Hass Consult on Monday unveiled its Quarterly Property index report that touches on Kenya’s Housing Market and the trends of land prices across Nairobi’s 18 Suburbs and 14 satelite Towns. For the first time in three months since the developer began the survey in 2009, prices of land in Nairobi’s 18-suburbs dropped by 0.2% attributed to a shift into satellite towns whose prices rose by 1.1%.
Hass Consult says the satellite towns is seen as a new investment frontier as developers monopolise city suburbs.Highest fall in land value was in Eastleigh by 7.5% followed by Ridgeways by 2.4% Kileleshwa 2.2% and Nyari at 2.0%.
However,Land in Kitengela rose by the 4.4% in quarter one of 2016, making it the best performing satellite suburb with Athi River, Ruaka & Ruiru spotted as beginning to attract large scale residential development.
Here are the infographics;
- Nairobi’s 18 Suburbs Change in land Prices Since 2007
- Nairobi’s 14 Satellite Towns Change in Land Prices Since 2007
Housing Market Growth
According to Hass Consult, House prices continued the upward cycle to record a 4.2 per cent growth on the quarter and 14.6 per cent increase over the year – the first double digit annual growth rate since 2011.
Highest house price increases in Q1 2016 were experienced in Langata at 5.4 per cent, Karen at 5.2 per cent, Athi River at 4.9 per cent, Ruiru at 4.5 per cent and Muthaiga and Kitisuru at 4.4 and 4.3 per cent respectively
Rents rises continued to be subdued in the first quarter with a marginal increase of 1.5 per cent bringing the annual growth to just 5.5 per cent while Semi-detached houses appeared to buck the trend recording a strong annual rent rise of 17.1 per cent.
Apartment dense suburbs saw rent price corrections with Westlands recording the highest drop in asking rents at 2.5 per cent followed by Syokimau recording a similar 2.3 per cent drop in the same period.