Kenya’s Growing Middle Class, Diaspora Sustains Property Boom
Kenya’s housing market has been on the rise in recent years despite growing challenges of terrorism. The east Africa and Kenya specifically, the property market is responding to demand that has been created by the expanding middle class and its citizens in the Diaspora with disposable income and able to service their mortgages.
This emerging middle class desires and demands quality infrastructure- they want well designed properties with great finishing and in safe and secure locations and they are willing and have the ability to pay premium prices for their choices.
In 2012, A survey by estate agents Knight Frank and Citi Private Wealth looking at the best performing luxury housing markets in the world turned up an unexpected leader. The Kenyan capital, Nairobi, was at the top of the list.
“We were higher than Miami and it was like ‘how dare you,'” Ben Woodhams, managing director of Knight Frank Kenya, told CNN “So we had to justify our figures and say ‘yes, this really is what is happening here.’ But it is about growth, it is not about value. A lot of Kenyans in the Diaspora in the [United] States and Europe send a lot of money back to Kenya and a lot of that gets invested in the property market,”