Wednesday, October 30, 2019 - A new survey by HassConsult Real Estate has placed land around the Upper Hill area of Nairobi as the most expensive with an acre there going for a whooping Sh545 million followed by Kilimani at Sh433 million.
On the other hand, Kiserian in Kajiado County is the cheapest location to buy land with an average price per acre of land there going for Sh7.5 million.
The survey further reveals that land costs in the city suburbs such as UpperHill and Kilimani increased by 1.69 percent over the past year while prices in satellite towns rose by 5.11 per cent.
Among highend estates, the Karen suburb offers the lowest price for an acre of land at Sh62.2 million against Sh84.7 million in Runda and Sh90.9 million in Kitisuru.
Compared to other investment avenues, like Government bonds and equities, HassConsult found that land still has the best returns in the past decade.
“The index, which compares Nairobi’s land price movements to other asset classes and commodities, found that the city’s land had outperformed all other asset classes in return on investment,” said HassConsult.
The firm also expects prices of land and homes to surge following the repeal of the rate cap because banks will increase lending to the private sector which will spur the general economy.
The 10 most expensive places to buy land and average price per acre
1. UpperHill- 546M
2. Kilimani -433M
3. Parklands -419M
4. Westlands -418M
9. Muthaiga -179M
10. Spring Valley-168M
The 10 cheapest places to buy land and average price per acre
2. Kiambu -43M
8. Thika -21M
9. Juja -14M
10. Athi River -13M
The Kenyan DAILY POST