The property boom at the coast has seen an upsurge in home prices as investors eye prime land in areas neigbouring Mombasa, Kilifi and Kwale.
The property market has for a long time favoured Mombasa’s north from Nyali, Bamburi, Shanzu, Mtwapa, Kikambala to Vipingo. In the area, a 50 x 100 plot goes for Sh2.5 million upwards, which has locked out the middle and low income families.
But Mariakani is emerging top of the investors’ target list, with large tracks of land sold as the property market slowly shifts to the west. A number of factors have opened up the west, including a surge in new commercial and industrial centres.
And now, real estate firms are turning attention to Mariakani. The latest entrant is Oligro Group Ltd, which offers budget products targeting the lower and middle income segments.
“We take pride in steering clients towards growth by helping them discover and invest in unique opportunities in real estate that guarantee stable, superior returns,” said Oligro founding director Mwiti Mwiti.
The firm offers the middle and lower segments some reprieve. Its Bomma Estate Phase One project in Mariakani sits on a 4.7 acre plot consisting of 35 one eight plots priced at Sh345,000. Mwiti said the project is half sold.
He said their focus is on emerging locations. Mombasa’s annual demand for housing is estimated at at 25,000 units against a supply of a paltry 4,000 houses.