IN PICTURES: Mogadishu’s property boom
Photo: Investors and residents are racing to cash in a construction boom in Mogadishu
The Somali capital Mogadishu is witnessing an unlikely boom in properties and construction eight months after Al Qaeda-affiliated insurgents fled from the once elegant Indian Ocean seaside town.
Some local analysts believe if peace is fully restored in the war-ravaged nation, its capital could outgrow neighbouring Nairobi and Addis Ababa in the next 20-50 years. They believe the large Somali Diaspora community, who already channel over a $1 billion annually could contribute to its growth. They also stated that oil-rich Middle-Eastern investors would significantly invest in the Somali town.
Rich Saudis, who said their country was running out of sand due to massive construction boom in the Gulf already expressed interest in the Somali capital. At present Turkey probably has the biggest influence in the town and plans to rebuild famous landmarks as well as roads, hospitals, water systems and schools. Somali students were once sent to the former Soviet Union, today they are flying to Turkey.
Furthermore its strategic location, seaports and airports will help Mogadishu become one of the most important towns in Africa.
Security is not still reliable but Mogadishu is slowly rising from the ashes 21 years after the civil war broke out. Mogadishu still has long way to go to restore its past glory but this could be the beginning. With its Persian, Arab and Italian past before the war Mogadishu was considered one of the most beautiful cities in Africa.
Photos by CDR Somalia courtesy of Hiiraan Online.
Video: A snap shot of Mogadishu’s past glory
May 12, 2012