@StandardMedia

Kenya, the home of Africa’s super-rich

7 months ago, 9 Mar 00:14

By: Macharia Kamau

Kenya has been ranked the property market of choice for the continent’s super-rich. According to the Wealth Report 2018 by Knight Frank, nearly a quarter (24 per cent) of the ultra-wealthy Africans own property in the country and plan to increase their portfolio. Overall, Kenya ranks third as the most preferred real estate investment destination by high-net-worth individuals from Africa, behind the UK, which ranks first with 67 per cent of the wealthy Africans owning property there, and the US (33 per cent) in the second position. In Africa, however, Kenya is the top destination ahead of countries such as South Africa, which was ranked fourth. “South Africa is the fourth favourite property investment location for Africa’s super-rich at nine per cent. In total, four per cent of the world’s super-rich already own property investments in Kenya led by African, North American, Europeans, and Asian HNWIs (high-net-worth individuals),” says the report, which further notes that 21 per cent of Africa’s super-rich are considering buying homes in Kenya. A 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. Property 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.
Read More


Category: topnews news

Suggested

3 hours ago, 22:05
@DailyNation - By: Joseph Wangui
Top judge accuses police, NTSA of doing little to curb road carnage

Justice Samuel Ndung'u Mukunya died last week in a crash on Nyeri-Nyahururu road. ...

Category: topnews news counties
2 hours ago, 23:18
@DailyNation - By: Hillary Kimuyu
‘Subira’ made into a full film

It has won 15 international awards. ...

Category: topnews news
3 hours ago, 22:17
@AfricaNews - By: Eric Oteng
South Africa's Democratic Alliance launches 2019 election campaign | Africanews

Maimane, who delivered a keynote address at the event, focused on his upbringing and the hope he and many others had when South Africa had a democratic breakthrough in 1994. ...

Category: africa news topnews
7 hours ago, 18:33
@DailyNation - By: Vincent Opiyo
Harambee Stars striker lands lucrative deal

Harambee Stars striker Masoud Juma has joined UAE side Dibba Al-Fujairah Club on a short term deal. ...

Category: topnews news
7 hours ago, 18:52
@DailyNation - By: Bruhan Makong
Wajir county staff not paid for two months

Ward reps demand governor urgently resolves issues or face demos. ...

Category: counties news topnews
7 hours ago, 18:33
@DailyNation - By: Kevin J. Kelley
Kenya an exception to failure of US military aid in Africa, study finds

Study says GSU performed more competently than other units responding to the Westgate Mall attack in 2013. ...

Category: topnews news

@StandardMedia

Kenya, the home of Africa’s super-rich

7 months ago, 9 Mar 00:14

By: Macharia Kamau
Kenya has been ranked the property market of choice for the continent’s super-rich. According to the Wealth Report 2018 by Knight Frank, nearly a quarter (24 per cent) of the ultra-wealthy Africans own property in the country and plan to increase their portfolio. Overall, Kenya ranks third as the most preferred real estate investment destination by high-net-worth individuals from Africa, behind the UK, which ranks first with 67 per cent of the wealthy Africans owning property there, and the US (33 per cent) in the second position. In Africa, however, Kenya is the top destination ahead of countries such as South Africa, which was ranked fourth. “South Africa is the fourth favourite property investment location for Africa’s super-rich at nine per cent. In total, four per cent of the world’s super-rich already own property investments in Kenya led by African, North American, Europeans, and Asian HNWIs (high-net-worth individuals),” says the report, which further notes that 21 per cent of Africa’s super-rich are considering buying homes in Kenya. A 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. Property 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.
Read More

Category: topnews news

Suggested

3 hours ago, 22:05
@DailyNation - By: Joseph Wangui
Top judge accuses police, NTSA of doing little to curb road carnage

Justice Samuel Ndung'u Mukunya died last week in a crash on Nyeri-Nyahururu road. ...

Category: topnews news counties
2 hours ago, 23:18
@DailyNation - By: Hillary Kimuyu
‘Subira’ made into a full film

It has won 15 international awards. ...

Category: topnews news
3 hours ago, 22:17
@AfricaNews - By: Eric Oteng
South Africa's Democratic Alliance launches 2019 election campaign | Africanews

Maimane, who delivered a keynote address at the event, focused on his upbringing and the hope he and many others had when South Africa had a democratic breakthrough in 1994. ...

Category: africa news topnews
7 hours ago, 18:33
@DailyNation - By: Vincent Opiyo
Harambee Stars striker lands lucrative deal

Harambee Stars striker Masoud Juma has joined UAE side Dibba Al-Fujairah Club on a short term deal. ...

Category: topnews news
7 hours ago, 18:52
@DailyNation - By: Bruhan Makong
Wajir county staff not paid for two months

Ward reps demand governor urgently resolves issues or face demos. ...

Category: counties news topnews
7 hours ago, 18:33
@DailyNation - By: Kevin J. Kelley
Kenya an exception to failure of US military aid in Africa, study finds

Study says GSU performed more competently than other units responding to the Westgate Mall attack in 2013. ...

Category: topnews news
Our App