Kenya Experiencing Luxury Home Building Boom (Video)

Exterior of luxury home in Miotoni Ridge, a 14-mansion development in Nairobi, Kenya

*(Via CNN) – Inside a gated community in a tranquil Kenyan suburb, a group of builders are putting the final touches to the exterior of a lavish, red-tiled villa nestled in the middle of a landscape garden.Within the spacious property, no luxury is spared: Hardwood floors, Venetian finishes, designer furniture and five en-suite bathrooms ensure that all the modern conveniences are in place for the future tenants.

Welcome to Miotoni Ridge, a 14-mansion development in one of the Kenyan capital’s most prestigious locations.

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Houses here are designed for the highest-end of the luxury market. Asking prices are running at more than $1 million but that has not deterred any potential buyers: 60% of these properties are already sold out.

In fact, a study earlier this year by estate agents Knight Frank and Citi Private Wealth found that Nairobi was the best performing prime residential market in the world.

Values in the city grew up by 25% in 2011, leaving luxury hotspots such as London, Miami and Hong Kong behind.

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