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Pirate cash suspected cause of Kenya property boom

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posted on Jan, 1 2010 @ 02:58 PM
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Prime real estate? Something smells fishy about this... and I don't think it's just the pirates.

Source: Associated Press



NAIROBI, Kenya (AP) -- Property prices in Nairobi are soaring, and Somali pirates are getting the blame.

The hike in real estate prices in the Kenyan capital has prompted a public outcry and a government investigation this month into property owned by foreigners. The investigation follows allegations that millions of dollars in ransom money paid to Somali pirates are being invested in Kenya, Somalia's southern neighbor and East Africa's largest economy.

Even as housing prices have dropped sharply in the United States, prices in Nairobi have seen two- and three-fold increases the last half decade.




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