Nairobi has been ranked ahead of London in a global index that tracks luxury property price movements across 45 cities, according to Knight Frank’s prime global cities index Q3 2022.

The index listed Nairobi as the only African city, with the city’s ranking rising seven places to 29 in the 12 months to September 2022 from 35 in the same period last year.

Luxury houses registered a 2.9% price growth during the period from 1.3 percent a year earlier. On the other hand, London was placed 31, with a 2.7% price gain.

There is a strong desire from buyers to find good value properties, Business Daily newspaper reported, citing Tarquin Gross, head of residential agency at Knight Frank Kenya.

“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,” he added.

Out of the 45 cities tracked, 19 saw prime prices decline between June and September 2022, up from seven in March 2022.

Dubai had the fastest-rising prime price in the period at 88.8%, according to the Knight Frank report.

(Editing by Seban Scaria )