Buyer interest rises as residential prices stabilise

Luxury house prices in Nairobi fell slightly in the first three months of the year, according to the Knight Frank Prime Global Cities Index for the first quarter.

The quarterly report, ranking prime residential markets in 35 cities worldwide, shows Nairobi recorded a one per cent decline in luxury house prices between December 2014 and March 2015.

Supply of high-end homes slightly exceeded demand, mainly due to developers responding to the upbeat foreign investor interest that Nairobi has witnessed in the past few years, in addition to an expanding pool of local high-net-worth individuals seeking to buy trophy homes.