Report: Kenya’s super-rich buy new homes as market softens

NAIROBI, KENYA: The Kenya’s super-rich are buying more luxury homes in the country, The Wealth Report 2019 released on Wednesday documents.

Some 18 per cent of Kenyans with over Sh100 million excluding their primary residences – bought new homes in the country in 2018, with only 8 per cent purchasing houses abroad.

According to The Wealth Report’s Attitudes Survey, 22 per cent of Kenya’s wealthy plan to buy new homes in the country in 2019/2020.

First and second homes make up 45 per cent of total wealth for Kenya’s super-rich, with the high-net-worth individuals’ (HNWIs) owning an average of 2.7 homes, according to The Wealth Report.

Their South African counterparts own an average of four homes each.

Ben Woodhams, Knight Frank Kenya Managing Director, said: “As a result of the oversupply, developers have had to deliver higher specification property at lower prices. A relatively unfavorable economic environment has also affected demand.”

He added: “The price correction, however, presents a good opportunity for high-net-worth individuals to buy high-end properties at discounted prices.”