In Nairobi’s upscale suburb of Karen, a 14-mansion development is receiving its final touches. Inside this gated community are spacious houses where no luxury is spared
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In Nairobi’s upscale suburb of Karen, a 14-mansion development is receiving its final touches. Inside this gated community are
spacious houses where no luxury is spared – hardwood floors, Venetian finishes, designer furniture and en-suite bathrooms – to make sure that their future occupiers will have all the modern conveniences.
These future occupiers are what driving Kenya’s property market booming.
Driven by a healthy economic growth and increasing remittances from Kenyans abroad, Kenya’s real estate sector is considered a market to watch out for. In fact, according to The Wealth Report 2012, the country’s capital Nairobi is the world’s best performing prime residential market.
House values in the city grew 25% in 2011, overtaking established hotspots such as London, Miami and Hong Kong. According to Ben Woodhams, managing director of Knight Frank Kenya, the findings of the survey surprised even the estate agency’s research department. ‘We had to justify our figures.’
Nairobi is not the only Kenyan location experiencing impressive growth in luxury real estate. Cities and towns along the country’s Indian Ocean coast, such as Mombasa (an important tourism centre and Kenya’s main seaport) and Lamu (a historic island with resort-like atmosphere), also recorded a 20% price growth, according to The World Report.
There are a number of factors that make Kenya’s housing market attractive, says Woodhams. ‘One is that the country relative to its neighbours is considered East Africa’s safe haven. People are seeing relatively good returns in Kenya specifically, but [also] in Africa as a whole.