Emaar Properties, the Dubai-based real estate firm that developed the world’s tallest building, Burj Khalifa, is targeting wealthy Kenyans for sale of luxury apartments priced in the range of Sh66 million per one-bedroom unit.

The lavish apartments in the United Arab Emirates city dubbed The Address Residence Sky View will feature 532

fully furnished and serviced apartments and 180 hotel rooms when completed in 2016.

In an interview with the Business Daily, Emaar Properties which has been running full-page adverts in the local dailies said it is targeting Kenyans with deep pockets and a taste for luxury apartments either as holiday homes or for investment.

“In Africa, we are advertising the Sky View project only in Kenya. We are also targeting the European and Asian markets,” said Mayaada Mazzounni, a sales representative at Emaar.

The Dubai Financial Market-listed firm, however, declined to state the price of the five-star residences, only hinting at the cost of similar property within the neighbourhood.

“Prices will be available on the sale day, which is March 2. Interested buyers need to register online before the sale date,” said Ms Mazzounni who, however, declined to reveal how many Kenyans had registered so far.

Emaar joins other foreign developers that have recently been wooing Kenyan property tycoons to buy holiday villas, apartments, bungalows and penthouses in locations such as London, Abu Dhabi, Doha, India and South Africa.

Seer Acquisitions, a British property investment firm has been courting Kenyans to buy residential properties and student accommodation facilities in central London and in the Caribbean island of Saint Kitts and Nevis.

“About 20 per cent of the students’ buildings we have sold were bought by Kenyans; many of them either have children studying in the UK or buy to let,” said Ms Claire Collier, Seer Acquisitions director in charge of Africa.
Ms Collier told the Business Daily that most Kenyan buyers were purchasing homes ranging between Sh26.3 million to Sh65.9 million (£200,000 and £500,000). A student accommodation studio apartment goes for Sh7.9 million (£60,000) in the UK.

“London is a very stable market and the rental yields average eight per cent,” Ms Collier said, adding that Kenyan participation in buying the pricey London homes was ‘significant.’

Owning a weekend or second home abroad where one can retire for holiday or spend time with family and friends is fast gaining currency among Kenya’s affluent businessmen, politicians and professionals.

The Emirates conglomerate is also set to enter Kenya’s hospitality industry in the second half of this year where it will manage and operate an exclusive resort named The Address Maasai Mara located at the world famous Maasai Mara National Reserve in Narok County (see article).

Mahad Karani, a Dubai real estate developer based in Nairobi said African buyers mostly purchase units in Dubai with an intention to sell off for a profit.