Kenya a favorite for Africa super-rich’s property investments

Kenya is among the top-five favorite property investment locations for Africa’s super-rich, according to the Attitudes Survey data for The Wealth Report 2018 by Knight Frank. Nearly a quarter of the super-rich already own real estate in the country

Ben Woodhams, the Managing Director at Knight Frank Kenya, said the fact that Kenya is the top African investment destination of choice for High Net Worth Individuals (HNWIs) on the continent speaks volumes about the strength and growth potential of our property market.

Kenya is third after UK (67 percent), US (33 percent) while South Africa is fourth at 9 percent.

A screen grab of the report by Knight Frank.

“In total, 4 percent of the world’s super-rich already own property investments in Kenya, led by African, North American, European and Asian HNWIs”, reads the report.

Property makes up 43 percent of Kenyan high-net-worth-individuals’ investment portfolios, excluding primary residences and second homes. This averages higher than their African counterparts’ 39 percent.

The majority of Kenya’s super-rich (59 percent) have invested in real estate in the country, while 27 percent hold property interests outside the country, according to the report.

The Attitudes Survey collated responses of 500 of the world’s leading private bankers and wealth advisors, who between them represent over 50,000 clients with a combined wealth of more than US$3 trillion.

Respondents said 46 percent of their Kenyan HNWI clients are considering investing in property locally in 2018.

Kenyan HWNIs are more interested in investing in offices (39 percent); residential (i.e. hotels, retail, private rented sector/multifamily) and agricultural property at 28 percent; student accommodation and logistics/warehouses at 22 percent; infrastructure at 17 percent; industrial at 11 percent; and healthcare and retirement housing at 6 percent.

Nairobi’s Karen neighborhood is among a select urban districts whose “location, infrastructure and vibe mean they are set to outperform the competition”. Karen witnessed rapid growth from the early 2000s, with many of the original five- and 10-acre plots developing into modern housing clusters with shared amenities such as club houses, gyms and swimming pools.


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