MARSABIT Once sleepy is now easily accessible and crying for real estate investors

Marsabit County Government offices on October 26 2016. PHOTO | PHOEBE OKALL

What you need to know:

  • The town now boasts modern hotels with accommodation suites as well as conference facilities. It will next year have a three-storey building strategically located on the Marsabit-Isiolo Road that will house a petrol station, a supermarket,  restaurant, conference rooms and parking bay, one of the proprietors, Mr Faud Baslum said.
  • He attributed the rapid economic growth to improved security as well as easier access thanks to the construction of the Merille-Marsabit-Moyale Road.  
  • Nevertheless, the price of land has risen remarkably. A 50x100  plot in Marsabit Town that cost between Sh500,000 and 700,000 five years ago is now going for as much as Sh2million.  

Marsabit County, once shunned by investors because of constant inter-ethnic conflicts and insecurity, is quickly becoming the economic hub.

With the construction of the Merille-Marsabit-Moyale Road almost complete, there is a rush by investors to the region for a piece of the unexploited areas. 

The town’s transport is developing rapidly, with matatus establishing new routes to cater for residents. 

At least 30 buses ply the Moyale-Nairoi route daily transporting an estimated 3,000 passengers, mostly traders seeking greener pastures away from Nairobi. Entertainment joints have also come up in the town, with the entrepreneurs keen to take advantage of the growing population. 

The town now boasts modern hotels with accommodation suites as well as conference facilities. It will next year have a three-storey building strategically located on the Marsabit-Isiolo Road that will house a petrol station, a supermarket,  restaurant, conference rooms and parking bay, one of the proprietors, Mr Faud Baslum said.

Marsabit Governor Ukur Yattani recently said the town will be the next economic frontier, not just of the county, but of the country. 

Meanwhile, Land, Urban Development and Energy Executive Yasmin Abdikadir said they were coming up with a master plan for the county. 

She said the map currently in use was drawn in 1972, adding that there was a need to plan the county, especially of Marsabit Town, which is its headquarters.

RAPID GROWTH

The Marsabit Branch Equity Bank Manager Mr Benson Kinyua said the rapid economic growth witnessed in the county in the recent past He told DN2 that  the main activities driving   the county’s economic growth were  general merchandise, construction, institutions, the mobile phone  business, banking and the service industry. 

He attributed the rapid economic growth to improved security as well as easier access thanks to the construction of the Merille-Marsabit-Moyale Road.  

He appealed to investors to set up businesses in the area. 

“My message to both local and foreign investors is that Marsabit is now different and there are many investment opportunities since peace and security are now assured  in the region,” Mr Kinyua said. 

Mr Kinyua said business in the town will double in the next five years and asked the entrepreneurs to look for something to do in the county, especially consultancy in professional services, which he said was unexploited.

He, however, noted that real estate remains grossly underdeveloped in the region, leading to a shortage of housing and vast tracks of land lying idle.

Nevertheless, the price of land has risen remarkably. A 50x100  plot in Marsabit Town that cost between Sh500,000 and 700,000 five years ago is now going for as much as Sh2million.  

He also said the banking sector is still grappling with the lending challenges for  mortgages and mega projects attributed to  the lack of title deeds in the county. 

He further cited ignorance among most of the locals as a big impediment to formal saving since they still prefer keeping their money in their manyattas or buried underground. 

His views were echoed by the County Enterprise Development officer, Mr  Anthony Ngigi, who added that while most residents still depend on small enterprises, their businesses  are not registered with Saccos, making it hard for them to make good profits.   

Mr Ngigi appealed to residents to pool their resources to stimulate  the growth of their businesses through the local branch of the Kenya National Chamber of Commerce and Industry. 

He said Marsabit Town has only nine registered Saccos, adding that there was a need to sensitise people to invest in projects that will help them generate more money. 

He said without legal entities like saccos, the businesses in the region could not attract big funding.