Nairobi the Only African City Named in the Prime Global Cities Index

Nairobi is the only African city that made it to the list of top 45 global cities that posted growth last year, according to the latest Prime Global Cities Index by Knight Frank.

As reported by Business Insider, Nairobi was ranked 32nd, posting a 3.5 percent change in luxury residential prices in the period from the first quarter of 2021 to the first quarter of 2022. It also recorded a 2.4 percent change in six months from Q3 2021 to Q1 2022, and a 1.3 percent change between Q4 2021 and Q1 2022.

 “This growth can be attributed to pent-up demand. After two years of the pandemic, as we entered Q4 2021 there was a sense of normalcy returning. I believe buyers’ sentiments to get on with life motivated their purchasing resumption plans. Also with the pandemic seemingly behind us, we witnessed many expatriates returning to Kenya,” said Tarquin Gross, Head of Residential Agency at Knight Frank Kenya.

Dubai, United Arab Emirates (UAE) had the fastest rising prime residential prices with a 58.9 percent change recorded in the past 12 months, and a 23.2 percent change in six months from the third quarter of 2021 to the first quarter of 2022. Miami (USA) Toronto (Canada) San Francisco (USA) and Los Angeles (USA) complete the top five positions.

The Prime Global Cities Index is a valuation-based index tracking the movement of prime luxury residential prices across 45 cities in the world using data from the Knight Frank research network. Knight Frank defines prime residential property as the most desirable and most expensive property in a given location, generally defined as the top five percent of each market by value.