Rich Kenyans are packing money in residential homes for rent while divesting from industrial and logistical property according to statistics from Real Estate firm Knight Frank.
Knight Frank Wealth latest report shows an increase in the number of Kenyans owning rented property rising from 44 percent to 70 percent.
At the same time, only 25 percent of wealth managers indicated Kenya’s wealthy individuals remained invested in logistics and industrial properties compared with 44 percent a year earlier.
The trends of investment is a market indicator that shows the wealthy are not confident of the economic growth and would rather hold income generating real estate that back industrial and logistical growth.
Kenya’s rich are very risk averse investing mainly on government bonds for predictable returns and property to preserve their wealth from inflation.
Knight Frank shows the rich have the least holdings in cryptos, gold and luxury items. Those who place their wealth in luxury items prefer sports cars, jewelry, furniture and rare whiskies.