Nairobi emerged as the only city in Africa that made the top 45 global cities that posted growth in the last year, this is according to the latest Prime Global Cities Index by Knight Frank.
Kenya’s capital city was ranked 32nd after posting a 3.5 per cent change in growth in the period from the 2021 first quarter to the 2022 first quarter. The city recorded a 2.4 per cent change in six months from Q3 2021 to Q1 2022 and a 1.3 per cent change between Q4 2021 and Q1 2022.
The report attributes the growth to pent-up demand following the return to normalcy after two years of slowdown caused by the pandemic. At the same time, the reports indicated that many expatriates have began returning to Kenya following the easening of travel restrictions.
Dubai in the Middle East was ranked the city with the fastest rising prime prices in the period studied with a 58.9 percent change recorded in the 12 months, and 23.2 percent change in six months from third quarter 2021 to first quarter 2022. North American cities take the next four positions, with Miami City taking second position and Toronto in third place. San Francisco and Los Angeles complete the first five positions.
The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 45 cities in the world using data from the Knight Frank.
According to the report, the biggest slowdowns over the last quarter were across Asia Pacific. Wellington, Guangzhou, Shanghai and Shenzhen saw their annual rates of growth slide by 17%, 15%, 8% and 7% respectively between Q4 2021 and Q1 2022.