Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

At Sh89mn per Acre, Ruaka Tops List of Nairobi’s Satellite Towns with Most Expensive Land

NAIROBI, Kenya, Nov 16- Nairobi’s Ruaka area has been ranked as the most expensive land in the third quarter of 2020, new data shows.

The data by Hass Consult shows that in all satellite towns, an acre in Ruaka now goes for Sh89 million.

Kiambu was ranked in the second position in the latest statistics where an acre of land costs Sh39.7 million.

Kiserian and Athi river areas remained the cheapest with the cost of Sh7.3 million and 13.7 million respectively.T

The report however reveals an overall drop in land prices at 0.06 percent.

Kiambu posted the biggest drops on both quarterly and annually at 5.2 percent and 7.97 percent respectively.

Head of Development Consulting and Research at HassConsult Sakina Hassanali noted that while prices eased in the quarter, the marginal drop shows that land continues to show its stability over other asset classes.

“We have not seen a major drop in land values despite the challenges such as COVID-19 and the tough economic environment proving that investors still see this as the best bet over the long-term,” said Hassanali.

During the period under review, Rongai recorded the highest increase over both the quarter and on an annual basis at 4.71 percent and 10.3 percent, respectively.

Advertisement. Scroll to continue reading.

The town saw its land prices per acre going for Sh23.2 million.

Under the suburb areas, Upperhill has the most expensive land with an acre selling at Sh512 million.

Westlands followed in the second position with an acre cost of up to Sh421.4 million.

The data also shows that the Spring Valley suburb is benefiting from demand by developers who are increasingly turning to the area to put up apartments and offices.

Spring Valley registered a 3.55 percent increase over the quarter as the suburb continues to attract investors eyeing high-density use of land in the area.

“Spring Valley has traditionally been characterized by stand-alone units with ample space but gradually we are seeing the suburb open up to high-density use including apartment and office blocks,” Hassanali, added.

Overall prices in the suburbs dropped by 0.94 percent over the quarter.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...