You’ve read various magazines, analyzed listing pictures, and watched every residential real estate television programs and shows available. But you’re still unsure of exactly what qualifies as luxury real estate. Is it a home that costs at least $1 million? Is it a home with more than 3,600 sq ft? Or is it a maisonette made of exotic woods, marble, and a driveway paved with precious stones?
It’s mostly the money: The primary determining factor of a luxury home is the sale price if you’re interested in a price. However, some people prefer percentages over numbers, so luxury homes are in the top 10% of all the listed properties in any given market.
Because of this, the definition of luxury real estate may vary depending on the local market and geographic area.
Continue reading for a more comprehensive review of the luxury real estate market. And also to understand what luxury entails if you intend to acquire or sell a home.
Definition of Luxury Real Estate?
Luxury real estate is the construction of property tailored to the needs of high-net-worth clients.
However, luxury real estate is described differently in various markets due to the considerable variations in property values, average resident incomes, and local development.
One cannot simply classify a property as luxurious by looking at its price. It must be distinct and exclusive in a desirable way. This is because wealthy individuals will pay more for something considered superior.
High net-worth people like to live in areas close to other affluent dwellings and where they can enjoy upscale activities like fine dining, shopping, and the arts. Many wealthy buyers desire the scenic appeal of a waterfront setting or, at least, views of an ocean, lake, forest, or river. Others seek views of the countryside or mountains.
Features that Define a Luxury Home in Kenya
Although many aspects are similar among luxury real estate in Kenya’s major cities, there is no checklist for defining a property as luxurious.
Many of the same features that all buyers want are also sought after by high-end buyers, albeit on a larger scale. They can go as far as seclusion in their pursuit of solitude and security. They can easily afford custom architecture, design, extravagant attention to detail, luxurious finishes, and desire beauty inside and out.
Additionally, they desire lavish swimming pools, vast owner’s suites, outdoor living areas, and the best home automation.
Here are a few of the most in-demand features for luxury real estate:
1. Prime Location
Homes near beaches, lakes, golf courses, ski slopes, and more may be considered a luxury due to their proximity to one’s preferred lifestyle amenities. For example, luxury homeowners in Watamu can visit the Watamu Marine National Park, a community snake farm, bird watching, and crab farms.
Homeowners in Nanyuki have access to the Mount Kenya tourism circuit, while those purchasing houses like those in Vipingo Ridge have the ultra-modern golf course as their playground.
In addition, if the property is close to entertainment venues, educational institutions, transportation, shopping malls, convenience stores, and hospitals, among other social amenities, the homeowners will find it convenient.
2. Luxurious Structural and Architectural Design
These include finishing specifications as well as criteria for architectural designs. Luxury real estate embodies exclusivity due to its adherence to high and contemporary finishing standards and layouts that appeal to and are valued by the intended buyers or tenants.
For instance, while typical homes might have flooring made of ceramic tiles, 7-foot ceilings, and regular windows, luxury apartments might include materials that are above average, including natural marble, high ceilings, bay windows, and artistic fireplaces.
3. Amenities
Luxury real estate provides convenience and comfort that fully support the owners’ lifestyle, including innovative security measures and recreational amenities such as a clubhouse, guest lounge, swimming pool, gym, and steam room.
4. Bigger Unit Sizes
Residential properties in the luxury real estate market typically offer bigger space than a typical house due to additional rooms like pantries, laundry rooms, TV rooms, study areas, walk-in closets, and spacious balconies. For instance, while the average size of 3-bedroom standard units in Nairobi and its surrounding metro areas is 150 m², the standard size of a 3-bedroom luxury apartment is 221 m².
5. Smart Technology and Sustainability
A renewed emphasis on wellness and sustainability is another feature of luxury real estate. Consumers that care about the environment are thinking about how to adapt their current routines to their living arrangements.
So, luxury homebuyers are also looking for innovative home technologies that enable them to entertain guests easily and control their house’s lighting, security, or temperature.
What is the Cost of Luxury Real Estate in Kenya?
Luxury real estate often costs more than Kshs 100 million in Kenya. Here are the prices in the different areas:
1. Karen
It is listed among Kenya’s top ten luxury locations. The average cost to buy a home is about Ksh. 200 million, and the average monthly rent is about Ksh. 350,000.
2. Runda
Due to its proximity to the Karura Forest, buying a house will cost you around Ksh. 150 million while renting one will run you Ksh. 300,000 each month.
3. Gigiri
It attracts people because of its security. A five-bedroom home will cost approximately Ksh. 150 million, while a month’s rent will cost between Ksh. 200,000 and Ksh. 450,000.
4. Nyari
It is near Gigiri making it a secure place. A 6-bedroom house may cost Ksh. 180 million. A house can be rented for $300 to $450,000 per month.
How to Find Luxury Real Estate in Kenya
Due to the increasing number of property owners and agents using the internet to sell their properties, there are now a growing number of property search websites. These websites will let you look for properties around you and view listings with maps and photos. They include:
1. Hauzisha
Hauzisha.co.ke is a website for searching and exploring properties if you’re looking to buy or rent a luxury home in Kenya. You may easily search the internet and filter your results by size, location, or price. You may know more about things like house features and floor layouts.
2. Buyrent Kenya
You can use the filter on this site to only see the items that meet your criteria. Buyrent Kenya has a sizable selection of listings with a wide range of amenities, including luxury homes.
3. Star Classifieds
It features different property postings on any one day. It offers a variety of choices, such as luxurious elite homes in and around Nairobi.
4. Property 24
It serves as a link between tenants and real estate brokers and firms. You should also be confident in the website’s general safety due to its positive reputation.
Conclusion
Luxury real estate in Kenya is taking shape and drawing interest as investors and homeowners capitalize on strong returns and the fulfillment of their lives, respectively. Therefore, developers should consider providing the features mentioned above in all their property developments to appeal to the target market.
