List of latest prices of land in Nairobi Metropolitan Area

• Land in the NMA  recorded an 8-year CAGR of 13.5% and  an overall annualized capital appreciation of 1.5%, compared to the 0.3% price correction recorded in 2018/2019, attributed to increased demand for land mainly in the low rise residential areas and satellite towns

• Ruiru area recorded the highest annualized capital appreciation at 6.2%, attributed to the growing demand for land within the area as it acts as a key dormitory for Nairobi’s working population, supported by availability of amenities such as Spur Mall, industrial parks such as Tatu City and the incoming Northlands City, and improving infrastructure with plans in place for the construction of the Ruiru Sewerage Network. Key to note, Ruiru was named by Kiambu County as one of the towns in Kiambu to spearhead the county’s affordable housing rent-to-own scheme where 19,500 units are set to be put up by 2022,
• Asking land prices in Ongata Rongai recorded the lowest appreciation at 1.6%, attributed to the reduced demand as developers focus shift to towns such as Ruiru, Ruaka and Utawala which are undergoing increased real estate and infrastructural development.

• Karen was the best performing sub-market with a capital appreciation of 5.6%, attributed to relatively high demand for land in the area supported by the availability of good infrastructure, proximity to amenities and the relatively low asking land prices at Kshs 56.4 mn as compared to the market average of 84.2 mn per acre,
• Spring Valley recorded a 9.5% points increase  in capital appreciation, attributed to a growing demand for development land in the area boosted by the growth potential of the area, ease of accessibility and proximity to business nodes such as Westlands

• Ruiru recorded the highest appreciation rate at 5.8% attributable to the increased demand for land in the area from developers looking to cater for the mid-income and student population housing as a result of the push for individuals to move to satellite towns where housing is relatively affordable, in addition to the mushrooming tertiary institutions
• Ongata Rongai and Syokimau recorded a 3.8% price correction each attributable to decreased demand of development land due to unavailability of trunk infrastructure thus making it less appealing to developers
• Asking land prices in Athi River recorded a 10.8% points growth in the capital appreciation, attributed to growing demand for land fuelled by the relatively affordable land prices at Kshs 12mn per acre compared to the node’s average of Kshs 15 mn per acre, a growing focus by developers looking to venture into affordable housing as the area has an expanding industrial and manufacturing base driving demand for housing, and the  opening up of the area following its administrative role as the headquarter of Mavoko Division in Machakos County.

• Kasarani recorded an annualized capital appreciation at 5.7%, attributed to increased demand for land fuelled by affordability with the asking land prices averaging at Kshs 64.8 mn compared to the node’s average of Kshs 115.6 mn, in addition to developers looking to cater for the expanding middle-income population
• Embakasi recorded a correction of 4.4%, attributable to reduced demand for land given the  high densification of the area making it unattractive to investors

*Key to note the Nairobi CBD was exempted from the list of submarkets within the commercial zones, due to unavailability of undeveloped land for sale

•  Despite the overall correction in asking land prices within the commercial zones, Upperhill recorded a 3.8% annualized capital appreciation with an average asking land price of Kshs 506 mn per acre, attributed the continued demand for land in the wake of improving infrastructure such as the ongoing Upperhill-Mbagathi way link road aimed at easing traffic congestion into the area. In addition, the area is witnessing a growing demand by developers looking to venture into differentiated concepts such as serviced apartments and offices, which thrive in the area given that it hosts expatriates, coupled by the ease of accessibility and proximity to facilities such as the Jomo Kenyatta International Airport
• Riverside recorded a price correction of 3.3% attributed to reduced demand for development land due to the  reduced development activities on the commercial space front.