This archive report was first published on 8 December 2021.
Published on December 8, 2021, Knight Frank's Global Buyer Survey revealed a significant shift in attitudes amongst African home buyers, driven by the COVID-19 pandemic.
According to the survey, 71% of African respondents indicated that energy efficiency was very important to them, compared to 42% globally. Furthermore, 29% of respondents across Africa preferred a greener home and were willing to pay more for it, compared to 27% globally.
The survey, which represents the views of over 900 Knight Frank clients across 49 global markets and nine African countries, highlights the growing importance of Environmental, Social, and Corporate Governance (ESG) in African home buying trends.
Good air quality, proximity to green space, and access to good healthcare were ranked as the most important location features to home buyers. The survey also found that a home study office, access to broadband internet, and more outdoor space were among the most preferred property features, indicating the impact of remote working on home buying trends.
Interestingly, rightsizing emerged as the key feature in future buying intentions, with 22% of respondents citing upgrading their family's primary residence as the main motivation, while 17% cited downsizing as the main motivation.
When asked about the type of property they would like to live in, in the future, 50% of respondents in the region said they would be more inclined to buy a rural or country estate, slightly higher than the rest of the world respondents (34%).
“This is a fascinating insight into the impact of COVID-19 on buyer preferences. COVID-19 has supercharged demand for quality affordable homes in the suburbs as buyers look at the best of both worlds: space and greenery but easy access to services and amenities,” said Tarquin Gross, Head of Residential Agency, Knight Frank Kenya.
