A quarterly survey report by consultancy HassConsult has shown that prices of land in Nairobi were nearly flat in the first three months of the year.
The price of an acre in Upper Hill, which is rapidly growing into Nairobi’s financial services district, rose by 0.9 per cent quarter-on-quarter to an average of Sh. 542.1 million in January-March period. Upper Hill remained the most expensive place to buy land.
Land in Kilimani was the second most expensive after growing by 0.5 per cent to an average of Sh429.7 million an acre quarter-on-quarter.
An acre of land in Westlands went for Sh. 414.3 million. An acre in Parklands averaged Sh. 411.5 million, while in Kileleshwa the asking price for an acre averaged Sh. 293.5 million.
Land prices in Nairobi’s satellite towns grew by a higher margin of 3.4 per cent in the first three months of the year, helped by building and upgrade of infrastructure, the report said.
The price of land in Muthaiga grew by 5.7 per cent to average at Sh. 139.8 million.
Ruaka remained the most expensive satellite town with an average value of Sh. 80.5 million an acre up from Sh. 77.8 million.
Land prices in Tigoni, however, posted highest quarterly increment, growing 5.9 per cent to average Sh.20.5 million per acre.
An acre of land in Mlolongo went for Sh. 101.4 million while an acre of land in Nyari went for Sh. 23.6 million.
