• Sun. Jun 26th, 2022

Knight Frank Survey Shows African Home Buyers Prefer Greener and Rural Homes

UGANDA, Kampala Real Muloodi News | In the Knight Frank 2021 Global Buyer Survey, 71 per cent of African interviewees said energy efficiency was significantly vital to them while looking for a home compared to 42 per cent elsewhere.

An extra 29% of African respondents said they would like a greener house and would be ready to pay more for it, compared to 27% overall. This suggests that the coronavirus outbreak has influenced African house purchasers’ opinions.

The Worldwide Buyer Survey includes the opinions of over 900 Knight Frank clients from 49 global markets and nine African countries: Kenya, Uganda, Tanzania, Nigeria, South Africa, Botswana, Malawi, Zambia, and Zimbabwe.

For African property purchasers, environmental, social, and corporate governance (ESG) are taking precedence over other factors. The essential geographical elements to house purchasers were decent air quality, closeness to green space, and access to good healthcare.

The Impact of Working from Home

The most desired property amenities were a home study office, access to broadband internet, and additional outside space, suggesting the influence of remote working on the house buying preferences.

Tilda Mwai, Senior Analyst Knight Frank said, “The just-concluded November Climate Change Conference (COP 26) in Glasgow has helped to cement the growing importance of sustainable led residential developments. This survey provides us with a timely glimpse on how investors and buyers are zeroing in on the sustainability agenda across Africa. We expect these findings will send a strong signal to developers on what buyers want, as the race to sustainability intensifies.”

Mwai added, “With greater flexibility towards remote working likely to emerge as a lasting legacy of the pandemic, we are seeing first-time buyers and homeowners gravitating towards top-quality homes, with amenities such as access to green space and reliable high-speed digital connectivity topping considerations.”

Future Purchasing Intentions Driven by Rightsizing

Interestingly, rightsizing appeared as the most critical aspect in future buying plans, with 22 per cent of respondents naming improving the family’s primary dwelling as the principal motive for purchasing a home, while 17 per cent mentioned downsizing as the primary motivation.

Rural Homes are Preferable

Furthermore, when asked what sort of property they would prefer to live in the future, 50% of respondents in the region stated they would be more likely to acquire a rural or country home. This figure is slightly higher than the 34 per cent reported by the rest of the globe. Employment, healthcare, and children’s education were the most important motivators for African house purchasers.

Suburbs are in High Demand Right Now

According to the survey, 34% of respondents are more inclined to buy a second house, which aligns with the global average of 33%. One notable distinction was the seeming requirement for African homeowners to reside in the suburbs (57 per cent). This number was lower globally, at 33%.

Tarquin Gross, Head of Residential Agency, Knight Frank Kenya, said: “This is a fascinating insight into the impact of the pandemic on buyer preferences. The pandemic has supercharged demand for quality affordable homes in the suburbs as buyers look at the best of both worlds: space and greenery but easy access to services and amenities.”

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