Kenyan Government Investigates Possible Pirate Ties to Real Estate Boom

 
Some estimates say pirates collected more than $100 million in ransoms in last two years alone

Photo: VOA An upscale house in Nairobi

Real estate prices in Kenya's capital have doubled, even tripled, in the past few years, and the government wants to know why.  Investigators are looking into possible ties to Somali pirates.

Volatile, lawless Somalia, where, last year, the International Maritime Bureau says pirates hijacked 47 ships and kidnapped 867 crewmembers.

Meanwhile, in neighboring Kenya, property values are soaring.

Mwongela Munyoki is a real estate appraiser with Munyoki and Associates.
"We are seeing a situation or experiencing a situation where property that was once worth four million shillings is now worth eight, nine, even 10 [million] and they are buying.  So there is that influence of that kind of funds coming into the country," Munyoki noted....more.. voa