In 2022, Nairobi was ranked as the only African city that registered growth by the latest Prime Global Cities Index released by real estate firm Knight Frank.
Kenya’s capital was listed at position 32 after it posted a 3.5% growth between the 2021 first quarter and the 2022 first quarter.
The Africa Wealth Report 2022, released by Henley & Partners in partnership with New World Wealth, indicated Nairobi has a total private wealth of US $ 48 billion (KSh 5.6 trillion).
The report revealed more than 5000 people living in Nairobi have a high net worth of KSh 100 million.
Some of these millionaires have invested in diverse sectors of the economy, including the lucrative real estate sector.
The real estate sector in Kenya saw a rise in development activities in 2021, with a general improvement in transactions because of the improved business environment.
1. Two Rivers Mall, Chris Kirubi
The Two Rivers Mall, which opened its doors on February 14, 2017, borders the affluent neighbourhoods of Runda, Gigiri, Muthaiga and Nyari.
According to its website, it covers 67,000 square metres(sqm). It hosts over 200 stores and offices, including Carrefour, Nike, Burger King, LC Waikiki, Platform and Ashley Furniture.
The mall is owned by Two Rivers Lifestyle Company Limited, which has two shareholders:
Two Rivers Development Limited and
OMP Africa Investment Company.
Each of these shareholders holds 50% of the mall. The property was developed by the Aviation Industry Corporation of China (Avic) as part of the KSh 25.1 billion mixed-use projects undertaken by the late industrialist Chris Kirubi.
2. The Hub Karen, Humphrey Kariuki
The Hub Karen Mall is a premier shopping mall located in the Karen leafy suburbs of Nairobi.
It hosts local and international retailers and small businesses. It was developed over two phases costing KSh 4 billion.
The first phase comprised a 35,000sqm gross area (excluding parking), featuring retail, offices, medical, and wellness centre, which opened on February 4 2016.
The Hub is owned by billionaire Humphrey Kariuki.
3. Sarit Centre
Sarit Centre is located in Westlands and covers 45,000sqm. Sarit Centre, which hosts Carrefour supermarket, Nokia and Bata, is owned by the family of the late businessman Vidhu Shah.
In 2017, a new KSh 4 billion wing was constructed to give it a modern look amid increased competition for retail space.
4. Yaya Centre
Yaya Centre is owned by the family of the late Cabinet minister Nicholas Biwott.
It’s located along Argwings Kodhek Road and hosts brands such as Avane, Chandarana Supermarket and Chinese Kitchen. Its construction cost was not revealed.
5. Westgate Mall
The mall hosts over 80 stores and a variety of art and craft kiosks.
The five-storey mall was opened in 2007 and covers 33,000sqm. The Luxury shopping mall is owned by Sony Holdings.