Although the value of luxury homes in Nairobi has risen by 40 per cent in the last five years as wealthy individuals invested more in real estate, a report by real estate firm Knight Frank, however, shows that the growth has slowed down recently, with the properties’ value rising by only by 2.1 per cent in the year ending June.
The report noted that the prices declined by 0.2 per cent in the last three months to June. Knight Frank said that the prime property investments have proved a safe option compared to alternatives such as stocks.
Luxury properties target high net-worth individuals and are located in affluent areas. Knight Frank defines a luxury home in Nairobi as any residential property priced from Sh80 million. They are standalone units of high quality and finishing set on not less than half an acre and located in a posh city