Nairobi, Kenya: In addition, more respondents across Africa (29%) indicated that they would prefer a greener home and be willing to pay more for it compared to 27% globally. This indicates that the coronavirus pandemic has driven a shift in attitudes amongst African home buyers.
The Global Buyer Survey represents the views of over 900 Knight Frank clients across 49 global markets and the 9 African countries: Kenya, Uganda, Tanzania, Nigeria, South Africa, Botswana, Malawi, Zambia and Zimbabwe.
Key highlights from the Africa respondentsESG to drive future developments
ESG – Environmental, Social and Corporate Governance is taking precedence over other considerations for African home buyers. Good air quality, proximity to green space and access to good healthcare were unsurprisingly ranked as the most important location features to home buyers.
Tilda Mwai – Senior Analyst Knight Frank said, “The just concluded November Climate Change Conference (COP 26) in Glasgow, has helped to cement the growing importance of sustainable led residential developments. This survey provides us with a timely glimpse on how investors and buyers are zeroing in on the sustainability agenda across Africa. We expect these findings will send a strong signal to developers on what buyers want, as the race to sustainability intensifies.”
Remote working influencing choice of home
A home study office, access to broad band internet and more outdoor space topped the list of the most preferred property features, indicating the impact of remote working on home buying trends.
Mwai added, “With greater flexibility towards remote working likely to emerge as a lasting legacy of the pandemic, we are seeing first time buyers and homeowners gravitating towards top quality homes, with amenities such as access to green space and reliable high-speed digital connectivity topping considerations.”
Right sizing driving future buying intentions
Interestingly, rightsizing emerged as the key feature in future buying intentions with 22% of the respondents citing upgrading family’s primary residence as the main motivation towards buying a house, while 17% cited downsizing as the main motivation.
Furthermore, when asked about the type of property they would like to live in, in the future, 50% of respondents in the region said they would be more inclined to buy a rural or country estate; slightly higher than the rest of the world respondents (34%).
In addition, with strict lockdowns imposed in most markets, it is no surprise that employment, healthcare, and children's education also emerged among the biggest motivating factors for African buyers.
Suburbs now in high demand
Some 34% of the respondents indicated that they are more likely to purchase a second home, in line with the global average at 33%. However, one of the standout differences was the apparent need for African homebuyers to live in the suburbs (57%). Globally this figure was lower at 33%.
Tarquin Gross, Head of Residential Agency, Knight Frank Kenya said: “This is a fascinating insight into the impact of the pandemic on buyer preferences. The pandemic has supercharged demand for quality affordable homes in the suburbs as buyers look at the best of both worlds: space and greenery but easy access to services and amenities.”
-Ends-
For further information, please contact:
Cynthia Kimola
PR & Communications
cynthia.kimola@ke.knightfrank.com
+254 723 174 143
About Knight Frank LLP
Knight Frank LLP is the leading independent global property consultancy, serving as our clients’ partners in property for 125 years. Headquartered in London, Knight Frank has more than 20,000 people operating from 488 offices across 57 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit www.knightfrank.com
© Press Release 2021
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