AFRICA
KENYA
BY GAYE DE VILLIERS
Residential
Development In
Kenya
• Population: 41.6 million
• Language: English / Swahili
• Currency: Kenyan Shilling
• Main Export: Black tea
• Capital City: Nairobi
• Inflation: 10%
E
xisting and new residential development
properties are currently in demand in Kenya,
reports Kunaal Samani, a director of Pam
Good buying opportunities
“At present, from a local home buyer perspective, areas
such as Athi River and Syokimau, which are located in
“The most sought after properties are located in areas
such as Muthaiga, Kileleshwa, Runda, Gigiri, Loresho,
Lavington and Kitisuru, and are mainly in the price range
from approximately Kes (Kenyan shilling) 20 million
to 100 million (approximately US $235 000 – US $ 1.2
million). Positively, the development sector is presently
experiencing the most growth in demand as many
apartments and townhouses are now coming to fruition
and becoming available for purchase, helping meet a high
pent-up demand from the domestic market,” he says.
He says middle income buyers are attracted to
areas such as Nairobi west, Langata and South C,
where prices range from Kes 10 million to 20 million
(approximately US $ 117 000 - $235 000), while for
higher income buyers, areas such as Lavington and
Brookside are popular, with a price range of Kes 25
million - 50 million (approximately US $ 295 000
– US $ 588 000). High net worth buyers purchase
in areas such as Runda and Muthaiga, where
properties start from Kes 50 million upwards (ie
from approximately US $588 000).
Golding Properties in Kenya, which has an office in
Westlands in Nairobi, and is looking to expand soon in
the Mombasa area.
Samani says there is a high demand among business
executives and young professionals who seek to boost their
standard of living and experience a more luxurious lifestyle.
46
Offshore Handbook 2013
the outskirts of Nairobi, offer affordable prices for two
to three bedroom apartments starting from about Kes
5 million (approximately US $ 58 000).”
Samani says areas with high appeal for South
African home purchasers are those such as Gigiri,
www.reimag.co.za