The Miami Champlain towers was built in 1981 .
Sale price then was USD 140,000, approximately KES 14million.
Current sale price of the 2 bedroomed unit is approximately usd 600,000, kes 60,000,000
This works out to around 10% price appreciation per annum from 1981 to 2021.
In Kenya, land appreciate at around 20% per annum.
Apartment appreciation rate in Kenya is much slower. Apartments that sold for kes 15m in Kileleshwa 5 years ago are still selling for same amount, meaning zero or minimum appreciation rate.
A similar sized beach apartment in Diani for example, costs approximately kes 20,000,000, 3 times lower than the Miami one at kes 60m.
Developer.
The Miami condominium apartments were developed by Nathan Reiber. He was born in Poland, migrated to Canada then USA . Architectural designs were done in the late 1970s.
Nathan Reiber served as the Assistant Vice President for the Jewish Institute of National Security Affairs . He died on 1st July 2014.
Architect Francis Gichuhi Kamau.
gichuhi@a4architect.com
0721410684
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