4 July 2012

Kenya: Nairobi's Prime Residential Rents Up 14 Per Cent

Rents in Nairobi's prime residential market rose highest in the one year to March 2012, a new report by global property services provider Knight Frank showed. Kenya's capital was the strongest performer on an annual basis, with prime homes rents rising 14.2 per cent, according to the Knight Frank Prime Global Rental Index.

Prime residential rental market in Nairobi saw a 5.8 per cent rise in the three months from December 2011 to March 2012. Russian city Moscow's prime rental market was the strongest performer on a quarterly basis, with prime rents up six per cent in the first quarter of 2012.

The index, which focuses on the top five per cent of the mainstream housing market in cities globally, rose overall by 1.7 per cent in the 12 months to March 2012, and 0.4 per cent in the first three months of the year. "The outlook for prime rents hinges on the health of the global economy and with economic forecasts being revised downwards the prospects look poor with only limited growth likely in the remainder of 2012. There are likely to be bright spots however," said Kate Everett-Allen in the report.

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