Kenya a favorite location for second homes by world's richest

david nganga

February 9, 2018 5:31 PM

4% of the world's high net worth individuals look to own homes in Kenya

Kenya is among the top five most popular second home locations for Africa’s wealthiest, according to a report on the countrys prime residential property market by Knight Frank.

The report dubbed Knight Frank Inside View Kenya 2018 says a good number of the continent's super-rich are likely to invest in homes in Kenya.

Likewise, the report notes that four per cent of the world's high net worth (HNW) individuals look to own homes in Kenya led by the United Kingdom.

“Among the global HNW (high net worth) population, four per cent look to own homes in Kenya — led by UK’s HNW population, 63 per cent of whom express interest in Kenyan property, followed by 16 per cent of South African HNWIs and 11 per cent of Spanish, Mauritian and US HNWIs.

“About five per cent of the super-rich in Uganda, Tanzania, Nigeria, Ghana, Switzerland, France, Canada and Lebanon are also likely to invest in homes in Kenya,” says Knight Frank Kenya MD Ben Woodham.

High net worth individuals are typically those with assets of more than $1 million (Sh102 million).

The report also places Nairobi as a city on the radar of many high net worth investors as seen in the Knight Frank Wealth Report 2017.

On the other hand, Knight Frank says the number of Kenya’s high net worth individuals has doubled to around 9,400 over the last decade, making the country home to the fourth highest number of dollar millionaires in Africa.

"Where traditionally wealthy Kenyans might have sought a safe haven for their cash in luxury property in South Africa, Dubai, New York or London, they are increasingly seeking high-end products within Kenya itself," notes the report.

Nairobi’s prime residential market is anticipated to recover within the first half of 2018 having being affected negatively by the wave of political uncertainty.

david nganga