Nairobi luxury home prices rise 3.5 percent
Luxury houses in Nairobi posted a 3.5 percent jump in price in the first quarter compared to a similar quarter last year amid a recovery in demand of the property market following a slowdown due to pandemic economic hardships..
The Prime Global Cities Index by Knight Frank also shows that the city recorded a 2.4 percent rise in prices over a six-month period between the third quarter of 2021 and the first quarter.
The index ranks the performance of luxury residential prices across 45 global cities, tracking nominal prices in local currency.
Nairobi ranked 32 from 33 over the first quarter. It was the only city in Africa that made the top 45 global cities that posted growth in the last year.
The growth has been attributed to renewed demand and return of expatriates increasing buying after eased measures and resumption of international travel, which has boosted business activities and hiring in some sectors.
“This growth can be attributed to pent-up demand. After two years of the pandemic, as we entered the fourth quarter of 2021 there was a sense of normalcy returning. I believe buyers’ sentiments to get on with life motivated their purchasing resumption plans.
