Top realtor lists African capital among the world's top 30 prime cities - and it's not in SA

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Nairobi skyline
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  • Nairobi is ranked in the top 30 on Knight Frank's Prime Global Cities Index 2022.
  • The city's luxurious homes and prime property registered an average growth rate of 2.9% in value year-on-year.
  • It is deemed one of the most attractive cities in Africa for expatriates and firms wanting to invest in the continent.

Forget Cape Town or Cairo. Nairobi is ranked among the world's top 30 prime cities by real estate giant Knight Frank in its Prime Global Cities Index 2022 for the third quarter.

Ranked at 29th, Nairobi is two places behind London, registering 0.2 percentage points more than the British city in the average growth rate of prime property prices year-on-year.

"Nairobi posted a change of 0.4% in the last six months, and 0.5% over the last three months, jumping two positions ahead of London and one position behind Geneva," a press statement from Knight Frank read.

The top five cities on the index are Dubai, Miami, Tokyo, Los Angeles and the Gold Coast in Australia.

The index notes that Dubai is the city which has the "fastest rising prime prices in the year to Q3 2022".

This time last year, Nairobi occupied 35th position on the index. 

The impressive jump, according to Knight Frank, was due to an increase in the value of luxury homes in the city, despite setbacks brought on by the Covid-19 pandemic.

Knight Frank said in an explainer:

The jump in Nairobi's position comes after luxury houses registered a 2.9% price growth in the period from 1.3% over a 12-month period to September 2021 – a time when Kenya was reeling from the setbacks presented by the Covid-19 pandemic.

The ranking, according to the realtor, indicates Nairobi is a destination of choice for businesses and the rich looking to invest in Africa.

"Nairobi is a favourite destination for expatriates and companies who want to set up on the African continent," the realtor said.

One of the influencing factors driving up prime property prices in Nairobi is its development as a regional hub for multinationals. It also hosts the headquarters of the United Nations Environment Programme (UNEP).

The News24 Africa Desk is supported by the Hanns Seidel Foundation. The stories produced through the Africa Desk and the opinions and statements that may be contained herein do not reflect those of the Hanns Seidel Foundation.



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