A five-acre parcel in the Maasai Mara is listed for $5.5 million, roughly KSh728 million, while a property in Lamu carries a €3.5 million price tag, about KSh519.5 million.
A review of listings on Knight Frank’s website shows an increasing number of land parcels quoted in US dollars and euros, indicating a shift in how sellers are positioning properties for overseas buyers.
Earlier, foreign-currency pricing was mainly seen in up-market apartments, luxury villas and gated estates, but the practice now extends to land in Nanyuki, Narok, Lamu and other destinations.
“The target market for these properties is international, so we need to quote in a currency that buyers understand and can easily use to compare opportunities in other jurisdictions they are interested in,” real-estate consultant Johnson Denge said.
He added that many of the properties are located in places such as Naivasha, Nanyuki and Diani, which attract international buyers.
Knight Frank said the relative stability of the Kenyan shilling against major currencies means that pricing in foreign currencies is largely a matter of vendor or organisational preference rather than a reflection of prevailing market conditions.
Some owners have financial commitments denominated in foreign currencies and therefore prefer to receive proceeds in the same currency, a choice that also appeals to overseas buyers who may obtain financing in their own countries.
Central Bank of Kenya data show diaspora remittances totalled $1.37 billion in the nine months to September, a 5.7 per cent increase from the same period a year earlier, making Kenyans abroad an important potential market for property sellers.
Kenya imposes no general prohibition on pricing or conducting private transactions in foreign currencies, although stamp duty and property registration fees must be paid in Kenyan shillings.
The use of foreign currencies can create complications if exchange-rate movements occur during negotiation and completion, and contracts need to specify the applicable rate, conversion date and payment terms to avoid disputes.
Other listings include a 15.2-acre parcel in Forest Lugga East priced at $395,000 (KSh52.2 million) and a 49-acre property in Lolldaiga listed for $360,000 (KSh47.6 million).
Euro-denominated listings feature Red Pepper House in Lamu at €3.5 million and another property on Manda Island, reflecting European buyer interest in Kenya’s coastal region.
Land parcels in Nairobi’s affluent neighbourhoods such as Karen, Ololua Ridge and Runda are also being quoted in foreign currencies.
