The latest Prime Global Cities Index by Knight Frank, shows that Nairobi is the only African city that has emerged in the list of top 45 global cities that posted growth in the last year.
Nairobi has been ranked 32nd after posting a 3.5% change in growth, in the period from 2021 first quarter to 2022 first quarter.
The city has recorded a 2.4% change in six months from the third quarter of 2021 to the first quarter of 2022 and a 1.3% change between the last quarter of 2021 and the first quarter of 2022.
The report attributes the growth to pent-up demand following the return to normalcy after two years of slowdown caused by the pandemic.
According to Knight Frank’s research analysis, there has been a reduction in the price growth of prime properties since the start of the pandemic. However, on average prime cities continue to register 9 per cent in annual growth.
The report identified the biggest slowdowns over the last quarter in cities across the Asia Pacific as Wellington, Guangzhou, Shanghai, and Shenzhen saw their annual rates of growth slide by 17 per cent, 15per cent, 8 per cent, and 7 per cent, respectively between Q4 2021 and Q1 2022.