High-net-worth individuals (HNWIs) globally have ranked Kenya as their most favored destination for second homes.
This is according to the Knight Frank‘s survey results in its annual Wealth Report 2024, launched in Nairobi on April 20, 2024.
High net worth individuals are typically those with assets of more than $1 million (Ksh 135 million).
According to the report, Kenya emerged as the unequivocal front-runner with a higher percentage of respondents’ preferences under the first-choice option.
Among the global high net worth population, 33 per cent look to own their second homes in Kenya.
Following closely behind, Canada positioned itself as the second most favored destination, securing 21% of preferences, while the UK claimed the third spot with a preference rate of 20%.
CEO Mark DanFord during the launch of the Report. PHOTO/ The Kenya Times
Kenya a Favorite Location for Wealthy Individuals to Own Second Homes
In the second-choice category, Kenya maintained its appeal, sharing the leading position with South Africa and the UK, garnering 14.5% of respondents’ preferences for a second home purchase.
It also maintained a strong presence in the third option, securing the second position with a 16% preference rate after the UK claimed the top spot as the preferred destination commanding a 25% preference.
Germany emerged as a distant third choice, capturing 8% of respondents’ preferences.
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The remarkable choice of Kenya across all three options underscores its significance as the preferred location for new home purchases among Kenyan HNWIs.
This trend reflects a renewed confidence in the country’s economic, social, and political landscape.
The survey indicates a notable upswing in perception among affluent residents, suggesting an overall trend where Kenyans display increased interest and trust in their home country.
Kenya’s Economy to Grow 5.2pc this Year – World Bank
Overseas interest in Kenya follows the growth of a mature—and somewhat resilient—real estate market over the past decade or so.
The World Bank projected Kenya’s economy to grow at a faster rate of 5.2 percent this year, boosted by increased private sector investment as the government reduces its borrowing from the domestic credit market.
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This is a faster growth than the 5.0 percent it estimated earlier.
In addition, this growth is expected to be boosted by increased private sector investment as the government reduces borrowing from the domestic credit market.
Further, according to the latest Global Economic Prospects, a World Bank Group flagship report, growth in non-resource-rich countries such as Kenya is projected to strengthen to 5.4 percent in 2024 and 5.7 percent in 2025.
The HNWIs’ hopefulness for a better 2024 could also be attributed to the political stability in the country offering a conducive environment for investment purposes.
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