Industry News
Pandemic prompts wealthy Kenyans to buy holiday homes
Nairobi tycoons are seeking homes with big open spaces.
Confined to their homes in Nairobi for the better part of 2020 due to Covid-19-related lockdowns, a significant number of ultra-high net worth Kenyans are mulling to purchase homes in local holiday destinations to escape the unremarkable city life.
The super-rich, who previously budgeted for holidays abroad, have found it cumbersome to travel hence the need to buy homes in tranquil places away from the congested capital.
According to the Buyer’s Survey by Knight Frank Kenya, released in December, the Covid-19 pandemic has resulted in a high 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.
Rural and coastal properties
Wealthy Kenyans, the report said, have shown a strong appetite for rural and coastal properties that have open spaces to allow them an opportunity to spend quality time in places like Kilifi and Mombasa.
This study been echoed by Knight Frank’s “The Wealth Report 2021”, which says about 20 percent of ultra-high net worth persons are planning to buy a new home this year.
READ: Why Africa billionaires are buying luxury homes in Kenya
Unlike previously when ultra-high net worth individuals desired to buy homes abroad, the tycoons are now planning to acquire new residences in Kenya followed by the UK, US, South Africa and Canada.
“[This] confirms a clear rise in demand for residential property as wealthy Kenyans look to buy a new home this year, said Knight Frank Kenya managing director Ben Woodhams.
Most sought-after areas
The report further reveals that Tigoni and Miotoni have emerged as the most sought-after areas among the country’s high net worth individuals.
Tigoni is a small town in Limuru, about 30km from Nairobi, while Miotoni is an exclusive residential area in Karen where a five-bedroom villa goes for at least Sh110 million.
An acre of land in Tigoni sells for between Sh36 million and Sh80 million depending on accessibility and connection to key services such as electricity, water, and sewer, while an acre in Miotoni fetches between Sh80 million and Sh90 million.
The two areas have now appeared in the Knight Frank’s list of 40 hotspots in the world to watch for property investments targeting the wealthy.
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