NAIROBI, Kenya, Nov 8 – Land prices in Nairobi’s satellite towns have risen the fastest as investors eye a piece of these areas.
Data from HassConsult shows land prices in Ongata Rongai, Juja, Ngong, Thika, and Kiserian have gone up by 8.2 percent, 6.3 percent, 4.2 percent, 4 percent, and 3.6 percent, respectively.
While an acre of land in Ongata Rongai goes for Sh24.4 million, a similar size in Kiserian is Sh10.1 million.
“Improved road infrastructure has maintained price growth in Ngong, Mlolongo, Athi River Thika and Syokimau by attracting both commercial and residential developers to the satellite towns with the benefit of easing the strain of congestion in the city while providing more affordable housing solutions on the city fringe” said Sakina Hassanali, Head of Development Consulting and Research at HassConsult.
In suburban areas of Nairobi, lands in Langata appreciated the most at 1.5 percent, followed by Gigiri at 1.4 percent, Ridgeways at 1.2 percent, and Upper Hill at 0.9 percent.
An acre of land in Langata costs Sh78.9 million, with the same in Upper Hill going for Sh482.9 million.
“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.”
The Q3 report also shows that property prices in Ngong, Ruiru, Kiambu, and Langata posted growth in the one year to September this year.
“Property rental prices grew by 0.4 percent in the quarter, led by apartments whose asking rental prices rose by 3.2 percent in the same period,” HassConsult added.
“Apartments in Westlands commanded the strongest price growth within the city up 3.4 percent, while Limuru saw the highest growth in satellite towns up 3.2 percent in Q3 2023.”
