• The 2024 Wealth Report by Knight Frank provides insights into wealth investment trends among high-net-worth individuals (HNWIs) in Kenya
• Boniface Abudho, Africa Research Analyst at Knight Frank, notes an upturn in Kenya’s real estate industry, particularly in commercial real estate, with average office occupancy rates increasing by 5% year-on-year
• Factors such as Nairobi’s status as a regional economic hub and the influx of multinational corporations contribute to sustained interest and activity in the commercial property segment
Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.
Nairobi—Knight Frank has released the 2024 Wealth Report, which reveals perspectives on wealth investment trends among high-net-worth individuals (HNWI) in Kenya.
Knight Frank LLP is a global real estate consultancy and estate agency headquartered in London and with branches in Nairobi among several other countries in Africa.
The report surveyed investment trends and found that HNWIs are now holding about 60% of their wealth in homes, with just under 30% buying a home in 2023 and around the same percentage planning to buy another home in 2024.
High-net-worth individuals are those with a net worth of US$1 million (about KSh 130 million) or more.
How real estate industry is performing in Kenya
Speaking to TUKO.co.ke Boniface Abudho, the research analyst for Africa at Knight Frank, noted that the real estate industry has experienced an upturn, with increasing investments in commercial real estate.
Abudho further explained that the real state sector is significantly attractive to HNWIs due to the potential for high returns.
Apart from home ownership the report by Knight Frank revealed other sectors that HNWIs are interested in.
The table below shows a list of the sectors and percentages of the surveyed HNWIs who expressed interest in investments.
In other related news, Kenya emerged as a top choice for wealthy investors seeking to purchase homes, drawn by the country’s growth amidst global instability and post-COVID challenges.
The Knight Frank wealth report revealed Kenya as the preferred destination for high-net-worth individuals (HNWI), with 33% of respondents selecting it, followed by Canada (21%) and the UK (20%).
Boniface Abudho, research analyst for Africa at Knight Frank, attributed Kenya’s appeal to factors like political stability, a favourable business environment, and robust economic growth projections.…Read more by Elijah Ntongai
