Wealthy buyers snap up Sh46 million homes in Nairobi

Garden City Villas Nairobi
Actis has sold 60pc of its villas at Garden City. PHOTO/COURTESY
Wealthy Kenyan buyers are paying big money for luxury houses in Nairobi in an emerging trend where trophy homes are increasingly becoming the perceived mark of success among the country’s super-rich citizens.

Sales at astonishingly high prices – coming at a time of sluggish economic growth – are cementing Nairobi as East African’s haven for millionaires.

British private equity fund Actis Capital is just one of the many investors who are swimming in money after successfully selling dozens of luxury houses in Nairobi.

Actis says it has sold 60 per cent of its Sh46 million-a-unit villas at Garden City, in the second phase of the mixed-use development located in Ruaraka next to the East African Breweries on Thika Road in Nairobi.

The Sh1.9 billion development, which was launched in March 2014, consists of 56 four-bedroom villas and 83 apartments that sit on a 21-acre plot of land next to the shopping mall.

Phase one of the development comprises 76 two-bedroom, three-bedroom houses and duplexes that were all sold out in a record time for between Sh21 million and Sh40.8 million.

READ: Work on Sh2.7bn Garden City Business Park begins November

Garden City Mall development manager Mumo Kianga said that were it not for the market slowdown due to the forthcoming polls, the houses would have been sold out already.

“We are experiencing slowdown in the market as a result of the upcoming general elections. By now, we would have sold up to 100 per cent,” Kianga said.

According to the latest market report by property consultancy firm Knight Frank, the take up of property has slowed down as investors await the outcome of the August 8 elections.

Knight Frank managing director Ben Woodhams said: “There is not too much happening in the election year, a lot of our clients are saying they are getting ready to do their investments, but will wait until after the election.”

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