Johannesburg|Business Daily Africa
Wealthy Kenyans are increasingly buying second homes in Johannesburg and Cape Town. The trend marks a shift away from traditional destinations like New York and London.
Knight Frank’s Wealth & Investment Trends 2026 report highlights the change. South Africa has overtaken the United States as the preferred offshore residential property destination for Kenyan high-net-worth individuals.
The United Kingdom remains strong at twenty-five percent. South Africa stands at fifteen percent as a notable regional option.
For decades, offshore property ownership symbolised status through addresses in Manhattan or London. Today, African cities offer mature markets and easier management for Kenyan buyers.
South Africa’s sophisticated residential market and lifestyle appeal attract investors. Accessibility by flight and familiarity with neighbouring economies make it a practical choice.
Hass Consult co-Chief Executive Sakina Hassanali noted that African wealth is becoming more regional. Kenyan investors understand these markets better than distant global cities.
Despite the shift, Kenya remains the dominant investment destination for affluent households. Preference for local property slipped slightly to sixty percent from sixty-six percent the previous year.
The report attributes continued primary residency in Kenya to deep-rooted family structures and confidence in the local economy. Overseas property serves as a complement rather than a replacement.
Half of wealth advisers surveyed said fewer than ten percent of clients are pursuing second citizenships. Many wealthy Kenyans keep the bulk of residential wealth within the country.
The findings reflect broader diversification strategies among Kenya’s affluent class. Johannesburg and Cape Town provide lifestyle benefits alongside investment potential in a more interconnected Africa.
