Knight Frank, a leading real estate expert, has unveiled indicative data on the prices of beachside residential homes along Kenya’s coast, revealing a significant disparity in high-end home prices from one location to another, with some properties fetching over 400% more than others.
The data, presented by Sammy Mukala, Head of Coast Region at Knight Frank Kenya, at a Coast market update reception in Mombasa, highlights the diversity in pricing for beachfront properties across different areas.
Mukala emphasized that while the prices were based on recent market transactions, they did not represent fixed prices for properties in each location.
“Buyers are increasingly willing to consider locations further from major towns, leading to more favorable pricing compared to prime, central locations,” noted Tarquin Gross, Head Residential Agency, Knight Frank Kenya
According to the data, beachfront properties in Nyali command the highest prices, with unimproved properties on 1-acre sites fetching approximately Sh120 million. This places Nyali Beach homes in a similar price range to prime properties in Nairobi.
However, properties in other coastal areas offer more affordable options. Recent sales of unimproved one-acre beachfront estates in Diani Beach and Watamu were priced at around Sh40 million per property, significantly lower than Nyali.
The data also reveals that relatively small differences in distance and travel time, as well as limited local facilities and services, can impact the pricing of beachfront properties.
Properties at Kikambala Beach and Kilifi Bofa Beach, located further north of Mombasa and Nyali, are selling for around Sh30 million per acre.
Properties set on or just beyond larger urban fringes, such as Galu Kinondo Beach, are also commanding relatively lower transaction prices, with properties selling for around Sh25 million per acre.
Mark Dunford, CEO of Knight Frank Kenya, highlighted the significance of the Kenyan Coast in the property market, noting its strategic location and desirability.
“While Mombasa contributes less to Kenya’s GDP compared to Nairobi, the coast remains a significant market with prime properties that align with Nairobi valuations,” he emphasized
The report highlights the importance of location in determining property prices along the Kenyan coast, offering insights for both buyers and sellers in the real estate market.
