A newly released report by Hass Consult has shown that land prices in Ruiru, Limuru and Juja are the fastest rising in the country.
The HassConsult property index for the third quarter of 2016 shows the price of an acre of land in Juja has gone up by 43.1 per cent over the past one year to Sh10 million on average, followed by Ruiru at 42.9 per cent to Sh21.3 million and Limuru at 34.9 per cent to Sh19.4 million.
Land prices for the satellite town of Nairobi in general have gone up at a faster pace of 21.4 per cent compared to the suburbs, where prices have grown by 5.67 per cent in the past year.
Other satellite towns that have benefited from infrastructure driven price rallies include Ruaka, which lies on the Northern Bypass, at an annual growth of 32 per cent in price to Sh74.7 million an acre, and Thika town at 25.8 per cent to Sh18.1 million shillings an acre.
The Hass survey shows that the price of an acre in Mlolongo has fallen by 16.5 per cent over the past year to Sh23.3 million and Athi River’s has only grown a marginal 0.3 per cent to Sh11.2 million. Both are accessible using the chaotic Mombasa Road.
Some suburbs have, however, outperformed the sector average price growth, especially those located within reach of the Southern Bypass and Outer Ring Road, whose expansion is ongoing.
As a result, the price of an acre in Donholm has gone up by 34 per cent in the past 12 months to Sh60.8 million and that of an acre in Lang’ata is up by 14 per cent to Sh54.8 million.