Nairobi, Sept. 15 -- 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.
Coupled with oversupply of housing units, the valuations for the property in lavish Nairobi neighbourhoods is down 2.9 per cent in the six months to June.
"There has been a surge in the exit of expatriates from the continent due to pre-existing economic challenges but enforced by the Covid-19 pandemic which has resulted in s...