Properties in Old Town, Mombasa, do not fetch high prices as they should because of laws that hinder their increase in value, Mvita MP Abdulswamad Nassir has said.
Nassir on Wednesday said he has sponsored a bill in Parliament to address the matter.
He wants to compel the government to compensate owners of buildings in areas declared heritage sites.
“A property around the English Point in Mkomani fetches as much as Sh1 billion but properties just across the sea at Old Town fetch a meagre fraction of that because Old Town has been declared a heritage site,” he said on the phone.
Nassir said when a place is declared a heritage site, the value should go up.
“This is not the case in Old Town. Property prices are low and the rent is also low,” he said.
Nassir said areas declared heritage sites cannot get renovated, which decreases their value.
