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Kenya third most preferred property hub for super-rich

News Summed Up 2018-03-13 05:30:00

By ANNIE NJANJAMore by this AuthorKenya emerged the third most preferred real estate investment destination globally for the super-rich after the UK and the US in a study that also shows that nearly a quarter of Africa’s rich have property locally. According to Knight Frank’s Attitudes Survey 24 per cent of Africa’s super rich own a property in Kenya, 33 and 67 per cent in the US and UK, respectively, making Kenya their top property destination in Africa. This means that out of 22,970 ultra-rich Africans with a net-worth of more than Sh503 million, at least 5,512 have a property in Kenya. “The fact that Kenya is the top African investment destination of choice for HNWIs on the continent speaks volumes about the strength and growth potential of our property market,” said Knight Frank Kenya managing director Ben Woodhams. Mr Woodham’s, however, said the local prime residential market is slowly regaining its lustre after the fading of jitters relating to the last General Election.