A new report has revealed places where the wealthiest in Kenya are now buying or building homes. According to the report by property firm Knight Frank, Kenya’s wealthiest are going for Tigoni in Limuru, Kiambu and Miotoni in Karen, Nairobi. This new rush for these places is influenced by the need for privacy, more outdoor space and relatively lower prices has made the two locations attractive.
“Traditionally high-end addresses like Kileleshwa, Kitisuru and Runda in Nairobi are becoming less attractive on fears of congestions. The super-rich are also fleeing congested cities to their second homes in other countries and localities in search of safe havens and more space, with the coronavirus more likely to spread among people living in close quarters,” a report that appeared in the Business Daily on Friday said.
According to the report, Miotoni is an exclusive residential area in Karen where the price of a five-bedroom villa starts from Sh. 110 million. It added that in other sections of the rich neighbourhood, a villa on a half an acre can attract up to Sh.300 million. Half an acre of land in Miotoni is selling for between Sh. 40 million and Sh. 45 million. “An old fashioned bungalow on half an acre is Sh. 65 million while old massionetes and villas on the same size of land start from Sh. 85 million. A modern villa goes for Sh. 130 million upwards,” the report in the Business Daily said. Half an acre of land in Tigoni goes for between Sh. 18 million and Sh. 40 million.
“Despite the turmoil, new opportunities are emerging as the way we live, work, exercise and interact is changing. Travel restrictions may be clipping the wings of prime buyers but with fewer people tethered to an office, this is likely to change with knock-on effects for second-home markets and investors globally,” the report quoted Knight Frank.