Upper Hill is slowly entrenching its status as the premier square for Corporate Kenya and a hub for multinationals seeking a high end district to set up shop and acquire office space.
Real Estate firm Hass Consult in its Quarter 2, 2024 report details that the price for an acre of land in the area grew by Ksh19 million between April and June.
In the first quarter of the year, the value of an acre piece of land averaged Ksh480.9 million. By the end of the second quarter, the average price of an acre was Ksh499.9 million.
The real estate company credited the re-emergence of Upper Hill to the increased uptake of office space.
Initially, there was an oversupply of office space as clients sought alternative locations in Westlands, Mombasa Road and other business districts within Nairobi.
However, in recent months, the uptake of office space has increased in Upper Hill, signaling increased interest in the area.
“The resurgence of land price in Upper Hill, which posted its fastest quarterly gain since the fourth quarter of 2014 underpins the uptake of remaining current grade A office space formerly oversupplied, as well Upper Hill's recent positioning for successful residential real estate,” Sakina Hassanali, Head of Development Consulting and Research at HassConsult stated.
“The average land in Upper Hill hit its peak of Ksh560 million in June 2018, signalling room for valuation gains as demand for commercial and residential real estate in the area gains traction.”
Notably, Upper Hill has the highest land price rate for an acre of land, not just in Kenya, but East Africa as well.
Other areas where an acre is retailing above Ksh400 million include Westlands (Ksh472.4 million), Parklands (Ksh419.9 million) and Kilimani (Ksh401.9 million).
The average land value in other famous estates includes Ksh381 million (Muthangari), Ksh324 million (Riverside), Ksh249 million (Lavington) and Ksh67 million (Karen).
In Runda an acre was valued at Ksh91 million while a similar size of land in Kitusuru was valued at Ksh100 million.
