Nairobi is the only African city listed among 45 global cities that recorded annual growth in Q3 2022.
The Knight Frank Prime Global Cities Index, which tracks movement in the top five percent of residential prices across 45 global cities, reported that globally prime price growth dipped for the second consecutive quarter. According to the report, Nairobi recorded 2.9 per cent growth in the year from Q3 2021 to Q3 2022 and posted a change of 0.4 per cent in the last six months, and 0.5 per cent over the last three months.
The Prime Global Cities Index, places Nairobi two positions ahead of London and one position behind Geneva. Wellington City in Australasia, the region consisting of Australia, New Zealand, New Guinea, and neighbouring islands in the Pacific Ocean, closes the list of the 45 cities surveyed.
Slowdown
Prime is defined as the most desirable and expensive property in a location, defined as the top 5 per cent of each market by value. In the period under review the average annual growth dropped from 10 per cent in Q1 to 7.5 per cent in Q3.
The report indicates a marked slowdown, as 19 out of the 45 cities tracked registered a decline between June and September 2022.
