Kenya, the home of Africa’s super-rich
SEE ALSO :Recipe for success of housing dreamA total of three per cent of the world’s HNWI population is looking to buy houses in Kenya this year, with the majority being from India. The attractiveness of Kenya’s real estate market by Africa’s super-rich has over time resulted in inflated property prices. According to the report, prices of property in areas such as the Karen suburb have gone up to over Sh50 million an acre from Sh2.3 million two decades ago. Economic hardships over the past two have, however, seen prices of prime residential property in Nairobi weaken 0.9 per cent in 2017 and 2.1 per cent in 2016. “The fact that Kenya is the top African investment destination of choice for HNWIs on the continent speaks volumes about the strength and growth potential of our property market,” said Ben Woodhams, managing director at Knight Frank Kenya.
SEE ALSO :Bathroom storage ideasProperty makes up 43 per cent of Kenya’s HNWIs investment portfolios, excluding primary residences and second homes. This averages higher than their African counterparts’ 39 per cent. The majority of Kenya’s super-rich (59 per cent) have invested in real estate.