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Nairobi And Towns Maintain Upward Growth In Property Prices

BY Soko Directory Team · January 31, 2022 12:01 pm

KEY POINTS

Kilimani recorded a 0.9 percent drop over the quarter, the third consecutive drop of the year while on an annual basis the suburb recorded a 1.1 percent drop.

KEY TAKEAWAYS

Land prices in the suburbs increased by 0.34 percent over the quarter while in the satellite towns growth stood at 1.4 percent.

The consistent, albeit mild, increase in land price reflects the general economic recovery that was witnessed during the year.

HassConsult has unveiled the Hass Land price indices for the fourth quarter of 2021, showing that both the suburbs and towns maintained mild upward growth over the last months of the year.

Land prices in the suburbs increased by 0.34 percent over the quarter while in the satellite towns growth stood at 1.4 percent. The consistent, albeit mild, increase in land price reflects the general economic recovery that was witnessed during the year.

HassConsult notes that the Kilimani suburb continues to cool as investors go slow on the area due to uncertainty on whether the present infrastructure will support the new wave of developments the area is now attracting, thus weakening its appeal.

“A few years ago, it was the exception for a residential building to have a lift but today it is the norm. The new developments are high-density units including studio apartments which is a shift from the ample apartments and detached houses that characterized the suburb a decade ago and it is not clear if the present infrastructure will adequately cater for all stock coming through,” said Ms. Sakina Hassanali, Head of Development Consulting and Research at HassConsult.

Kilimani recorded a 0.9 percent drop over the quarter, the third consecutive drop of the year while on an annual basis the suburb recorded a 1.1 percent drop. Spring Valley was the best performing suburb over the quarter and annually with land prices recording a 5.6 percent and 10 percent respective increase.

Donholm had the lowest growth in land prices among the city’s suburbs, having recorded a 2.7 percent drop in the last quarter of 2021. In the towns, Kiserian posted the strongest growth over the quarter and annually with asking prices increasing by 5.2 percent and 19 percent respectively. Kiserian town’s low entry point relative to its peers continues to make it attractive to speculators.

Limuru land prices recorded a 2.34 percent drop over the quarter while Ruaka saw prices marginally drop by 1.22
percent.

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