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Tuesday, November 24, 2020

See prices: Land prices in Nairobi satellite towns falls

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Nairobi satellite towns land prices: The prices of land in the majority of satellite towns that surround Nairobi have fallen. The fall in land prices was recorded in the six months to September this year.

According to HassConsult which collects data on land prices, areas such as Kiambu, Syokimau and Kiserian have all seen prices drop by nearly ten percent. “Land prices are not going up anymore and investors have decided to sell at the current prices because there is no meaningful demand to drive price,” Sakina Hassanali, head of property development consulting and research, at HassConsult said.

The price of an acre in Kiambu dropped by the largest margin of 8.1 percent to Sh. 39.7 million in September compared to Sh. 43.2 million in March. Kiambu was followed by Syokimau where land prices fell 3.14 percent to Sh. 21.6 million in the six-month period. In Ruiru, land asking prices dropped 3.03 percent to Sh. 25.6 million.

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However, there are areas that have continued to record a rise in prices. In Ongata Rongai, the price of an acre has risen to Sh. 23.2 million. In Ngong,an acre is going for Sh. 22.5 million, while in Mlolongo it is going for Sh. 27.8 million. Prices of an acre in Athi River and Kitengela stand at Sh. 13.7 million and Sh. 12.5 million respectively.

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Below is the full breakdown of the prices:

Ongata Rongai21.923.2
Athi River13.713.7

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