Langata Estate registered the highest increase in demand for land among suburbs in Nairobi, beating predominant posh estates such as Karen and Kileleshwa.
The demand was also registered in the uptake of apartments by Kenyans who were seeking to rent and buy the apartments as their homes.
According to the HassConsult Quater 3 Report, the demand for land saw the prices in the estate increase by 12.14 per cent in comparison to 2022. Between July to September alone, land prices in Langata grew by 1.53 per cent in comparison with the 2023 Q2.
HassConsult attributed this to two major factors including the price rates and accessibility.
Prices
Land prices in Langata are cheaper as compared to other leafy suburbs such as Riverside, Kileleshwa and Westlands.
For instance, an acre of land in Langata trades at Ksh78 million while the same piece in Riverside, Kileleshwa and Westlands goes for Ksh320 million, Ksh292 million and Ksh452 million respectively.
Smaller parcels of land in Langata are also sold at a cheaper price, for instance, a quarter an acre in Langata is approximated to cost Ksh50 million.
Additionally, with the current harsh economic times, tycoons are also forced to look for alternative estates where they can get land and houses at a cheaper price.
"Higher interest rates impacting market liquidity negatively affected demand for own-to-occupy real estate during the quarter, largely constituted of detached and semi-detached homes.
"Banks are also exercising stringent lending, mitigating the risk of loan defaults in a tightening economy that is characterised by inflation and higher taxation." read the report in part.
Accessibility
On the other hand, Langata is preferred because of its accessibility to the Central Business District (CBD).
Langata remained the suburb with the highest land price growth higher density development potential, and easy access to major economic nodes.
Accessibility to the estate has been made easier with the vast road networks which include Mombasa Road, Langata Road and the Lang'ata-Ngong Road link which was opened to the public in October 2022.
Those who work in major organisations around Upperhill also prefer Langata Estate because it is nearer.
