- Sakina Hassanali, Head of Development Consulting and Research at HassConsult, highlighted that the increase in land prices is driven by demand for apartment and mixed-use developments
- Among the most expensive suburbs, Upperhill recorded the highest land price at KSh 506,000,000 per acre, followed closely by Westlands at KSh 479,600,000 and Parklands at KSh 434,200,000
- In satellite towns, Athi River had the lowest land price at KSh 20,000,000 per acre, while Ruaka and Kiambu recorded prices of KSh 110,100,000 and KSh 49,700,000, respectively
Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research and reporting expertise, providing insights into Kenyan and global trends.
HassConsult released the land price index report for the third quarter of 2024.
Source: Getty Images
In the report, HassConsult noted that Land Prices in the Nairobi Suburbs grew by 1.6%, reflecting the continued resilience of land as an asset despite economic difficulties characterised by political uncertainties and high interest rates.
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“The leading suburbs in quarterly land price growth have emerged as the city’s hotspots for apartment and mixed-use developments, hence the demand driven price increase,” said Sakina Hassanali, Head of Development Consulting and Research at HassConsult.
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Prices of land in Nairobi suburbs
Below are the land prices in the Nairobi suburbs and satellite towns between July and September.
| Suburb | Price (KSh per acre) | Suburb | Price (KSh per acre) | |
| Gigiri | 245,700,000 | Karen | 68,400,000 | |
| Kileleshwa | 303,200,000 | Kilimani | 406,100,000 | |
| Kitisuru | 99,700,000 | Langata | 85,500,000 | |
| Lavington | 255,300,000 | Loresho | 110,000,000 | |
| Muthaiga | 244,300,000 | Muthangari | 383,200,000 | |
| Nyari | 114,700,000 | Parklands | 434,200,000 | |
| Ridgeways | 92,000,000 | Riverside | 331,500,000 | |
| Runda | 92,300,000 | Spring Valley | 270,000,000 | |
| Westlands | 479,600,000 | Upperhill | 506,000,000 | |
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| Satellite towns | Price (KSh per acre) | Satellite towns | Price (KSh per acre) | |
| Ruaka | 110,100,000 | Ruiru | 34,500,000 | |
| Athi River | 20,000,000 | Juja | 22,200,000 | |
| Kiambu | 49,700,000 | Kiserian | 11,800,000 | |
| Limuru | 23,900,000 | Kitengela | 17,300,000 | |
| Mlolongo | 43,200,000 | Ngong | 36,000,000 | |
| Ongata Rongai | 27,100,000 | Syokimau | 36,600,000 | |
| Thika | 28,600,000 | Tigoni | 33,200,000 |
Growth of property prices in Nairobi suburbs and Satellite towns
Earlier, TUKO.coke reported that in the Kenyan real estate market, the general slowdown in the real estate sector has been exacerbated by a 2.9% contraction in the construction sector’s GDP during the second quarter of 2024, compared to a growth of 2.7% in the same period last year.
HassConsult reported that land prices in Nairobi’s suburbs rose by 1.6%, a marginal decrease from the 1.8% growth recorded in the second quarter of 2024.
Notably, areas such as Parklands (up 3.4%), Langata (up 2.9%), Kileleshwa (up 2.8%), and Lavington (up 2.5%) experienced the highest price growth.
Land prices in Nairobi’s satellite towns witnessed a robust 3.02% increase in the third quarter, surpassing the growth seen in the second quarter.
Source: TUKO.co.ke
