Three estates in Kenya have become a lucrative hub for multi-millionaires seeking luxurious homes in the country.
In the Africa Wealth Report 2024 by Henley and Partners, it was revealed that Karen and Muthaiga were the most attractive estates for millionaires looking for homes in Nairobi.
It was noted that the estate had over the years provided wealthy individuals with a variety of luxurious homes.
"East Africa’s economic engine, Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods, including Karen and Muthaiga. It accounts for a high 48% of Kenya’s total wealth and over 60% of the country’s millionaires.
"Unlike other cities near the equator, Nairobi is known for its mild and temperate climate — the city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool," read the report in part.
On the other hand, outside Nairobi, multi-millionaires are moving to Mombasa owing to the emergence of eco-estates which offer the millionaires opportunities to own homes in natural areas such as forests.
Notably, the report highlighted that Mombasa will be among the leading hotspots for wealth in the future.
"Over the next decade, we expect Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech to lead the pack, with 85 per cent + millionaire growth projected in each. We also expect Lusaka and Mombasa to attract rising numbers of high-net-worth residents.
"Mombasa is Kenya’s main coastal city. There are several eco-estates on the outskirts of the city that are attracting HNWIs, including the well-known Vipingo Ridge," read the report in part.
Land Value
Currently, those seeking to build homes part way with millions. For instance, according to Hass Consult's 2023 Quater Four report, an acre of land in Karen was being sold at Ksh65 million.
On the other hand, a similar plot in Muthaiga is estimated to go for Ksh222 million.
Regarding house prices, a listing by real estate company Knight Frank, projects that the house prices range from Ksh70 million to Ksh200 million for a four-bedroom house in Muthaiga and Karen.
Meanwhile, villas in Vipingo Ridge in Mombasa range between Ksh40 million to Ksh120 million.
