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TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.
Knight Frank Kenya has released a report showing the current prices of beachfront residential homes in Kenya.
The real estate firm noted that there is a more than 400% spread in high-end home prices from one location to another in Kenya's coast region.
Unveiling the report on Thursday, May 16, company CEO Mark Dunford noted that the prices of beachfront home properties are in the same range as prime properties in Nairobi.
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“Mombasa contributes 4.9% to Kenya’s GDP, versus Nairobi’s 27.5%, but the desirability and strategic location of the Kenyan Coast make it a property market as significant as the capital city.
"The values for its prime properties fully align with Nairobi valuations, and for those willing to move off the beaten track, there are some outstanding hidden gems along the coast,” said Dunford.
Knight Frank Head of Coast Region Summy Mukula said the prices of unimproved beachfront homes on a one-acre is determined by the current transactions.
Mukula explained that these prices are not fixed and vary for different beachfront homes.
The report showed that Nyali continue to command the highest home prices at the coast.
Residential beachfront homes in Nyali cost around KSh 120 million for an unimproved property.
"This consequently places Nyali Beach homes in the same range as Nairobi, where the prices of prime unimproved properties typically range from Sh50m to Sh200m per acre," read the report in part.
Residential beachfront houses in Diani are three times chapter than in Nyali.
The houses go for a range of KSh 40 million.
Beach homes at Watamu sell at the same price as those at Diani Beach, ranging at KSh 40 million.
These prices are also determined by small distances and travel time, combined with more limited local facilities and services.
Prices of beachfront homes at Kilifi Bofa Beach range at around KSh 35 million.
This beach is located north of Mombasa and Nyali.
Residential homes at Kimbala Beach, just an hour drive north of Mombasa, sell at KSh 30 million per acre
Beach homes at Galu Kinondo, South of Ukunda and Diani, are way cheaper, selling at around KSh 25 million.
The Knight Frank report explained that Galu Kindo is set on or just beyond larger urban fringes, commanding lower transaction prices.
According to HassConsult Land price indices for the third quarter of 2023, Nairobi suburbs posted a 0.4% price increase.
The suburbs reported an increase in land prices following higher intensity of development potential.
Upperhill remained at the top of the list, with an average value per acre of land in the area standing KSh 482.9 million.
Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke
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The prices of beachfront homes Mombasa are in the same range as prime properties in Nairobi.
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