Investors: Mombasa realty market on path to recovery
The real estate sector in Mombasa county is on a recovery path after the economic shocks posed by the Covid-19 pandemic, as investors continue to heavily invest in high-end luxurious apartments, owing to the rise in demand for homes.
Although the pandemic has impacted many economic sectors, it has not been business as usual for property developers who have now been forced to rethink the value they want to get out of property be it in terms of profitability, livability and most importantly safety.
It is due to this precedent that multi-million luxurious holiday apartments are increasingly shaping up in parts of Nyali area with investors shifting to modern western designed apartments.
Mira Heights real estate company in Kenya is among the property giants in the Kenyan property sector ground breaking multi-million project in the serene Nyali suburb, an area that has distinguished itself as a suitable neighbourhood for homes.
Mira Apartments director Ann Cherop says the company is taking advantage of local property demand and potential foreign market in their new project to be completed within 24 months.
Sitting on a 4,400-metre square piece of land, the project dubbed The Mira Heights, will cost the firm an estimated Sh700 million to Sh1 billion and will be constructed at the end of Simba lane off Simba road in Nyali.
The developer told Boma that the increased inquiries signify improved client demand for homes.
All are set to attract different clientele both middle class and the rich. The project contractor Harish Rabadia of Shyam general merchants company said the project will be complete in 24 months time.
“We have already started getting inquiries, this indicates that the market is bouncing back and there is hope of a significant rebound.
Mira Heights is built on the principle of home, live and play inclusive establishment, this tells you with Covid-19 measures, this can offer the best experience,” said Cherop.
In 2020, according to analysts, property prices in the region dipped by an estimated 10 per cent, with investors adopting a wait-and-see attitude after Covid-19 hit the Coastal region.
However, developers, architects and contractors are optimistic that inquiries for holiday homes, buy-to-let, rental and commercial properties will rise in the second quarter of 2021.
With the recovery of the economy and the adoption of remote work, housing units that are easily transformed to working areas will be attractive to potential customers.
“The economy and, especially the property business is opening up, we are establishing new projects coming up and this is a good indication of sector rebound,” said Titus Kipsang, Simbion architect company in Mombasa.
Speaking during a ground-breaking ceremony at the site in Nyali attended by sector players, the firm aims to come up with a unique way of designing the projects to optimise on limited land.
“The demand for new Western designs is what pushed me to put up this project.
The Kenyan property market is promising and the demand is high,” added Kipsang.
The three-block apartments are known as eternity, serenity and tranquility towers with a total of 60 units.
Each block shall have two and three-bedroom apartments with a service room and two and three-bedroom penthouse.
“It has ample parking spaces, employs modern high-tech security surveillance systems, has provision for a standby generator that supplies metered gas to apartments, two-bedroom apartments cost Sh18 million while three-bedrooms will go for Sh20 million,” she added.
During the pandemic period, buying habits of the super-rich have also shifted.
According to a recent wealth report by Knight Frank released in February 2021, wealthy Kenyans are seeking second homes away from the traditional posh estates.
