Kilimani. When you here this name ‘luxury‘, ‘rich Kenyans, or ‘money‘ pops into every Kenyans mind. It’s one of the oldest richest neighbourhoods in Nairobi where the elite live. ‘Kilimani apartments for sale‘ is always a slogan in multiple listing sites.
There is a 2018 study by Cytonn that points investors to Kilimani as the location for strong returns as well as low risk says the suburb had the highest returns at 13.9 per cent compared to a market average of 8.2 per cent.
This was backed by its proximity to key business districts and nodes such as the Nairobi Central Business District and relatively good state of infrastructure.
“On the best areas to invest, Kilimani continues to offer the best investment opportunity for apartments driven by high returns and annual uptake of 13.9 per cent and 25.6 per cent respectively,” says the report.
Returns, uptake, infrastructure, amenities and distance from key business nodes gave the location the shine.
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What is the asking price for Kilimani apartments for sale?
The asking price for two-bedroom Kilimani apartments for sale is about kes 9 million to Sh20 million. Although this is with the recent need for affordable housing by middle-class Kenyans seeking luxury homes.
Most apartments rental price is Kes 50,000 and above. However, with the recent emergence of Chinese luxury apartments, local developers are competing to remain relevant.
Before the migration of Chinese luxury apartments was for the rich only but with the international community taking interest in local investments, developers and contractors are going the affordable luxury homes way. This is in the rush to lure middle-tier Kenyans.
Have the Chinese affected its real estate?
Most Chinese have settled in the Kilimani area even developing their ‘china’ towns all over. The Chinese have positively affected the Kenyan economy notably with their investments.
As it has alose influenced the real estate industry especially n posh rich neighbourhoods like Kilimani. The Chinese have taken up commercial real estate by springing up restaurants, casinos, small scale businesses etc.
Therefore, this has brought in more real estate revenue promoting local developers and contractors to work harder. Moreover, the Chinese contractors are all for affordable luxury homes which have drawn middle-class Kenyans to Kilimani.
The Current Market State of Kilimani
Kilimani is still among the reigning rich neighbourhoods in Nairobi especially with the influx of Chinese. They have come with more developments adding onto the revenue.
Additionally, with the increase of luxury apartments, their prices have dropped as well as meeting the demand by middle-class Kenyans. However, there are concerns that the supply is overwhelming the demand. Hence, some apartment building land tenants.
Investing in Kilimani is a wise choice even with the fall or rental income you’ll still get great returns from your investment.