Nyali is a fast growing residential area within Mombasa City, located on the mainland north of Mombasa County. It is connected to Mombasa Island by the New Nyali Bridge and currently the most sort after residential area because it provides access to various tourist attractions and the amenities.
Here are some of the things you should look into while buying an apartment in Nyali:
- Apartment Facilities: You will face a dilemma in Nyali while trying to settle on which investment path to take, but surely the amenities will help you decide even faster. Some specific points to watch out for:
- Occupant mix – higher proportion of long-term owner-occupiers is a good sign
- Outlook and views – a good outlook is always preferable especially if there are outdoor areas and balconies that take advantage of the views
- Financial position of the body corporate – a well-constructed and managed building will require lower overall costs to maintain
- Location: This is still the most important thing in any real estate purchase. Poorly located apartments are difficult to sell and rent and will therefore suffer from lower capital growth and may not be cash-flow positive. Things to consider:
- Proximity to shops, amenities, transport
- Appeal of the area and demand for accommodation
- Rental vacancy rates
- Future development plans for the area
- Potential for capital growth
- Pre-purchase inspections: Obtain an independent valuation prior to purchasing. This can be used to negotiate with the real estate agent and will provide an indication of how much a financial institution might be prepared to lend you.
- Return on Investment: High rental yield and low vacancy rates – for investors the rental income from the apartment will be crucial to assess its affordability therefore consider.