The United Kingdom based organisation, Knight Frank on Wednesday, November 9, ranked Kenya’s capital Nairobi as the top prime city in Africa.
In the Knight Frank Prime Global Cities Index, Nairobi is the only African city listed among 45 global cities that recorded annual growth in Q3 2022.
Nairobi that recorded 2.9 per cent growth in the year from Q3 2021 to Q3 2022 was revfor setting up a resilient infrastructure.
Knight Frank Prime Global Cities Index tracks movement in the top five percent of residential prices across 45 global cities.
“In the period under review, the average annual growth dropped from 10 per cent in Q1 to 7.5 per cent in Q3,” Knight Frank notes.
The report also highlighted the fact that Nairobi posted a change of 0.4 per cent in the last six months and 0.5 per cent over the last three months.
These records placed Nairobi at number 29, just two positions ahead of London and one position behind Geneva.
Dubai took position one with 88.8 per cent growth in Q3 2022 compared to Q3 2021 while Miami came second with 30.8 per cent growth.
At number three was Tokyo with 17 per cent growth of the most desirable and expensive property in a location.
"We expect to see London, New York, Paris and Dubai move up the rankings in Q3 as travel restrictions ease and international buyers start to recognise the relative value in these cities," read the report in part.
Knight Frank Prime Global Cities Index also recorded a slowdown, as 19 out of the 45 cities tracked registered a decline between June and September 2022.
“However, the transition out of a sustained period of low lending rates will lead to pinch points in some markets, particularly amongst highly-leveraged prime landlords, potentially adding to stock levels in some cities,” Knight Frank noted.
