Kenya Has The Fastest Growing Luxury Real Estate Prices
Kenya has seldom figured in international real estate’s podium positions, but the wheels of change are in motion. Former Ferrari driver Gianni Morbidelli owns a home overlooking the beach at Watamu.
Flavio Briatore, who is Renault Formula 1 boss, owns property on the country’s Indian Ocean coastline. According to a recent report released by Citi Wealth and Knight Frank International, Kenya now has the ‘Fastest growth in luxury real estate prices on the planet’ with coastal properties, seeing a rise of 20% in 2011.
There has traditionally been an under supply of quality accommodation to buy or to rent in Watamu, Kenyas’ favourite coastal destination, voted as one of the worlds top 10 beaches. These are some of the investment reasons underpinning the stunning new development Medina Palms Luxury Ocean Residences. There is nothing to compare with Medina Palms on this Indian Ocean coast and there has been strong demand from both domestic and international buyers.
To optimise investment at times when you are not in residence, we have established a professional rental and marketing programme to generate income from the exceptional 42 week holiday season. These elegant beachfront residences, set within a secure gated community comprise – Villas, Penthouses and Apartments, all with private access to one of the World’s finest beaches. Only five hours flight from Southern Africa, Kenya is famous for its natural beauty, incredible scenery and abundance of amazing wildlife. It has long been a favoured holiday destination, offering sun, sea, sand and safari. Tourism volumes have grown in the last few years. The route from Nairobi to Malindi has daily frequent flights. Watamu is easily accessible from Malindi where a new International standard airport is currently under construction. Once international flights arrive in Malindi the land values in the area are set to increase. This accessability to both international and domestic tourists will strengthen your investment. Scheduled for completion in 2012, these award winning residences, inspired by the architecture of the ancient sea farers who visited this coastline in the 12th century are stylish properties and have been designed to capture the atmosphere of an ancient walled village.
We call this contemporary Swahili design since the elegant interiors include all the essentials for modern living. High quality fixtures and fittings and distinctive Moorish features are tastefully coupled with the best of European chic.
"Demand for good quality coastal property remains strong, with particularly high demand for those with direct access to the beach." Ben Woodhams, MD, Knight Frank Kenya.
These Luxury Ocean Residences will be operated in a professional yet relaxed manner focusing on detail that makes owning a beach property a simple pleasure. The aim will be to create a secure and efficiently operated environment which will provide a pleasurable home away from home or an optimised investment. The community will be professionally managed to maintain properties, grounds and communal areas. If owners wish to rent out their properties at Medina Palms, they will be required to join our Medina Rental Programme. Each unit will then be marketed internationally as part of this premium holiday destination. This will generate valuable income for owners when they are not in residence.
The coast of Kenya enjoys a wonderful tropical climate, with average temperatures around 28oC. This makes it ideal for enjoying all forms of water sport: scuba, kite surfing, wind surfing, sailing, sunset dhow cruises and world class big game fishing. If you would prefer to escape on safari, then Watamu is only two hours away by car from Tsavo National Park, Kenya’s largest Wildlife Reserve and a magical location for your classic safari experience.
Other off site activities include mountain biking in the ancient Arabuko Forest, bird watching, tennis and golf. As part of the Medina Palms experience we will offer a luxury spa, where you can relax and be pampered with a range of treatments from our qualified therapists.
Other on site facilities include roof top restaurant and "chill-out" bar, full concierge service, water sports centre, fitness trail and gym.