Real estate in Somalia: Mohamed Abdi at TEDxMogadishu
[Music] I just wanted to talk about three issues about real estate in Somalia first of all how to buy and sell property in Somalia secondly how to pay for it and thirdly the property prices in Somalia and everybody here or or or around the world watching this program or this event how to find a property first then how to make sure that the title or the ownership is uh genuine or correct and then how to pay for it so uh when I came here from from London first I was thinking about people buying in Somalia are crazy they buy in just chunk uh pie of of land that doesn't worth anything but I found out that properties in Somalia are more expensive than the ones in London or in America and then I started to to enter into the property uh Market open my own office here in Somalia and then realized that there are so many buyers and so many sellers of properties in Somalia then the other issue was how on Earth do you find out that this piece of property is the right one especially when someone gives you a piece of paper and says okay this is the ownership of of the property how do you find the property is the right one so I went to went with uh some uh property dealers and found out that it is uh very accurate more or less 99% accurate when when when someone gives you a piece of of of of of uh paper as a property title then the other issue that came up was how do you pay for because there there are no banks here some properties are like $100,000 $200,000 is maybe $1 million and then the is the the issue was simple use the money transfer companies like The Shield or Sal bank or or Karan or anyone out there so uh the issue is that many people outside don't understand is a country like Somalia where there are Wars everywhere and and then the property prices are going higher and higher so the the question ask was why the properties are very expensive many of us here cannot afford to buy a property in madisha uh the reason because they are above $100,000 or $200,000 and and and the reality is that there are no many properties built in Somalia for the last 20 years so unless we all come back and build properties uh uh so that the property prices can come down Somalia is blessed with a large a big junk of L but we don't use them we're all here in one place and the other places are empty so angu we're trying to teach people that we can utilize the whole land of Somalia uh now we started working in jazer other parts of the Town whenever there's uh safety and inshallah we will we will we will increase the property ownership uh very soon