Nairobi’s Satellite Towns Outperform CBD In Land Prices
HassConsult has unveiled the Hass Land price indices for the first quarter of 2022, prices in the towns rose by…
HassConsult has unveiled the Hass Land price indices for the first quarter of 2022, prices in the towns rose by 2.17 percent while Nairobi prices remained static at 0.11 percent.
Thika, Juja, and Ruiru towns continued to sustain investor demand which was reflected in land asking prices increasing by 6.3 percent, 4.6 percent, and 1.6 percent respectively.
Thika was additionally the best performing town over the first three months of the year. Thika, Juja, and Ruiru towns host a selection of public, private universities, and other institutions of higher learning where expansion has drawn investors, including private equity firms, who are focusing on student housing.
“Students, the teaching fraternity, and ancillary services providers are looking for quality housing that will also reduce their transportation costs and commuting time. Developers are therefore investing in putting up modern student housing that will cater to this demand which has translated into higher land prices in these strategically located towns that cater to the student ecosystem,” said Ms. Sakina Hassanali, Head of Development Consulting and Research at HassConsult.
Overall, Muthaiga was the best performing suburb at 3.11 percent while Juja emerged top annually with prices in the town increasing by 16.95 percent.
On the tail end, Upperhill recorded a 1.5 percent quarterly growth while in the town of Limuru prices cooled by 6.08 percent. Annually Donholm slowed by 3.61 percent and in the town of Limuru prices dropped by 7.61 percent over the same period.
Upperhill had the most expensive land at Ksh500 million while Ruaka prices are now at Ksh92 million per acre.