Nairobi property sixth most expensive in Africa

Apartments at Pangani in Nairobi on October 8, 2023. PHOTO | EVANS HABIL | NMG

Nairobi is the sixth most expensive city for the super-rich in Africa to buy property with prime apartments going for $1,200 (Sh177,360) per square metre, according to a new report.

The Centi-Millionaire Report 2023 produced by Henley & Partners in partnership with New World Wealth shows as of June 2023, there were only 28,420 centi-millionaires in the world, more than double the number 20 years ago, an increase of 12 percent compared to last year.

Centi-millionaires are worth at least $100 million (Sh14.78 billion).

Read: Nairobi luxury home prices rise 3.5 percent

“These affluent individuals are typically the founders of large multinational companies or the heirs to vast family fortunes,” said the report.

It shows that Cape Town in South Africa is the most expensive city in Africa for the super-rich who have to pay about $5,200 per square metre of prime property. The study surveyed the average square metre price of prime residential 200-400 square metre apartments in affluent parts.

Hermanus and Plettenberg Bay, also South African towns, tied in the second spot with prime properties going for $2,200 per square metre, while Morocco’s Marrakech and South Africa’s Umhlanga tied at $2,000 in the third spot.

Egypt, Cairo

Central Sandton, another South African town, emerged fourth with prime property prices of $1,800 per square metre while Morocco’s Tangier closed the fifth position at $1,600.

Meanwhile, Nairobi, Egypt’s Cairo, and Morocco’s Casablanca all tied in the sixth position at $1,200.

The report showed that at a country level, most centi-millionaires are concentrated in the US (38 percent), followed by China and India.

Read: High-end houses cost double units in cheaper locations

One-third of the world’s centi-millionaire community live in 50 key cities across the globe, with New York City wearing the crown with 775 resident centi-millionaires.

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