month after an Africa-wide wealth report said it was a favourite destination for tourism billions.

Africa Wealth Report 2018 — jointly prepared by South Africa-based marketing research firm New World Wealth and AfroAsia Bank of Mauritius — said Mombasa had some of the most expensive beach houses and villas selling for as much as Sh1.4 billion apiece. The report refers to 200-400 square metre apartment or villa in the best part of Mombasa.

“Demand for offices and residences to let or buy in Mombasa has seen its prices per square metre rise to Sh170,000 becoming the seventh most expensive and most sought after city in Africa,” it says.

In an interview, Mombasa Trade, Tourism and Investment executive Fawz Rashid said they had initiated strategies to fast track establishment of tourism investments to boost the city’s status as Kenya’s hospitality capital.

“The plans range from creating safe and conducive avenues for inviting both international and local investors to invest in this area to creating strong partnerships with stakeholders in the sector," Mr Rashid said.

The New Wealth Report said incoming high net worth individuals would be highly welcome in Mombasa, whose estimated wealth is Sh800 billion.

Mombasa is a known global tourism destination due to its people’s rich mix of cultures that inspire an array of events from donkey races and food festivals to cultural dance nights.

And with the upcoming global SKAL congress, bringing together hospitality investors, facility developers and operators for a week long forum, Mombasa could finally unlock its myriad of opportunities.

Mombasa Governor Hassan Joho expressed the county government’s willingness to support incoming investors to set up shop. "Delegates will have an opportunity to meet with experts who will offer insights into trends and emerging technologies in the travel and tourism market, plus improve the investment, business and economic climate,” he said.

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