A new report reveals that Nairobi is the only African city listed among 45 global cities to experience annual growth in Q3 2022.
According to the latest Knight Frank Prime Global Cities Index, Nairobi has seen annual growth of 2.9% between Q3 2021 and Q3 2022.
The report, which tracks the top 5% of home prices in 45 global cities, showed that Nairobi has seen a change of 0.4% in the last six months and 0.5% in the last three months.
Overall, Nairobi ranks 29th, two places ahead of London and one place behind Geneva.
Dubai ranked first as it recorded 88.8% growth in Q3 2022 compared to Q3 2021, and Miami ranked second with 30.8% growth, while Tokyo ranked third. with a busy growth of 17% from 30.8%.
Prime is defined as the most desirable and expensive properties in a location and is defined as the top 5% in value in each market.
Knight Frank notes, “During the period under review, compound annual growth dropped from 10% in the first quarter to 7.5% in the third.”
The report points to a clear slowdown, with 19 of the 45 cities tracked seeing a decline between June and September 2022.
It noted that flexible labor markets, tight supply and well-capitalized lenders will support interest rates in most markets through 2023.