Africa’s Super Rich Prefer to Stay in Kenya – Knight Frank Report

Kenya is among the top-five favorite property investment locations for Africa’s super-rich according to a report released by Knight Frank.

The report says that nearly a quarter or 24 percent of Africa’s super-rich already own real estate in Kenya —coming third after the UK with 67 percent and the US and 33 percent.

South Africa is the fourth favorite property investment location for Africa’s super-rich at 9 percent. In total, 4 percent of the world’s super-rich already own property investments in Kenya, led by African, North American, European and Asian HNWIs.

“The fact that Kenya is the top African investment destination of choice for HNWIs on the continent speaks volumes about the strength and growth potential of our property market,” Ben Woodhams, Managing Director at Knight Frank Kenya, said.

The Attitudes Survey collated responses of 500 of the world’s leading private bankers and wealth advisors, who between them represent over 50,000 clients with a combined wealth of more than US$3 trillion.

The property makes up 43 percent of Kenyan high-net-worth-individuals’ (HNWIs) investment portfolios, excluding primary residences and second homes. This averages higher than their African counterparts’ 39 percent.

The majority of Kenya’s super-rich or 59 percent have invested in real estate in the country, while 27 percent hold property interests outside the country, according to the Attitudes Survey insights.

Respondents to the survey said 42 percent of their Kenyan clients increased their exposure to property investments in 2017, further indicating confidence in the asset class. Respondents said 46 percent of their Kenyan HNWI clients are considering investing in property locally in 2018.

The Knight Frank’s report comes a day after the World Economic Forum ranked Kenya as the 8^th most dangerous countries in the world for tourists to visit. WEF attributed the numerous attacks from the terror group, Alshabaab, although the attacks have not been that recurring as before.