A report by Hass Consult, a real estate firm, has revealed that land prices within Nairobi's satellite towns of Thika and Kiambu town have experienced a drastic drop in prices over the last three months.
The company, in its Hass Land Price Indices survey, published on Thursday, July 24, revealed that between April and June this year, land in Thika and Kiambu went down dropped by 0.2 per cent and 0.4 per cent, respectively.
As per the survey, currently, land in Thika and Kiambu towns retail at Ksh30.1 million and 49.7 million per acre, respectively, depicting a drop in prices compared to the first quarter of this year.
However, most estates within Nairobi's suburbs and satellite towns saw increases in land prices, with Juja, Kiserian, and Limuru leading as estates where prices have significantly gone up.
According to the report presented by Creative Director at HassConsult, Sakina Hassanali, land prices in the aforementioned areas increased by 3.6 per cent, 2.5 per cent and 2.4 per cent.
Other estates where land prices increased include Gigiri, Karen, Kileleshwa, Kilimani, Kitisuru, Langata, Lavington, Loresho, Muthaiga, Muthangari, Nyari, Parklands and Ridgeways.
Land prices in Riverside, Runda, Spring Valley, Upperhill, Westlands, Kiserian, Kitengela, Limuru, Mlolongo, Ngong, Ongata Rongai, Ruaka, Ruiru and Syokimau also increased.
“The Nairobi suburbs have shown consistency in price movement, allowing them to overtake satellite towns in quarterly price growth for the first time in five years," said Hassanali.
Meanwhile, the report revealed that Upper Hill, Westlands, Parklands and Kilimani remain the estates with the most expensive parcels of land per acre.
The report shows that land in these estates goes for Ksh545 million, Ksh498 million, Ksh463 million and Ksh420 million, respectively. This is mainly due to a combination of factors, including demand and limited supply.
Other areas with expensive land include Muthangari, Riverside, Kileleshwa, Spring Valley, Gigiri and Muthaiga, where land retails at Ksh398 million, Ksh355 million, Ksh295 million, Ksh252 million, and Ksh234 million, respectively.
On the flip side, Athi River Juja, Kiambu, Kiserian, Kitengela, Limuru, Mlolongo, Ngong, Ruaka, Syokimau, Thika, Tigoni and Ruiru were highlighted among estates with the cheapest lands.
