Nairobi has been ranked among the top world cities where prices of residential houses have grown significantly.
In the Prime Global Cities Index report by Knight Frank, Nairobi was ranked 7th with a growth rate of 6.9 per cent.
As highlighted in the report, the growth witnessed in 2024 was attributed to economic growth witnessed in the last year.
On the other hand, it was revealed that there was an increase in confidence among consumers.
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"Among the 44 cities tracked, a majority (29 out of 44) saw a prime residential price increase compared to last year. This positive trend was similarly reflected in quarterly comparisons, with most cities (31 out of 44) reporting price increases over the previous quarter.
"Manila (Philippines) continued to thrive, with remarkable growth of 4.6% over the past three months and an annual increase of 29.2%, driven by strong economic growth and rising consumer confidence."
Notably, the impressive growth in Nairobi was similar to that witnessed in Singapore.
Cities which recorded more price growth than that of Nairobi include Mania, Dubai, Tokyo, Mumbai, Los Angeles and Miami.
Similarly, major cities which recorded low price growth compared to Nairobi were Madrid in Spain (5.5 per cent), San Fransico in the US (4.4 per cent) and London in the UK (-2.1 per cent).
