CNN recently featured Kenya’s luxury housing boom. Luxury housing has become quite an interesting phenomenon amongst Kenya’s elite populace with many houses priced at greater than a million dollars. They sell out quickly due to high demand from a niche high network audience. In a recent study by Citi Private Bank, Nairobi was rated the best performing prime residential market globally, higher than highly priced residential cities in the world such as Miami.
Though the figures were based on growth rather than value, it is a telling tale of the residential housing boom that is currently taking place in the country. Nairobi has grown about 25% over the past year, a rate higher than many of its counterparts around the world.
A lot of Kenyans living in the Diaspora send a lot of money back to their home country which in turn gets invested in the property market.
Watch the CNN video below.