PHOTO: Anton Petrus/Getty Images
- Nairobi is ranked in the top 30 in Knight Frank’s Top Global Cities Index 2022.
- the l of the cityluxury homes and prime real estate registered an average growth rate of 2.9% in year-on-year value.
- It is considered one of the most attractive cities in Africa for expatriates and companies that want to invest in the continent.
Forget Cape Town or Cairo. Nairobi is ranked among the top 30 cities in the world by real estate giant Knight Frank in its Global Major Cities Index 2022 for the third trimester.
In 29th place, Nairobi is two places behind London, posting 0.2 percentage points more than the British city in the average growth rate of luxury property prices year over year.
“Nairobi posted a change of 0.4% in the last six months and 0.5% in the last three months, jumping two positions ahead of London and one position behind Geneva,” a press release read. from Knight Frank.
The top five cities in the index are Dubai, Miami, Tokyo, Los Angeles and the Gold Coast in Australia.
The index notes that Dubai is the city with the “fastest rising prime prices in the year to Q3 2022.”
This time last year, Nairobi ranked 35th in the index.
The impressive jump, according to Knight Frank, was due to an increase in the value of luxury houses in the city, despite the setbacks caused by the Covid-19 pandemic.
Knight Frank said in an explanatory:
The jump in Nairobi’s position comes after luxury homes posted price growth of 2.9% in the period, from 1.3% in a 12-month period to September 2021, a time when Kenya was recovering from the setbacks presented by the Covid-19 pandemic.
The ranking, according to the estate agent, indicates that Nairobi is a destination of choice for businesses and the wealthy looking to invest in Africa.
“Nairobi is a favorite destination for expatriates and companies that want to establish themselves on the African continent,” said the estate agent.
One of the factors influencing the rise in luxury property prices in Nairobi is its development as a regional hub for multinationals. It also houses the headquarters of the United Nations Environment Program (UNEP).
News24 Africa Desk is supported by the Hanns Seidel Foundation. The stories produced through Africa Desk and the opinions and statements that may be contained in this document do not reflect those of the Hanns Seidel Foundation.