A 2019 Knight Frank Wealth Report reveals that Kenyan high-net-worth individuals exploited declining luxury home prices, with prime residential values falling 4.5% in 2018 compared to a 0.9% drop in 2017. The report highlights a shift toward buyer-friendly conditions amid oversupply and liquidity challenges in the high-end market.
Knight Frank Managing Director Ben Woodhams stated that tightened liquidity and market corrections created opportunities for wealthy buyers, noting the segment became a "buyer’s market." The data shows 18% of Kenya’s wealthiest purchased properties domestically in 2018, while 8% opted for international acquisitions.
Twenty-two percent of top earners plan to invest in Kenyan real estate during 2019-2020. The Knight Frank Residential Index (PIRI) ranked Nairobi 92nd in 2019, down from 75th in 2017, reflecting sustained price pressure. Rents in premium segments also declined, falling 1.3% in 2018 after a 2.8% drop in 2017.
