In a dramatic change that’s shaking up Kenya’s Real Estate landscape, the rich in Kenya are ditching bricks and mortar properties for more liquid and lucrative assets. This from Knight Frank’s 2025 Kenyan edition report that was released on 13th May 2025 reveals a huge drop in residential property investment among High-Net-Worth Individuals (HNWIs) down to 22.0 % in 2025 from 60.0% in 2024.
The once attractive trend of accumulating multiple homes is giving way to a new financial trend that values flexibility, liquidity, and increased returns. It is noted that liquidity concerns are behind this shift attributed to increased economic uncertainty both locally and abroad, as Kenya’s top investors are now opting for assets that are easier to exit and more likely to generate steady income. In those classes of assets, Real Estate Investment Trusts (REITs), treasury bonds, money market funds, and fast-growing sectors like tech, agriculture, and renewable energy are seeing increased interest from the rich. This clearly shows that the rich are preferring income generating assets that they can liquidate easily, especially with uncertainty looming on both domestic and global fronts.
Interestingly, the trend is not just about ditching traditional property investments, it’s also about rethinking how homes fit into wealthy lifestyles. While many affluent Kenyans still own two or three homes, most use their second properties as private getaways rather than income sources. Only 22.0% of them rent out their second homes. The rest prefer to keep them for personal use retreats for weekends, holidays, or retirement. The rich are reluctant to rent out their second homes for rental income as they cite privacy issues, viewing them as homes for family time and personal space and not as properties.
Notably, the overall home buying overall is also slowing down in the country. With soaring land prices, high construction costs, and mortgage access still hovering at a mere 3.6% according to Kenya Bankers association, it’s no surprise that 61.0% of wealth managers said that only 10.0% of their clients bought a home in 2024. And 2025 is shaping up to follow the same trend.
On the other hand, for those eyeing new purchases, Kenya remains the top pick. The U.S. and U.K. follow as secondary options due to stability and diversification. But even then, buyers are playing it safe opting for personal use rather than as big investments.
This change is about more than just moving money around. It shows that wealthy Kenyans are starting to see wealth differently not just as owning big houses or homes, but as having flexible investments, easy access to money, and smart planning by knowing the best place to invest in.
