The Rise of Remote Land Investments Among Kenya’s Wealthy
In recent years, a growing trend has emerged among Kenya’s ultra-wealthy: the acquisition of vast tracts of land in remote and often challenging environments. These properties, typically spanning over 2,000 acres, are located in private conservancies and have become highly sought after as investment opportunities. From Naivasha to Samburu and Nanyuki, these areas are becoming favorite spots for high-net-worth individuals seeking privacy, space, and financial returns.
Strategic Land Banking
Johnson Denge, a former Real Estate Services Advisory Manager at HF Group, explains that this phenomenon is rooted in what he calls “land banking.” This strategy involves investing in land with the expectation of future value appreciation based on long-term development forecasts. “Land requires very little maintenance, yet it acts as a hedge against inflation,” Denge notes. For the ultra-wealthy, such investments are rarely a gamble but rather calculated moves backed by data and expert advice.
High-net-worth investors operate with a different compass, according to Denge. They have access to what he refers to as “policy direction,” and in some cases, they may even be involved in shaping those policies. This insider knowledge allows them to anticipate where development will occur in the next few years, enabling them to position themselves strategically.
Beyond Crowded Enclaves
While some might assume that the shift to remote areas is driven by overcrowding in traditional wealthy enclaves, Denge disagrees. He argues that land has always appreciated more than equities or other forms of investment, especially in today’s market. “Look at the market where the government is borrowing heavily; the wealthy still get more value in bonds and other government securities,” he says.
The drivers behind this interest in off-grid land can vary. Infrastructure development and the presence of mineral deposits are key factors, but there are also other considerations. Rare minerals in certain regions could lead to future export opportunities, and the growing market around carbon trading is another significant factor.
Carbon Credit Markets and Luxury Assets
Quality carbon vintages are now being viewed as luxury goods, similar to high-end watches. The latest Knight Frank Wealth Report highlights that forward-looking investors and businesses are increasingly looking for land suitable for carbon sequestration projects. These projects convert forests, rangelands, and soil into financial assets by measuring the carbon they absorb and converting that storage into credits that companies can buy to offset emissions elsewhere.
Carbon sequestration projects take years to produce, but the result is high-quality, limited edition pieces that command premium prices and may have waiting lists. Rich Stockdale, founder of Oxygen Conservation, which aims to “store carbon, provide space for nature, and deliver positive environmental and social impacts,” emphasizes the potential of these ventures.
One such property is Kambi Moran (Sleeping Warrior Camp), developed by a Kenyan businessman. Located at the slopes of Sleeping Warrior Hills within Soysambu Conservancy, the camp features cabins rising from the wilderness, offering views of Lake Elementaita and Ugali Hills. The area is alive with wildlife, from buffalo grazing in the distance to zebras roaming throughout the day and hyenas echoing through the darkness at night.
Helicopters frequently take off and land over the camp, and top-of-the-range cars are often seen in the parking area. Three years ago, when the investor acquired the more than 2,000-acre land, he built a tented camp, a silkworm factory, and a carbon credits center.
A Unique Blend of Agriculture and Tourism
Steve Ododah, the general manager overseeing operations and ongoing construction of the camp, explains that the property is not just a tourism destination but also a small-scale farm. “We raise our own goats and cows. We have about 140 goats, and we’re in the process of importing rare breeds from South Africa, the Boer, Savanna and Kalahari Red, known for their quality meat. We also rear our own chickens and even grow our own herbs on the farm,” he says.
The camp is still under construction and has not officially opened to the public, but it has already started attracting wealthy holidaymakers. “We are yet to fully commercialize the property. There is still a lot of construction going on to develop the place from a bushy, rocky jungle. So you won’t find us on any online booking site, but once in a while we get enquiries and host guests, especially affluent individuals and corporates,” Steve notes.
The camp recently hosted Safari Rally fans who paid between Sh60,000 and Sh75,000 per night. It has also hosted weddings, with couples paying Sh1 million for the grounds. “When we host weddings, we curate bespoke experiences like an open bar, which you don’t get in most hospitality facilities,” he adds.
As the race to net zero intensifies, vintage carbon credits could become a game-changer for both producers and investors, according to Flora Harley of Knight Frank. With its unique blend of conservation, agriculture, and luxury tourism, Kambi Moran exemplifies the evolving landscape of wealth and sustainability in Kenya.
