Prime property rental growth in Nairobi, Kenya, led the world in 2013, outperforming New York and London, which saw values fall, says top agent Knight Frank
Emerging markets outperformed the world’s top financial centres in rental growth in prime city areas in 2013, says top global agent, Knight Frank.
Nairobi led the way, seeing rises of almost 26%, as multinationals moved more staff into the Kenyan capital. Dubai, UAE, was second at 13.6% and Tel Aviv, Israel, at 12.1%, according to its Prime Global Rental Index. The global average saw rents rise by 4.8%, slightly less than the 5.1% in 2012.
Prime rents fell most rapidly in London, UK, and Hong Kong by 2.3% year-on-year, although long-term figures show that since the start of the financial crisis in 2008, London has outperformed the remaining cities, rising by 20.9%.
It is worth emphasising that average rental rates in leading cities including London and New York, USA – which had differing fortunes in 2013 – are still way ahead of those in emerging nations, says Kate Everett-Allen, of International Residential Research.
“The performance of the world’s prime rental markets is intrinsically tied to the health of each city’s respective employment market, in particular the business and financial …read more