The Knight Frank LLP has revealed in a new report, 17% of Ultra-High-Net-Worth individuals in Kenya are planning to buy a home in 2021. – By Sharon Maina.
“The wealth Report confirms a clear rise in demand for residential property as wealthy Kenyans look to buy a new home this year. This was also established in a local Buyer’s Survey that we conducted as Knight Frank Kenya in December 2020, which indicated demand for a second home amongst our clients, especially with a strong focus for rural and coastal properties that have an access to open space.”
Citing the pandemic, the property consultancy said there is a charging demand for locations that offer green spaces as more people are increasingly focused on wellness as they spent a great deal of 2020 at home.
The most popular areas Ultra-High-Net-Worth Individuals are looking at buying a new home this year are coastal and rural properties.
Respondents in their survey revealed that Covid-19 is the biggest worry for the Kenyan wealth when it comes to creating and preserving their wealth.
Though there is a pandemic it looks like it did not affect everyone since some people still manage to live their luxurious lifestyle and also invest in property.
Kenya is one of the most popular destinations where the Ultra-High-Net –Worth Individuals are willing to invest .
Only 19% of Kenyan High-Net-Worth-Individuals would want to create wealth from outside as compared to Chinese where 39% and Nigeria 62% of their High-Net-Worth Individuals want to relocate.
Researcher – Africa, AE
This shows that Kenya has more entrepreneurship opportunities compared to other countries.
“Many may ask why we are interested in the wealthy in the middle of a pandemic. The objective of the wealth Report is to assess how and where the one percent are investing and what they are likely to do next. This gives policymakers and investors insight into behavior and attitudes to understand market and asset performance.” Andrew Shirley, the editor of the wealth Report at Knight Frank, said.
According to statistics it shows that most Ultra-High-Net-Worth individuals are coming from Africa countries such as Johannesburg, Cairo, Cape Town, Nairobi and Lagos.
This is a positive sign to African countries since there will be a positive growth in this African countries.
