For five days the stake holders in both the real estate and construction sectors met, talked, analysed and appraised their sectors; SORECO & Homes Expo 2018 shone a light on the best of the sectors, and highlighted what is lacking
The 1st edition of the Somali Real Estate and Construction Conference & Homes Expo (SORECO) that was held in Mogadishu from the 7th -11th of January of 2018 was an eye opener into the great growth that is happening in the real estate and construction industries.
For the first time in Mogadishu, real estate sector and construction stakeholders, dealers and suppliers in home merchandise, policy makers in both the real estate sector and the construction business, curious academicians and the public spent five days doing nothing but talk about homes, houses, apartments, land, regulation, titling and roofing tiles among other things. Together with the public (most of who were interested in owning homes or investing in real estate) they engaged each other in various discussions about the current state of the sectors and pondered on what can be done to ensure that the existing growth trajectory does not go down.
Rebuilding a post-civil conflict nation like Somalia is a job that requires meticulous planning, cooperation, time and most of all, a dedicated and hardworking team. It is not an easy job. While the policy makers do their half, the other half of the work falls squarely on the real estate and construction sector stakeholders. Somalia’s post transition economic progression has been characterised by a strong and resilient private sector. Due to the consolidated security gains and political stability, there is increased confidence in the country. This has set the base for robust investments-both local and foreign direct-in the real estate and re-construction.
The Somalia Investor Magazine consortium organised the expo to spark a national debate on the state of the two sectors while also offering the stake holders a chance to network and get to know what is missing from the market. The aim of the expo, which was definitely achieved in part, was to help turn around the sector and increase investments as well as bringing global attention through highlighting present and future developments in Somalia.
The response was amazing: Over 6,000 visitors in total took part in the expo, making daily foot traffic of 1,200. Among these were government officials, including four Ministers, two State Ministers, the Mogadishu mayor, the Chamber of Commerce President, 32 members of Parliament and six Senators.
In the exhibition booths were 43 local Somali companies exhibiting their wares and 3 multi-national exhibitors. There were 6 trade agreements that were signed by the end of the five days and 26 pre-arranged meetings between different companies and individuals took place. The overwhelming feeling amongst pavilion visitors was that of gratitude and a positive impression and hope for the two sectors.
Supported by the Turkish Airlines and Dahabshiil Group, the expo remains the single largest property sector platform that brings together industry players to exhibit their offerings, network and discuss issues that concern their sectors. Together, the voices of property owners, realtors, sector professionals, interior decors, developers, architects, contractors, insurance companies, local government, higher learning institutions-with strong civil engineering faculties, service and product suppliers, financial institutions that provide mortgages and asset financing as well as development partners were heard and their concerns for the future noted.
Among the issues that came up were to do with the required capital investment levels for the sectors, the introduction of technology in the sectors, the salient matter of legal and regulatory framework around Somalia’s real estate and construction sectors.
It is no wonder that media coverage was insanely impressive; 55 Somali news items, 11 foreign news items (6 GCC and 5 International), 5 articles in newspapers & magazines, 11 TV Appearances, and 75 online news items.
Already inquires of next year’s event by some international real estate and construction sector players are streatming. An event you would not wish to miss next year.
Kadar Mohamed Ali