Land prices in Nairobi have shown strong signs of recovery, with satellite and the metropolitan areas recording 2.5 per cent and 0.3 per cent of pre-Covid levels, according to a report by Hass Consult.
“The last time towns recorded similar price increases were in the third quarter of 2019 or two years ago,” says Ms Sakina Hassanali, Head of Development Consulting and Research at HassConsult.
Sakina noted that in 2020, land prices in satellite towns dropped in tandem with Nairobi suburbs due to disruption to the economy and the accompanying uncertainty.
The data is from an analysis of prices in 18 suburb areas in Nairobi and 14 satellite areas.
Among the satellite areas, three recorded a price drop in the quarter. Limuru and Ngong, prices dropped by 0.1 per cent, while Ruaka registered a 0.2 per cent drop.
In the suburbs areas, Loresho had the highest drop of 1.3 per cent followed by Westlands 0.7, Riverside 0.6, Kilimani 0.5 and Lavington 0.3.
However, Spring Valley had the highest jump of 2.2 per cent, followed by Parklands with 1.3 per cent.
Kiserian led the satellites with 5.3 per cent increase, followed by Kiambu at 4.8 per cent. Thika had the least jump of 0.9 per cent.
Nyari posted the highest price rise at 7.18 per cent. Loresho was at the tail end over the quarter at -1.32 per cent while Riverside saw prices drop by 5.1 per cent on an annual basis. Upper Hill land prices are now at 510 million shillings.