Indian property dealer tests Kenyan investors appetite

By David Herbling

An Indian property dealer is seeking to cash in on wealthy Kenyans’ appetite for real estate with an offering of luxury apartments located in the beach city of Dona Paula.

The Indian dealer, Emgee Housing, joins other foreign real estate firms from Dubai and London that have in recent months stepped up efforts to sell holiday or rental homes to deep-pocketed Kenyans.

The developer is selling two-bedroomed apartments along India’s Arabian Sea coast for Sh27 million.

“This is the first time we are targeting Kenyan buyers with our real estate project,” said Karishma Blaggan, a sales executive at Emgee Housing. “The high cost and shortage of hotels during (high tourism) season offers rental income opportunities.”

India is the biggest source of Kenya’s imports, presenting an opportunity for local investors to deepen their ties with the emerging Asian economic giant.

The housing project is set in Dona Paula, a tourist resort city located in the western Indian state of Goa. It is a famous holiday destination and records more than a million tourists yearly.

Emaar Properties, the Dubai-based real estate firm behind the world’s tallest building, Burj Khalifa, early this year launched a charm offensive seeking Kenyans to buy high-end townhouses in the Emirates city.

This year alone, Emaar has taken full page adverts in local newspapers to promote three different projects — The Address Residence Sky View, Burj Vista II and The Hills — with a price tag of up to Sh66 million for one-bedroom units.

Seer Acquisitions, a British property investment firm, has been also been marketing self-contained student accommodation units in Birmingham, which retail from Sh5.1 million.

The London-based realtor is touting the housing gap, especially for university students due to the increased number of foreign learners wishing to pursue British education.

The idea of owning a weekend or holiday home abroad is fast gaining currency among Kenya’s affluent businessmen, politicians and professionals.

Among the amenities offered in the Indian luxury flats include a club house, swimming pool and water sports, wireless Internet (Wi-Fi), library, volleyball and tennis court, gymnasium, community hall, barbecue area for parties and open view amphitheatre.

Anantam, set on 11 acres of land opening to the Goan Sea, will consist of 140 units made up of luxury apartments and villas.

“There is unobstructed sea-view from each apartment and villa. Well-designed architecture using the natural contours of the land to maximise the angles for a perfect sea view from each home,” Emgee said in an interview.

The dealer added that Goa, the tiny state where the project is located, has seen its real estate prices soar annually, offering investors attractive returns on investment.

“Goa managed a year-on-year increase in property prices even during recession,” the firm said.