Vacant land on world class beaches still available at surprisingly low prices
Big names in the tourism industry such as Hilton, Serena, Kempinski and Essque have been quietly building their presence on a stunning tropical island which rivals the Maldives and the Seychelles. Just yesterday Kempinski announced a new development, their second on the island, which will bring millions of dollars of investment into the country.
Zanzibar, a tropical island located just 25 miles from the coast of Tanzania, has remained hidden from the usual investment portfolios and magazines, largely due to the fact that other African destinations such as Kenya, Morocco and Egypt have been stealing the limelight.
“The big players in the tourism industry have seen massive potential in Zanzibar and are working fast to buy up prime real estate before the rest of the property investment market catches up”, says Conor Crowley from OPEN East Africa, a Real Estate Company based in Zanzibar.
“There is still land available on the most exclusive beaches, but the prices can’t stay this low for long – we’re on the cusp of a property boom in Zanzibar”.
Tourism is Zanzibar’s biggest industry, with people flying in from the farthest reaches of the world to come and enjoy the white sandy beaches, turquoise waters and a huge variety of water sports. Each year the number of tourists continues to rise and the traditional “low season” is disappearing, replaced with a consistently high number of visitors all year round.
The new power sharing government in Zanzibar is focused on improving the infrastructure on the island and facilitating foreign investment. The combination of all the above factors will soon be putting Zanzibar in the property investment spotlight and is an area property investors should be keeping a close eye on. The usual suspects mentioned earlier, such as Kenya and Morocco, are quickly becoming very expensive for investing in property, with profit margins decreasing every day.
Zanzibar is the next smart choice for savvy investors, and the likes of Hilton are leading the way – so make sure not to miss the boat!
Filed under: Real Estate