$350,000 for Mogadishu new apartments?

[Cerberus]

Is Mogadishu really that expensive now? $350k for these apartments they are constructing and yet they say they ran out of steele and other materials to build. WTF?

 

[Manafesto]

Whoever invests their hard earned money on that Hellhole of a city should expect nothing back, why not put your money in other safe parts of the city, powerfull warlord and Politicians with 100s of security detail are not even safe in B0mbdishu, overall bad investment for the fella.

 

[Villainess]

i don’t understand why people want to build countless apartments and hotels when that money can be used effectively

 

[486th President]

Makes me mad waste of material as well since it’s finna get exploded

 

[Gucci Bucket Hat]

Apartments will be useless in Somalia as the only people who can afford and rent them are the Diaspora and Politicians

 

[Cerberus]

Whoever invests their hard earned money on that Hellhole of a city should expect nothing back, why not put your money in other safe parts of the city, powerfull warlord and Politicians with 100s of security detail are not even safe in B0mbdishu, overall bad investment for the fella.

Lol I used to call it QARAXDISHO but it is getting safer now I hear. As long as your house is not next to a hotel or a restaurant that can get targeted because government officials eat or stay there, then you should be safe.

 

[Lostbox]

Somalia doesn't have something as basic as property rights protection regulations

 

[Cerberus]

Apartments will be useless in Somalia as the only people who can afford and rent them are the Diaspora and Politicians

Probably the reason why the owners couldn't even provide builders with the steele or other stuff like tiles that they will need.

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

LMAO

Who would pay that much to live in an apartment? A potential fire hazard/security threat with much less space than a normal house.

You can build an amazing mansion for a third of that price, with much more privacy, security, a GARDEN, Garage/s etc, etc.

 

[Cerberus]

Somalia doesn't have something as basic as property protection regulation

What is property protection regulation?

 

[Apollo]

Real estate is a dumb thing to invest in. It is for boomers and/or low-risk people who are scared of more risky high return investments. @ozzyoz

They need to tax the f*ck out of real estate speculators, they cause social problems by driving up living costs.

 

[Lostbox]

What is property protection regulation?

Property law - Wikipedia

en.m.wikipedia.org

 

[Pierre Trudeau]

People not from there shouldn’t invest their hard earned capital. They are better of investing and contributing to their Federal Member States. At least your sub clan will ensure your property or investments aren’t seized by other clans.

Take your money to your sub-sub-sub clans lands.

 

[Cerberus]

Real estate is a dumb thing to invest in. It is for boomers and/or low-risk people who are scared of more risky high return investments. @ozzyoz

They need to tax the f*ck out of real estate speculators, they cause social problems by driving up living costs.

People once used to rent for $60 or $100 a month, but now they rent for $300+ in some parts I hear. They've been driving up costs. They also sell bad homes that need renovation for around $90k to $100k

 

[Milano Ahmed]

It pains me to say it but Investing $350K in a very unstable city where your apartments at any given moment could be blown up is literally throwing your money down the drain

 

[scarecrow]

Is Mogadishu really that expensive now? $350k for these apartments they are constructing and yet they say they ran out of steele and other materials to build. WTF?

Why would you spend that much in an apartment, when you can build a mega villa with that money. Hell certain parts you can even build a hotel with that money.

 

[Periplus]

Firstly, that is a video from 2014 and those were the first apartments built in Xamar, hence the price.

Now with a more diverse market with gated communities and other apartments, western style housing is cheaper in Xamar.

I think its a good investment as I have heard people rent these apartments to diaspora that come on holiday. Plus with the amount of Somalis overseas, there are thousands upon thousands that can afford a place like that on top the numerous civil servants, businessmen, aid workers etc.

 

[Periplus]

It pains me to say it but Investing $350K in a very unstable city where your apartments at any given moment could be blown up is literally throwing your money down the drain

There are a few insurance companies in Somalia now, idk if they have good coverage for terror attacks but I assume it will form part of a home and contents insurance package.

 

[Periplus]

LMAO

Who would pay that much to live in an apartment? A potential fire hazard/security threat with much less space than a normal house.

You can build an amazing mansion for a third of that price, with much more privacy, security, a GARDEN, Garage/s etc, etc.

The issue with that is you need to buy land and as banadir has finite land, there is scarcity which drives up prices. Therefore, people prefer to buy western style apartments as holiday homes and investment.

 

[Cerberus]

Why would you spend that much in an apartment, when you can build a mega villa with that money. Hell certain parts you can even build a hotel with that money.

A hotel that will later get all Qarax up. When they built that nice new one next to Lido Beach where that Rich Somali government employee also goes to after he funded building it. I knew that hotel will get hit by Shabaab and it sure did and 16 people died. If you're gonna build a hotel don't do it in Mogadishu, do it in like Somaliland or Central Somalia.