Land within select Nairobi county estates and satellite towns became lucrative ventures for Kenyans to invest in 2022 according to various real estate reports.
Areas like Juja, Ruiru and Syokimau saw Kenyans spend millions to purchase parcels of land to build residential houses, among other investments.
In a quarter three report by HassConsult, the growing trend of Kenyans investing in such areas was credited to the various infrastructure projects that were being undertaken by the government, such as the Nairobi Expressway.
Kenyans are increasingly enticed to buy land in Juja because of the road networks and developments in the area. The construction of the Thika Super Highway and the Eastern Bypass increased the value of land in the area significantly.
Additionally, the numerous universities and colleges, such as Jomo Kenyatta University of Agriculture and Technology (JKUAT), made the area attractive as Kenyans could invest in housing projects for students.
According to HassConsult, an acre of land was sold at Ksh18 million, while a quarter was sold at Ksh7 million.
Some of the areas in Juja that gained traction from Kenyas was Juja Road Farm.
13 minutes drive from Juja, Ruiru was also a lucrative area to buy land in 2022.
The investments of Kenyans were explained by the development of the Northlands City being undertaken by the Kenyatta family at an estimated cost of Ksh500 million.
Upon completion, the city will reportedly host over 250,000 people with essential and high-end amenities such as schools and malls.
"The dualling of the Eastern bypass set to be completed in January 2023 has seen land in the area sold at affordable prices despite the increase in value of the parcels." Fanaka Real Estate stated in its 2022 report.
Among satellite towns around Nairobi, Syokimau was rated as the most sought-after as the land value increased by over 20 per cent.
An acre of land was sold at an average cost of Ksh27 million, while a quarter was sold for Ksh22 million.
The increase in land value was also credited to completing the Nairobi expressway, which also created opportunities for other investments such as malls.
Since completing the Two Rivers Mall, land within Ruaka has become lucrative to affluent Kenyans.
In 2022, real estate agents indicated that wealthy Kenyans who lived in predominantly posh estates in Nairobi preferred moving to areas like Ruaka.
An acre of land in the area went for Ksh96 million, while a quarter of an acre was sold for Ksh63 million.
Other areas attracting investments are Spring Valley, Kiserian, Langata Kitisuru, Westlands, Thika and Kitengela.
Apart from purchasing land to develop, there is an increasing trend where Kenyans buy land, wait for it to gain more value and sell it at a profit.
For example, Hassconsult, in its Q3 report, indicated that someone who bought land in satellite areas in 2007 at Ksh1 million would have made ten times more for the land.