Local tourism industry agents are wary of a drop in demand amid declined economic growth in key traditional source markets and Covid-19 closures in China. PHOTO | POOL
What you need to know:
Real estate at the Coast is attracting the super-wealthy.
Along the white sandy beaches of Watamu is one of the most prestigious and expensive properties on the Kenyan coast.
Boasting locally made stylish handcrafted hardwood furniture, brass lanterns and white marble terrazzo interiors, this six bedroomed villa is one of the newest properties by Medina Palms.
Known as Amani Villa it is going for Sh304 million ($3.5 million).
The villa is on a beach front property with a swimming pool overlooking into the ocean thus earning the nicknamed the ‘Indian Ocean Palace’.
“Such a place is what Kenyans demand and deserve by going upmarket. We think this gives a much needed real boost to the coastal tourism sector too,” said Median Palms managing director Nigel Rowley.
“When sophisticated Kenyans come to see Amani they say that at last, Kenya has a truly world class destination on the Indian Ocean, capable of beating the competition in Mauritius, Zanzibar and Seychelles.”
The owner of this villa will have access to three large swimming pools, one with a waterfall as well as the restaurant, bar and spa at the premises. Medina Palms is an upscale property development with 50 units-villas and penthouses. It is managed by Knight Frank.
Billionaire Club
It is one of the real estate that is changing coastal property market. During construction last year, the asking price for Amani was about Sh263.4 million ($3million) the price has risen by up to 17 per cent in the past couple of weeks.
Despite all the challenges facing the Kenyan coast including insecurity that has seen tourists stay away it is quickly becoming a location attracting wealthy property developers, especially South Coast.
Italian billionaire Flavio Briatore invested Sh500 million in a resort in Malindi. The Billionaire Club sold apartments for millions of dollars to super-wealthy Italians.
The controversial sea house bought by Kilifi County for governor Amason Kingi is another high valued property in the Kenyan coast. The Sh140 million house attracted public uproar.
Castle House
English Point Marina, the first marina in the East African Coast, is one of the property developments causing a buzz.
Valued at about Sh5 billion it is only one of the luxury property with apartments retailing from Sh200 million. It is one of the high end properties in the area.
The beach front house is five bedroomed, with a large swimming pool, furnished office, conference room, three bedroomed servant quarter and tunnel leading to Kilifi creek.
The Castle House, a favourite and very expensive house which was on the governor’s list, had an asking price of Sh189 million.
Recently released 2014 Economic Survey indicate that building and construction sector expanded by 5.5 per cent up from a growth of 4.8 per cent in 2012.
Luxury property, market is among investments that have played a critical role in this growth. However, it’s also equally important to note that residential developments have experienced growth.
It also continues to attract interest from both institutional investors and individuals. Nairobi continues to be a hub of this economic development.
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