Upmarket rent declines 6.6pc on foreigners exit

Apartments in upmarket estate of Kileleshwa, Nairobi. FILE PHOTO | NMG

Rent on Kenyan high-end property has fallen by 6.55 percent over the last six months as foreigners returned to their countries during the coronavirus pandemic, dragging down the value of the real estate.

According to Knight Frank’s Africa Residential Dashboard for the first half of 2020, upmarket rental property have been losing tenants as expatriates leave the country pushing a decline in rents.

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