Kenya’s Growth Agenda Lures Wealthy into New Surge of Home Investment

 Reporting by James Mutua


Amid global turmoil and post-COVID slowdowns, Kenya has emerged as a safe haven for its wealthiest investors, drawing funds back home with its promising growth prospects. According to Knight Frank's annual Wealth Report 2024, based on responses from private bankers and wealth advisors, Kenyan High-Net-Worth Individuals (HNWIs) are increasingly optimistic about wealth growth, with 62.5 percent anticipating increases in 2024.

Mark Dunford, CEO of Knight Frank Kenya, noted, “Kenya’s growth is bringing a resurgence in HNWIs buying Kenyan property. This includes second and third homes in addition to their commercial property investments. Wealthy investors have also taken a step back from foreign assets in favor of building bigger positions at home.”

The survey revealed that HNWIs are now allocating about 60 percent of their wealth to homes, with nearly 30 percent purchasing a home in 2023 and a similar percentage planning to buy another in 2024. Consequently, the balance of ownership has shifted, with about 10 percent of Kenyan HNWIs owning homes abroad, down from 14 percent in early 2023.

Furthermore, the shift in assets has led to decreased interest in second passports among HNWIs. A third of wealth managers reported no client interest in additional passports, while another third reported minimal interest.

While interest in commercial property remains subdued, HNWIs are showing keen interest in other property investments such as farmland, hotels & leisure, and private rented residential properties in 2024. The survey indicated significant interest in Farmland at 77.5%, Hotels & leisure: 69.4% and Private rented residential: 58.6%. 

Additionally, the report says there's a growing focus on sustainability, with 60 percent of HNWIs investing in renewable power sources and half investing in nature conservation and seeking sustainable certifications and energy efficiency ratings.

Boniface Abudho, Research Analyst at Knight Frank Africa, highlighted the shift towards sustainability, noting, “This shift towards greater sustainability even echoed into Kenyan HNWIs' investments of passion, with a strong shift from cars to art, now favored by over 70 percent of HNWIs as their top collectable.”

With Kenya's GDP forecasted to rise by 5 percent in 2024, compared to a global average of 3.1 percent, the country continues to attract its wealthy citizens with promising investment opportunities and a conducive economic environment.

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