Developers in Nyali, Mombasa, are cashing in on the allure of the upmarket suburb, with property prices steadily rising since the two-acre requirement for homeowners in the estate imposed by the colonial government was overturned.
An acre goes for up to Sh100 million, even as gated compounds housing a single family give way to blocks of flats catering for several families.
Agents who spoke to Home and Away confirmed that for many clients, Nyali has always been their first choice followed by Kizingo and Tudor.
“If they feel the prices are too high, they opt for Bamburi where property is cheaper or Bombolulu, which according to current standards is the most affordable. Nyali still remains the most lucrative property frontier in the region,” says Mwenda Thuranira, CEO of Myspace Properties.
Nyali boasts some of the most modern developments. There are areas where apartments are costing nearly Sh50 million, with penthouses in the same block going for more.
Some apartments, however, target middle-income homeowners with the most modest beginning at Sh7 million.
Nyali is set across the mainland with good access via the Nyali Bridge. It is proximal to the coastline and world-famous beach resorts and its evolution into a commercial property centre, which is relieving the Mombasa central business district from the pressure of expanding beyond the island, is accelerating growth of the area. Property developers are using these and other indices to maximise valuable Nyali space by putting up apartments. But they are not happy with the slow pace of infrastructure development, which has not kept pace with new developments.
“Infrastructure should be laid before development and not the other way around. Property should not trail blaze into new locations and await infrastructure to roll its way,” says Thuranira, admitting that there is a lot of improvement in the building of inroads within the estate.
“Despite the lack of a sewer system serving Nyali, septic tanks serve the purpose, although they contribute towards pushing up prices,” he adds.
One Twiga Road Apartments is an illustration of the direction which Nyali is taking in establishing the area as the ideal high-end apartment destination. The project comprises 21 units consisting of four-bedroom apartments selling at Sh28 million, two-bedroom apartments selling at Sh17 million while the penthouse goes for Sh35 million.
The development targets Mombasa’s higher classes, with a gym and changing rooms, landscaped gardens, cabro-paved driveway and lifts.
The units enjoy a spacious lounge and dining area, open-plan fitted kitchen, laundry yard and inbuilt wardrobes.
The area off Links Road is a favourite destination for high-end apartments.
Royal Beach Apartments sell at Sh37 million per unit, with a panoramic view of the coastline and sandy beaches for the top floors, just like One Twiga Road Apartments.
Rent is projected to range between Sh120, 000 and Sh200,000 in an area where most apartments are currently renting for Sh100,000, like the nearby Gulf Links Apartments.
“Today’s homeowner is a digital client who values his gadgets unlike in the past when a home meant lots of space and livestock,” Thuranira tells Home and Away.
Buying property in this area may be expensive but property agents say it is a wise investment decision in the long-run.