Kilifi has now become a prime hub in real estate investments. A good number of Investors and real estate developers are trooping to Kilifi County to buy and construct houses.
The newfound interest in the county has seen affordable homes coming up targeting middle-class citizens.
The reason investors prefer Kilifi to other counties such as Mombasa has to do with cost of land.
The other reason investors have given for eyeing Kilifi as an investment destination is availability of raw materials for construction.
They also see Mombasa as a congested city.
My Space Property chief executive officer Mwenda Thuranira says investors and buyers are rushing to Kilifi due to the affordable cost of land.
“Generally, land in Kilifi County is cheaper than in Mombasa. What is offered here in Mombasa for an acre is double that in Kilifi. Construction is easier here because stones come from areas in Kilifi while sand used for construction is found in Malindi,” he said.
He said a beach plot in Kilifi goes for Sh40 million an acre, while the same size of land in Nyali is sold at Sh100 million.
Mr Thuranira predicts that land in Kilifi will soon drastically appreciate as the town is on its way to becoming a major residential area for Mombasa people.
“It is just like Nairobi, where everyone is moving away from the city to Karen and Kiambu. Kilifi will now be the bedroom of Mombasa. Due to the high demand, we definitely expect the cost of land to rise sharply,” said Mr Thuranira.
Tourism players have argued that Mombasa is a small county, and it is normal for investors and proprietors to move to neighbouring towns.
Kenya Tourism Federation Chairman Mohammed Hersi says Mombasa Island is densely populated, while the cost of land keeps on rising.
Mr Hersi says the development in Kilifi and the surrounding areas will not only be beneficial to the specific areas, but also to the Coast region.
The firm is now involved in projects that include the 10 acres Inuka Homes at Msabaha in Malindi.
Others are Chakama Gardens, Inuka Gardens, Inuka Mtwapa Gardens and Bofa Gardens in Kilifi.
Under these projects, a 70 by 100 metres’ plot goes for between Sh300,000 and Sh950,000.