The property market in Kenya continues to boom, despite tough challenges like rising global inflation and the low currency rate in the nation. A report by Knight Frank dubbed Kenyan market update in the year 2022 which showed that residential property had grown at a rate of 3.77% annually. “Over the review period, prime retail properties attracted a rent of Kshs 687.75 per square foot monthly.
Prime retail destinations in Kenya are characterized by malls whose occupancy rates in the year 2022 were over 90% for most established malls,” the report stated.
Construction of malls in the city has been increasing in the recent years with Nairobi emerging as a modern shopping centre in the continent. One of the shopping malls in the capital is the New Muthaiga Mall situated along Thigiri Ridge Road in Karura. The mall hosts different local amd international brands such as Chandarana FoodPlus Supermarket, Clarett lounge, Karura Coffee house, KFC and Chinese Kitchen.
The mall is owned by the Chatur Group. This is a group with diverse investments in several sectors of the economy including real estate, hospitality and agriculture. Moreover, the group is owned by a Kenyan billionaire Madatali Chatur and his son Rahim Chatur under Gemini Properties.
The billionaire’s properties under the Chatur Group were valued at Kshs 76.99 billion in the year 2018. The billionaire also owns Mithoo House, Miriam Arcade, Ngara Shopping Complex, Diamond Plaza, Hope International, Diamond Plaza 2,
Simba Centre, Likoni Mall and Trust Building in Nairobi County. He also owns over 32,000 acres of land in Kwale and Kilifi counties put into agricultural use. He had indicated he wants to sell his properties after City Hall noted he built some of his buildings illegally.