Kitisuru, Nyari and Gigiri recorded a drop in land prices from January to April 2023, according to a report released by a real estate firm, HassConsult, on Saturday, April 29.
In the report, the three posh estates recorded cooling pockets despite a sharp increase in the other 15 Nairobi suburbs.
The decline was recorded despite increased demands for expatriates housing in Gigiri, Nyari and Kitisuru.
"Despite prices in the above suburbs exceeding their pre-pandemic levels, HassConsult highlights a few pockets of cooling in Kitisuru, Nyari, and Gigiri," the report read in part.
"These areas, which are highly desirable suburbs for foreign officials and expatriate,staff, have experienced a slight dip in land prices." it added.
From January to April 2023, land in Gigiri was Ksh233 million per acre, Ksh94 million in Kitisuru and Ksh112 million in Nyari estate.
Besides the slight decrease in land prices in the three posh estates, 15 other Nairobi suburbs recorded a slight increase of 0.3 per cent over the quarter.
Breakdown
Lang'ata, Ridgeways, Runda, Spring Valley, Donholm, Westlands, Loresho, and Muthaiga land prices increased above pre-pandemic rates.
Donholm, located in the Eastlands area, was among the suburbs included in the report filed by HassConsult. In the area, an acre of land was sold at Ksh76 million.
Karen, which had experienced invasion by developers, land remained steady at Ksh63 million and Ksh296 million in Kileleshwa.
The cropping up of high-end establishments in Kilimani also contributed to the area's sharp increase in land prices. In the first quarter of the 2023 financial year, an acre of land in Kilimani retailed at Ksh397 million. However, the appetite by private developers to set up apartments in the area drove away private homeowners.
Nairobi governor, Johnson Sakaja, while responding to the invasion of Kileleshwa and Kilimani, indicated that his administration had sued several landlords who had bypassed construction laws.
“We have 735 pending cases in our courts. Some get approval, and the approval goes through, but once it is done, the implementation differs from what is approved.
“We have to follow the right process. We have arrested and charged quite a number of developers but then you ask and then what?” Sakaja questioned.
In Lang'ata, an acre costs Ksh74 million, Ksh228 million in Lavington, Ksh99 million in Loresho, Ksh210 in Muthaiga, Ksh405 million in Parklands and Ksh82 million in Ridgeways.
Upperhill remained among the most expensive suburbs, with an acre of land retailing at Ksh486 million, with Westlands following up closely at Ksh450 million.
Riverside, close to the Nairobi Expressway and Waiyaki, an acre of land was sold at Ksh321 million between January and April 2023. However, Runda remained among the most affordable posh estates, with an acre going for Ksh88 million.
