By Nita Karume,
February 1, 2018,
Kenya, apparently, is among the top five most popular second home locations for Africa’s wealthiest. This is according to the Knight Frank Inside View Kenya 2018 report. The same report also places Nairobi as a sought-after destination by high net worth investors as seen in the Knight Frank Wealth Report 2017.
In the report, four percent of the high net worth population looks to own homes in Kenya. Among this percentage is UK’s population, 63 of whom express interest in Kenyan property. “About five percent of the super-rich in Uganda, Tanzania, Nigeria, Ghana, Switzerland, France, Canada, and Lebanon are also likely to invest in homes in Kenya,” said the report. High net worth individuals are typically those with assets of more than US $1m (Sh102 million).
According to the report, the number of Kenya’s high net worth individuals has doubled to around 9,400 over the last decade. This has made Kenya home to the fourth highest number of dollar millionaires in Africa. This is highly contrasting when it comes to wealthy Kenyans, since as noted in the report as well, traditionally wealthy Kenyans have a habit of investing overseas.
Meanwhile, Nairobi’s prime residential market is anticipated to recover within the first half of 2018. This is even as the period of price correction experienced in 2016 and 2017- as brought on by the election uncertainty-comes to an end.
Ben Woodhams, MD at Knight Frank Kenya, intones that Kenya’s reputation as a destination for holiday home ownership will help cushion as well as increase investments in the country. More so now with the political unrest behind us.