Why South Africa is Kenya’s top overseas destination for commercial property investment

Why South Africa is Kenya’s top overseas destination for commercial property investment

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South Africa is the most preferred international destination for Kenyan investors seeking commercial property investments outside the domestic market.
This according to the latest ‘Wealth & Investment Trends Report’ by real estate consultancy Knight Frank.
The report highlights that while Kenya remains the primary destination for commercial property investments among affluent investors, those seeking exposure beyond the country are most likely to consider South Africa as their preferred overseas market.

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It acknowledges that Kenya continues to command the largest share of commercial property allocations among wealthy investors, reflecting a continued preference for familiar markets where they have stronger oversight of assets and established business networks.
The report attributes Kenya’s continued dominance to sustained urbanisation across major cities including Nairobi, Mombasa, Kisumu and Nakuru, as well as the growth of satellite towns that are creating new demand for commercial and mixed-use developments.
Infrastructure improvements, including expansion of transport networks, road systems and utility services, have also enhanced accessibility and unlocked new real estate corridors, supporting long-term property value growth.

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Additionally, Kenya’s medium-term economic outlook remains supportive of business expansion, which continues to drive demand for office, retail and industrial spaces.
Beyond real estate fundamentals, local market familiarity remains a major consideration for investors.
However, when looking outside Kenya, South Africa stands out as the leading choice due to the maturity of its commercial property market and the depth of its investment ecosystem.
Knight Frank says the country offers a diversified real estate landscape spanning office, retail, industrial and mixed-use assets, providing Kenyan investors with wider opportunities for portfolio expansion.
South Africa’s established infrastructure base and sophisticated financial system also support greater confidence among investors seeking international exposure.
The availability of structured investment vehicles, developed capital markets and professional asset management services further strengthens its appeal as a destination for commercial property investment.
Commenting on the findings, Mark Dunford, Chief Executive Officer of Knight Frank Kenya, said investment decisions among wealthy investors are increasingly shaped by long-term wealth preservation rather than short-term gains.
“The report also notes that investment decisions are increasingly driven by wealth preservation, resilience and sustainable returns rather than speculation,” Dunford said.
“What we are seeing is a balanced investment approach. Investors are selectively diversifying internationally where it complements their portfolios, while continuing to allocate significant capital to opportunities within Kenya across multiple asset classes.”

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