Prices of Land in Nairobi Kenya Real Estate and City Homes See the Fastest Increase in Years
Nairobi Kenya Real Estate Growth Data
According to data from real estate firm Hass Consult, the demand for properties in Nairobi and its surrounding satellite towns has surged, resulting in an increase in home prices and land costs. Despite the economic challenges caused by the Covid-19 pandemic, the price of an average house in Nairobi increased by 6.8% in the year to March, marking the fastest rise since 2018.
In contrast, the same period a year earlier saw a decline of 1.8%. Land prices in Nairobi rose by 1.07%, while satellite towns like Kitengela and Juja saw a substantial increase of 7.35%. This growth in the cost of plots in satellite towns was the highest in the past five years, reminiscent of the time when coffee plantations were replaced by gated housing estates and shopping centers in the Nairobi suburbs during the property craze.
The real estate sector in Kenya was severely impacted by the pandemic as new homebuyers were hesitant due to income and job losses, cautious lending by banks, and uncertainty surrounding the economic situation.
However, the sector is now recovering, and the demand for properties in Nairobi and its surrounding satellite towns has surged. According to realtor Hass Consult, the average price of a house in Nairobi increased by 6.8 percent in the year to March, and land prices in the satellite towns, such as Kitengela and Juja, rose by 7.35 percent, the fastest growth in five years.
This rebound can be attributed to the easing of Covid-19 restrictions and the subsequent rebound in Kenya’s economy, with the fastest growth rate seen in 11 years. Although land in most suburbs remains expensive, and parcels are subdivided in larger sizes of half an acre and above in most areas, there has been a sustained investor demand in Thika, Juja, and Ruiru towns.
In 2022, Denver Group Ltd was honored as the Best in Land Selling at the Top Real Estate Awards. We are grateful for your support throughout our journey. As a real estate company, we specialize in selling plots in Kamulu, Joska, and Malaa along Kangundo road, as well as in Ruiru. We are constantly growing and are dedicated to simplifying the land ownership process while providing exceptional services that have impacted the lives of many. Be our valued client and invest in a plot that suits you and your family. We guarantee that you will see the value for your money.
