Nairobi adds another star, beats London in luxury property gains
Buildings on Waiyaki Way viewed from the Nairobi Expressway on May 13, 2022.
Nairobi has been ranked ahead of London in a global index that tracks price movements in the top five percent luxury residential properties across 45 cities in the world, raising the status of Kenya’s capital as a favourite investment destination in Africa.
The Prime Global Cities Index by realtor Knight Frank, which listed Nairobi as the only African city listed among 45 global cities that recorded annual growth in the third quarter of 2022, shows that the city’s ranking has moved up seven places to 29 in the 12 months to September from 35 in the same period last year.
This was two positions ahead of London, which ranked 31, and one position behind Geneva.
The jump in Nairobi’s position comes after luxury houses registered a 2.9 percent price growth in the period from 1.3 percent over a 12-month period to September 2021- a time when Kenya was reeling from setbacks presented by the Covid-19 pandemic.
London recorded a 2.7 percent price rise while Geneva at 3.2 percent over the period.
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