As more corporations and developers jostle to acquire land in Upper Hill, Nairobi which has been described as East Africa’s richest square, a report by real estate firm Hass Consult released on Thursday reveals that one acre piece of land in the prime location is currently selling at a mind boggling Ksh 551,800,000 .
Upper Hill has become synonymous with tall and high end buildings manifested by the ongoing construction of the 70-storey Pinnacle Towers which once complete will be Africa’s tallest building staring 300 metres down to Nairobi. In addition, the 34 storey, 200 metre Prism Towers was opened in the suburb in August last year.
Hass Consult’s Land Price Index lists land in Upper Hill as the most expensive in the country dwarfing the price of the same size of land in Kilimani (Ksh425, 700,000), Westlands (417,500,000) and Parklands (415,300,000).
The report further reveals that the price of land in Upper Hill grew 0.2% in 2018 and adjusted down -1.2% in the last quarter of 2018. The same report also reveals that the price of land in the area has grown almost grown tenfold since 2007.
Ruaka ranks as the Nairobi’s most valuable Satellite Town with once acre of land in the town selling at Ksh86,400,000 some millions more than Kiambu (41,600,000) and Mlolongo (26,400,000).
Hass Consult’s Head of Development, Consulting and Research Sakina Hassanali in the report sent to newsrooms also says that land price growth slowed in and around Nairobi in 2018.
Ms Hassanali however says that the overall deceleration has come on a shift in land pricing towards localised pricing driven by immediate development needs, rather than general rises driven by speculation and sentiment.
“We are really seeing each area emerge with its own independent market dynamic, driven by its own infrastructure changes, pace of current building and development potential,” said Ms Hassanali.