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What does buying an off-plan property in Mombasa mean?

Buying off-plan means purchasing a property before it is completed, often during the construction phase, usually at a lower price with potential for capital gains by the time the project finishes.

Buying property in Mombasa involves researching locations, understanding the buying process legally, securing financing, and working with a trusted real estate agent. It is important to verify property ownership and engage a lawyer to handle contracts for a smooth transaction.

 The deposit usually ranges between 10% to 20% of the property’s value. It is essential to budget for additional costs such as legal fees, stamp duty, and valuation fees.

Benefits include lower prices, opportunity to customize finishes, potential capital appreciation, and phased payment plans. However, it requires careful due diligence before committing.

Yes, buyers should budget for stamp duty, legal fees, valuation fees, and sometimes VAT depending on the developer’s structure. Confirm all costs upfront with your lawyer.

Yes, foreigners can invest in off-plan projects on leasehold titles. It’s essential to work with legal advisors to navigate ownership restrictions and ensure compliance with Kenyan property laws.

Buyers usually pay a deposit upfront (around 20%), followed by staged payments linked to construction milestones, helping manage cash flow and reducing buyer risk.

Title deeds are usually issued after project completion and registration with the lands registry. Ensure the contract outlines the timeline and process for title transfer.

Key documents include a reservation agreement, sale agreement with detailed payment schedules, building permits, and eventually the title deed upon project completion and registration.

Maintenance costs can vary based on property type but generally include utilities, security, repairs, and property management fees if renting out. Budgeting about 1-3% of the property value annually for maintenance is a good practice.o.

Foreigners can purchase property through leasehold arrangements but not freehold. It’s important to understand local laws regarding foreign ownership and seek legal advice to ensure compliance.

Yes, several banks and mortgage lenders in Kenya offer home loans with varying interest rates and repayment periods. It’s advisable to review different offers and eligibility criteria to find the best mortgage that fits your financial situation.