Nairobi, the “Green City in the Sun,”has been seeing more skyscraper and high-rise construction over the past several years, and investors from around the world have been taking notice.
By the end of 2013, there were over 20 buildings which were either topped out, currently under construction, approved, on-hold or proposed in the city.
Real estate management company Knight Frank recently ranked Nairobi as the world’s fastest growing real estate market. Nairobi was also listed as one of the top 10 cities to watch by Jones Lang LaSalle, the global real estate firm.
Discoveries of oil and gas in Kenya, Tanzania and Uganda have led to increased interest in East Africa and companies are moving in to take advantage of new opportunities.
A number of multinational companies, especially in the technology sector, have either established or expanded their presence in Africa, and Nairobi is the location of choice for many. Google, Microsoft, Intel and IBM have all set up sales and research centres in the city from which to access Eastern and Central African markets.
All indicators are that the commercial property market in Nairobi will continue to grow with ongoing economic growth and increased foreign investment leading to greater demand for property in the city.
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