Revealed: Mombasa Estate Where House Prices Reach Up To Ksh120 Million

Real estate firm Knight Frank has released indicative data on the prices of beachside residential homes along Kenya’s coast, revealing a more than 400% spread in Kenya’s high-end home prices from one location to another.

Unveiling the new data on Thursday, May 16 at a Coast market update reception for 120 of the real estate firm's clients in Mombasa, Sammy Mukala Head of Coast Region at Knight Frank Kenya, reported that the prices for unimproved beachfront properties on 1-acre sites were based on recent market transactions.

However, he noted that they did not represent fixed prices for properties in each location.

An AI-generated image of beachfront houses in Mombasa County. /GEMINI AI.VIRAL TEA KE

“The coast remains a very stable market, with frequent opportunities for stunning properties and locations. Our sales data indicates that affordability increases, and buyers are increasingly willing to consider locations further from major towns, including fringe areas. 

"This trend often results in more favourable pricing compared to prime, central locations," said Tarquin Gross, Head of Residential Agency, Knight Frank Kenya.

The firm indicated that based on recent transactions, beachfront properties in Nyali continue to command the highest home prices on the coast, at around Ksh120 million for an unimproved property. 

This consequently places Nyali Beach homes in the same range as Nairobi, where the prices of prime unimproved properties typically range from Ksh50 million to Ksh200 million per acre.

Nevertheless, Nyali Beach properties were revealed to be commanding three times the price of comparable beachfront locations, exemplified by recent sales of unimproved one-acre beachfront estates in both Diani Beach and Watamu, fetching approximately Ksh40 million per property.

The data also revealed that relatively small distances and travel time, combined with more limited local facilities and services, can make a difference of several million to the indicative pricing of beach-front properties. 

At Kikambala Beach, just over an hour north of Mombasa and Nyali Beach, beach-front properties were revealed to be selling for around Ksh30 million per acre, as are similar properties at Kilifi Bofa Beach, even further north.

Beach properties set on or just beyond larger urban fringes are also commanding relatively lower transaction prices, with beach properties at Galu Kinondo Beach, just south of Ukunda and Diani Beach, selling in 2024 for around Ksh25 million per acre.

“Mombasa contributes 4.9 per cent to Kenya’s GDP, versus Nairobi’s 27.5 per cent, but the desirability and strategic location of the Kenyan Coast makes it a property market that is as significant as the capital city.

"The values for its prime properties fully align with Nairobi valuations, and for those willing to move off the beaten track, there are some outstanding hidden gems along the coast," said Mark Dunford, CEO of Knight Frank Kenya.

Mark Dunford, CEO of Knight Frank Kenya and Boniface Abudho of Africa Research Analyst. /KNIGHT FRANK