Land prices in Nairobi’s satellite towns recorded the highest jump in the quarter ending June 2023 on the back of increased demand for new space for development and investment outside Kenya’s capital and expansion of public infrastructure.
HassConsult, which conducts a quarterly property pricing index in Kenya, in its latest report, said that Thika, Mlolongo, Ngong, Syokimau, and Kitengela recorded the highest jump in land prices in the review period.
”Land prices within Satellite towns over the quarter were also subdued with minimal increases of just 1.2 percent and 5.1 percent in the year.’’ Reads the report in part.
An acre of land in Thika appreciated by 5.8 percent to Sh25 million, while in Mlolongo and Ngong, the price jumped by 4.7 percent to Sh36 million and Sh32 million, respectively.
Syokimau and Kitengela posted land rate growth of 4.1 percent and 2.5 percent to Sh30 million and Sh15 million, respectively.
Top 4 Areas to Invest Along Thika Road for Promising Returns
On a yearly basis, Ngong, Syokimau, Thika, Athi River, and Mlolongo recorded the highest land price increase by 20.7 percent, 17 percent, 15.9 percent, 15.5 percent, and 13.9 percent, respectively. In Athi River, an acre of land has appreciated to Sh18 million.
”Ngong Town, however, bucked the trend with bullish land price increases over the year to June 2023 of 20.7 percent, four times higher than the average satellite town increases across the tracked towns. The Ngong-Kiserian-Isinya road construction, formerly a rough road, now seamlessly connects the three towns.”
”Ngong residents have less traffic to contend with when traveling to and from work thanks to the expansion of Ngong Road and the Expansion of the Ngong- Kibiko-Suswa Bypass opening up Kibiko area. The emergence of Karen into a commercial node further supports the rise of Ngong, which has yet to show signs of slowing down.’’ HassConsult added.
Suburb areas of Nairobi that recorded the highest land appreciation include Spring Valley (17.3 percent to Sh236.8 million), Loresho (14.5 percent to Sh102 million), Langata (11.1 percent to Sh77.1 million), and Muthaiga (5.9 percent to Sh213.1 million).
