Africa has the fastest growing cities in the world, with 40 percent of its one billion people in towns and cities, but most new homes target the upper class as it is easier to make a profit from high-end sales.
Kenya has the fourth highest number of wealthy individuals on the continent and is one of the top destinations for real estate investments by Africa’s super-rich. The number of people living in Kenya worth more than $5 million will grow by 60 percent by 2022 to more than 2,000 individuals, both Kenya and foreign, boosting demand for luxury housing. Kenya is a regional hub for trade, diplomacy and security, with economic growth forecast at more than 6 percent next year and a growing middle class.
Nairobi is one of Africa’s most expensive cities for housing, with 2013 prices almost triple those of 2000, according to the World Bank. Kenya needs to build 2 million affordable city homes to meet its housing deficit and stem the growth of its sprawling slums, which are home to six out of 10 urban households, it said.