Kenya among the tops destinations in Africa for Real Estate Investment
Did you know that Kenya is likely to be the new home of the tallest tower in Africa once completed in 2023? The pinnacle tower complex also has a pinnacle tower ii which rises to 45 floors and while the main tower rises to 70 stories. The pinnacle is expected to have residential spaces, office spaces, and retail spaces. Many investors in Africa, especially the super-rich of Africa, are looking forward to investing in the tallest tower in Africa. Global companies are also expected to base their African office’s headquarters on the building making the building a very hot sale in the market of the whole of Africa.
African tycoons have found a new place to invest in real estate. Nairobi, the capital city of Kenya, has been reported to be among the top 5 favourite locations for investment in Africa. 24% of the Kenyan citizens have already invested in the real estate industry, positioning Kenya at number 3 in the world after the UK and USA. 4% of the world’s super-rich have already invested in Kenya’s property market, starting with Africa, North American, European and Asian HNWIs (high-net-worth-individuals). In Africa, out of 22,970 super-rich African with an estimated net worth of Sh5 billion, at least 5,512 own property in Kenya.
The fact that Kenya is the prime investment location choice for HNWIs in the whole world speaks a lot about the future and potential of the Kenyan property market, said the knight franks managing director to the business today newspaper. Well, these properties are not used as a second home, investing in the property market in Kenya is said to be almost a sure bet of great returns.
The interest of the super-rich in the Kenyan property market has been greatly influenced by the constant growth, development and resilience of the real estate market of Kenya. As the property industry grew so did the regional and international investors continue to pour more money into the business. This has led to the sprung of new businesses each day creating more investment attractions for overseas and regional investors.
Property builds up 43% of the Kenyan HNWIs financing portfolios, not counting basic residences and their second homes. These Kenyan tycoons see the property market as a way to solidify their wealth, placing the Kenyan marker at the top ranks. All financiers, be it local or international, always have interests in such a business environment
Not only are the super-rich investing in Kenya, but they are also buying holiday homes in the coastal region and areas near mount Kenya. A recent study shows that 21% of Africa’s super-rich are considering owning homes in Kenya. As more of these people buy homes in Kenya, there will be more property development in the hot area, again creating investment chances for local and international investors. This is some good news to Kenyans since its economy will be boosted hence improving their infrastructure and living standards.