Nairobi now ranks ahead of London in a global index that tracks price movements in the top five percent luxury residential properties across 45 cities in the world, raising its status as a favourite investment destination.
Nairobi was the only city in Africa that was listed among the top 45 cities in the world.
The Prime Global Cities Index by realtor Knight Frank shows that the city’s ranking has moved up seven places to 29 in the 12 months to September from 35 in the same period last year.
This was two positions ahead of London which was ranked position 31.
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Nairobi recorded a 2.9 percent price growth in the period from 1.3 percent over 12 months to September 2021. London recorded a 2.7 percent price rise while Geneva a 3.2 percent over the period.
Nairobi hosts the UNEP headquarters and is a regional hub for multinationals that want to expand into the region. It is also a favourite destination for expatriates.
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Given the nature of the climate of the country over the years and is also located at the Equator it attracts a lot of tourists yearly.
House prices soared amid persistent demand for properties in high-end areas even during the electioneering period.
“There is a strong desire from buyers to find good value properties. There has not been much certainty over the last two years with Covid and elections. With that all behind us buyers are keen to transact,’’ said Tarquin Gross, head of the residential agency at Knight Frank Kenya.
Dubai had the fastest-rising prime price in the period at 88.8 percent.
The ranking just comes at a time in life when the Nairobi expressway was opened early this year.
Now that the electioneering period is over we are seeing more expatriates coming back to Kenya and also foreign companies expanding their operations thus increasing rental demand.
