Land prices in most parts of Nairobi continued to tick up in the three months ended September 2023, a new report published by Hass Consult shows.
According to the report, the average value for land went from Ksh 30.3 million in December 2007 to Ksh 194.7 million in September 2023. The report also pointed out that land prices in Nairobi suburbs increased 6.43-fold since December 2007.
For instance, during the quarter, land prices in 14 Satellite towns recorded a quarterly growth of 2.7 per cent in affordability.
Ongata Rongai recorded the best price growth out of the listed Satellite towns recording an 8.2 per cent improvement during the quarter.
“Improved road infrastructure continues to be the driving force behind land price growth in Satellite towns,” the report read in parts.
Meanwhile, land prices in 15 suburbs in Nairobi grew by 0.4 per cent compared to the previous quarter which the real estate firm stated was the highest quarterly growth since the last quarter of 2019.
Hass Consult reported that land prices in Lang'ata, Gigiri, and Ridgeways ticked up during the period under review while prices in Donholm and Riverside shrank on increasing supply.
"Langata remained the suburb with the highest land price growth on higher density development potential, easy access to major economic nodes (CBD, Upperhill, Mombasa Road) and lower land price per acre compared to neighbouring suburbs," read part of the report.
Besides the three, Upperhill, Loresho, Karen, Kilimani, Kitisuru, Lavington, and Muthaiga also recorded an increase in land prices.
Other suburbs that experienced an uptick in land prices were; Nyari, Parklands, Runda, Spring Valley, and Westlands.
Out of the 18 suburbs in the capital, only three areas recorded a notable decrease during the period under review.
Those that recorded a decrease were Donholm, Kileleshwa, and Riverside.
"Land in the city showed signs of price recovery with only three out of the eighteen suburbs witnessing a price fall in quarter three, compared to fourteen in the previous quarter. Recovery of land prices is heavily attributed to the resurgence of development activity post-pandemic," read part of the report.
According to the report, land in Donholm took up 0.3 per cent of the market, Gigiri (0.6 per cent), Karen (24.3 per cent), Kileleshwa (3.9 per cent), Kilimani (7.5 per cent), Kitisuru (4.9 per cent), Langata (4.2 per cent), Lavington (12.7 per cent) and Loresho (2.4 per cent).
Others are Muthaiga (3.8 per cent), Nyari (2.4 per cent), Parklands (3.7 per cent), Ridgeways (2.1 per cent), Riverside (1.7 per cent), Runda (13.6 per cent), Spring Valley (2.3 per cent), Upperhill (2.7 per cent) and Westlands (6.8 per cent).
