Upper Hill, Ruaka Emerge as Most Expensive Areas to Buy Land - Report

A report by a real estate company, HassConsult, has revealed the average price of an acre parcel of land in Nairobi and neighbouring satellite towns.

In the report published on Wednesday, January 22, Upper Hill was named as the estate with the most expensive land. The average price per acre between October to December 2024 was reported at Ksh522 million.

Among the suburb estates, Westlands was the second most expensive at Ksh487 million per care followed by Parklands at Ksh448 million and Kilimani at Ksh410 million.

The price of an acre in other notable suburbs was Muthangari (Ksh384 million), Riverside (Ksh340 million), Kileleshwa (Ksh312 million), Runda (Ksh93 million) and Karen (Ksh69 million).

"The increase in prices in the suburbs remained steady at 1.7 per cent, compared to an increase of 1.6 per cent in the third quarter.

"Suburb price gains were led by Parklands (3.4 per cent), Upperhill (3.3 per cent), Spring Valley (3.1 per cent), and Kileleshwa (3.0 per cent)," HassConsult noted.

Satellite Towns

Among the satellite towns, land in Ruaka emerged as the most expensive. The estimated price of an acre of land in the town was Ksh111 million.

Notably, no other satellite town hit the Ksh50 million mark, However, land in Kiambu town dropped by 0.6 per cent within the quarter to reach Ksh49.6 million.

The third most expensive satellite town was Mlolongo as the average price on an acre of land was put at Ksh43.7 million.

The prices of other notable estates were Tigoni (Ksh33 million), Ngong (Ksh35.9 million), Thika (Ksh28.9 million) and Juja (Ksh23.1 million).

"Kiambu (-0.3 per cent) and Ngong (-0.2 per cent) recorded negative growth, while notable declines were also seen in Ruiru (4.9 to 3.2 per cent), Syokimau (4.8 to 3.4 per cent) and Kiserian (4.7 to 2.0 per cent)," read the report in part.

"Satellite towns have in previous quarters seen impressive growth driven by both private and commercial property developers, but a tough economy which came with job losses, and high interest rates have impacted would-be land buyers."