As I look around Somalia’s capital city of Mogadishu, I can see the evidence of a new era of growth and development. The sounds of construction are everywhere, and cranes dot the city’s skyline. The sight of new modern multi-story buildings is now replacing bullet-ridden card houses. This is what has been replacing the scars of war in the country after decades of conflict.
The real estate market is particularly active, with developers breaking ground on new projects every month. One developer, Buttonsame, is even building the tallest apartment block in the city. He says that most of the units were sold even before they came to the open market. Thousands of people, including engineers and doctors, are now working and coming to work in Somalia. All of these people need housing and other amenities, and the city is expanding to meet this demand.
With a population growth rate of 2.6%, Mogadishu is considered one of the fastest-growing cities in terms of population. This growth has led to a booming job market and increased demand for goods and services. Many Somali diaspora, like Shidane, who returned from the UK in 2019 after leaving Somalia when he was five years old, are moving back to contribute to the country’s rebuilding efforts.
While the current development boom in Somalia is exciting, there are still many challenges that need to be addressed. For instance, the cost of renting or buying property is beyond many people’s reach because there are no proper regulations to protect buyers. Despite this, many people are still willing to take the risk of moving back to Somalia, seeing the potential for growth and opportunity.
Looking ahead, Somalia has great potential for growth in various sectors. The country has abundant natural resources, including oil, gas, and mineral deposits, and a long coastline that can support a thriving fishing industry. With the right policies and investments, the country could develop its infrastructure, improve its education and health systems, and build a more diversified economy.
In conclusion, Somalia’s current economic boom is an exciting development for the country and its people. While there are still challenges to be addressed, such as the lack of proper regulations and high costs of living, the potential for growth and opportunity is enormous. As more people, including Somali diaspora, return to the country to contribute to its development, the future prospects for Somalia look bright.