The capital city of Kenya, Nairobi, has been ranked as the only African city listed among 45 global cities recording an annual growth in prime residential prices in the third quarter of 2022.
Nairobi remained the only African city competing with 45 global cities according to Knight Frank Prime Global Cities Index Q3, 2022.
In an interview with Tuko.co.ke, Knight Frank Kenya’s head of residential agency, Tarquin Gross imputed the city’s performance to customer certainty in the 2022 elections and economic recovery.
He said: “With the reopening of the economy in 2022 and the election results, it has created more certainty, which has given buyers confidence again”
According to the annual growth report, Kenya’s capital beat London in the prime growth by 0.2% for the past 12 months since the third quarter of 2022.
The report recorded that Nairobi gained a prime growth of 2.9% in the year from Q3 2021 to Q3 2022 and posted a change of 0.4% in the last six months, and 0.5% over the last three months, placing Nairobi two positions ahead of London and one position behind Geneva.
Nairobi recorded a 2.4% change in six months from Q3 2021 to Q1 2022 and 1.3% change between Q4 2021 and Q1 2022.
The Prime global cities index tracks the movement in the top 5% of residential prices across 45 global cities, recorded average annual growth of 7.5% in Q3 2022, down from a peak of 10% in Q1 2022.
Nairobi ranked at position 29 out of the 45 global cities listed.