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 foreigners own. The inquiry follows allegations that millions of dollars in ransom money paid to Somali pirates are being invested in Kenya.
Prices in Nairobi have seen two- and three-fold increases in the last five years.
'There is suspicion that some of the money that is being collected in piracy is being laundered by purchase of property in several countries, this one being one of them,' said government spokesman Alfred Mutua.
South China Morning Post