Land, house prices rise at fastest pace in years
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- 29 Mar 2022
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Land and house prices in Nairobi increased at the fastest pace in two and three years respectively, on the back of renewed demand from buyers who had slowed down acquisitions in 2020 amid Covid-19 economic hardships.
Data by realtor HassConsult show that on average a house now costs 3.1 percent more in the city, from drops of 0.20 percent last year and 3.5 percent in 2019.
This is the fasted increase since 2018 when the growth stood at 8.5 percent, reflecting property market recovery from Covid-19 economic hardships.
Land prices in the city rose by an average of 1.16 percent from a drop of 2.56 percent in 2020 at the peak of the pandemic while the cost of plots in satellite towns such as Kitengela and Juja rose faster than those in the suburbs, fuelled by demand from those looking to build their own homes affordably.
The cost of land in these satellite towns on average rose 6.65 percent compared to a drop of 1.1 percent in 2020, making it the fastest growth in more than seven years. Read More…
