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

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

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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Super Falcons star Asisat Oshoala finally gets her flowers outside of Africa

Super Falcons star Asisat Oshoala finally gets her flowers outside of Africa

Flamingos fate unknown as FIFA suspends India from football for interference

Flamingos fate unknown as FIFA suspends India from football for interference

The curvaceous Ghanaian bride who wore 11 outfits for her wedding

The curvaceous Ghanaian bride who wore 11 outfits for her wedding

BBNaija: Beauty disqualified from reality TV show

BBNaija: Beauty disqualified from reality TV show

BBNaija 7: Biggie might be swapping housemates today, here's why

BBNaija 7: Biggie might be swapping housemates today, here's why

Ghanaian farmer ties wife's hands, beat her to death for refusing to give 'raw sex'

Ghanaian farmer ties wife's hands, beat her to death for refusing to give 'raw sex'

Mercy Chinwo: The portrait of a modest bride

Mercy Chinwo: The portrait of a modest bride

When and where to watch Nigeria's Falconets final group game against Canada

When and where to watch Nigeria's Falconets final group game against Canada

'Two years since my last release...Una Popsy go soon drop' Wizkid promises new music

'Two years since my last release...Una Popsy go soon drop' Wizkid promises new music