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Real estate boom follows airport expansion

The newly upgraded Kisumu International Airport has stirred the dormant real estate market in the lakeside city.

Investors are rushing to acquire prime property whose prices have risen due to an unprecedented increase in demand.

The airport’s upgrading started in 2009 at a cost of Sh3 billion and was officially opened by President Mwai Kibaki last month. The president also commissioned a ground-breaking ceremony for the rehabilitation of the Nyamasaria-Kisumu-Kisian road, which is expected to better real estate investment prospects.

Kisumu International Airport

President Mwai Kibaki officially opening Kisumu International Airport in January 2012. Photo: James keyi/Standard

The 25km road network is being rehabilitated at a cost of Sh5.8 billion and is being contracted by Chinese construction firm, Sino Hydro Corporation.

The airport’s renovation included an elongated runway that was initially 2.1km, which was extended to three kilometres to accommodate larger international aircrafts. Currently, over ten local flights land at the airport daily compared to one or two five years ago.

As a result of these major infrastructural developments, prices of land and property have gone up considerably, rivalling those in up-market areas in Nairobi and beach plots at the Coast.

For instance, the cost of half an acre of land in the Milimani area in Kisumu goes for up to Sh40 million up from Sh20 million or less two years ago.

Ounga Commercial Agencies Operations Director, Victor Oluoch, says the upgrading of the Kisumu International Airport has redefined real estate in the area.

Mutual agreements

 

"It was unimaginable that people would pay over Sh30 million for half an acre in Kisumu until last month," Oluoch says.

Areas close to the airport like Kisian, Daraja Mbili and Ojola that did not attract any real estate investment in the past are in high demand now.

"An eighth of an acre plot around the airport goes for up to Sh1.5 million up from less than Sh1 million last year," says Oluoch.

 

Extracted frm http://www.standardmedia.co.ke/InsidePage.php?id=2000053088&cid=470&story=%20Real%20estate%20boom%20follows%20airport%20expansion

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