Taylor Scott International (TSI) is proud to announce that its second office in Kenya will be fully operating as of March the 1st 2015 in the Kenyan port city of Mombasa. The new TSI office is located in City Mall in Nyali. TSI has been successfully operating in Nairobi, Kenya since April 2013. TSI’s expansion into Mombasa is the first phase its East African expansion plans.
Taylor Scott International is looking forward to establishing in Mombasa the same good reputation it has achieved Globally over the years and providing the same high standard of services in the Mombasa property market, Taylor Scott International is ready to cover every possible need of the individual or the Institutional investor.
Taylor Scott International’s regional Director of sales Mr. Kelvin Kaloki Sila , who will lead the new Mombasa office said “Nothing but the best for the coast market “. Mr. Kaloki added that he plans enter the market immediately and “aggressively” starting with Taylor Scott International’s participation at the The 13TH MOMBASA HOMES EXPO, that will take place between 29th and 31st of May, 2015, at SAROVA WHITESANDS MOMBASA.
In the coast, during the last decade, the real estate demand has exceeded the supply several times. In addition, a stable political climate, an increasing tourist sector , heavy remittances by Kenya’s diaspora, hefty pensioners’ funds, private equity investments and the large base of expatriates have pushed property prices to an all-time high. This combination of factors has led to spiraling costs of housing and escalating property prices. Investors in the property market have had a swell time in the recent past, until almost 2 years ago . After all the terrorist incidents that have happened all over Kenya, combined with the growing economic crisis in Europe, an unexpected decrease of the tourist arrivals in the country and the coast followed.
The side effect of the tourism industry’s declining on the brink of collapse, was that dozens of hotels had to shut down , property prices dropped over 40% in most of the cases and the market has been frozen for the last two years .
The positive news is that the European economy seems to be getting better and shortly economists expect the Eurozone to be stronger. The terrorism incidents have been isolated in specific areas (close to the Somalian border), giving positive signs for the coastal tourism and property market rebound in the near future. Today investors can already find very good property deals on the coast ,prices in Malindi, Watamu , Lamu, Mombasa for commercial property, house ,holiday houses and hotels have showed a remarkable depreciation over the last 2 years and someone should consider it as a good moment to start looking for investment opportunities, now that the market is low. Speculating and expecting good returns in the short to medium term, according to Kosta Kioleoglou Director of Engineering and Valuations for Taylor Scott International.
Taylor Scott International is looking forward to spotting lucrative and unexploited income producing property in the coast. As the International Preferred Broker for Damac Properties we will also launch the unique luxury Damac properties in Dubai to the coastal market introducing new investment opportunities into one of the best performing real estate markets in the world.