Knight Frank reports that Nairobi, Kenya’s capital, has maintained its rank in Prime Global Cities’ third quarter 2022 index, recording the most significant 12-month growth in residential prices.
Out of the listed 45 global cities, Nairobi is at position 29, making it the only African city on the list.
Knight Frank defines prime residential property as the most desirable and expensive property in a given location, generally defined as the top 5% of each market by value.
In the reporting period, Nairobi posted a 2.9 percentage 12-month change in residential prices, recorded a 0.4 per cent six-month (quarter one to quarter three) and a 0.5 per cent three-month change (quarter two (Q2) to quarter 3 (Q3).
“The index places Nairobi two positions ahead of London and one position behind Geneva. Wellington City in Australasia, the region consisting of Australia, New Zealand, New Guinea, and neighbouring islands in the Pacific Ocean, closes the list of the 45 cities surveyed,” says the report.
The index recorded an average annual growth of 7.5 per cent in the third quarter of 2022, down from 10 per cent in the first quarter of 2022.
“However, at 7.5 per cent, annual growth still sits above the index’s average five-year growth rate of 4.4 per cent, and the number of cities registering year-on-year price falls has only shifted from six last quarter to seven this quarter,” Knight Frank said.
“But dig deeper, and the quarterly data reveals a marked slowdown. Of the 45 cities tracked, 19 saw prime prices decline between June and September 2022, up from seven in the first quarter of 2022.”
Dubai, Miami, Tokyo, Los Angeles and Gold Coast are the top five countries in the report.
