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Property bounces back: Land prices in Nairobi by region

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HassConsult today unveiled the Hass Property price indices for the first quarter of 2018, showing an improvement in asking sales and rents across all properties, an indication that the market is feeling the effects of the economy returning to normalcy. Asking sales prices increased by 2.4% over the quarter led by the house market that recorded a 2.7%  increase.

The overall rental market witnessed recovery of 1% over the quarter after a series of falls over the last year. The semi-detached house rental market was the best performing segment with prices increasing by 3% over the quarter and 6.4% on an annual basis. The apartment rental market however posted the weakest annual return down 7.5%.

The rental apartment market additionally posted weaker results than the apartment sales market on an annual basis indicating that this letting market segment was the most vulnerable to the political and economic challenges of 2017, more than other segments.

“The rental market is characterized by a relatively high ratio of rental spending as a proportion of income, and so the sustained rental falls particularly in the apartment market late last year demonstrated the clear impact of consumer spending pressures as the government stall on expenditure swept liquidity from the market’ said Ms. Sakina Hassanali, Head of Development Consulting and Research at HassConsult.

However as routine returns to the market, apartment rentals saw the healthy rebound pricing up 1.4 per cent in the
quarter. Ngong registered the strongest growth in satellite towns for both property and apartment prices in the first quarter at 3.7% and 2.8% respectively.

Langata was the best performing suburb in the apartment segment with asking prices in the suburbs rising by 2.5% over the quarter while Eastleigh led in the houses category with asking prices increasing by 2.1% over the period.

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Lang’ata additionally led the pack in the apartment asking price segment with asking rents rising by 4.7% in the quarter while Ridgeways led the housing market with asking rents rising by 1.5% over the same period. On the satellite town rental segment Ruaka and Limuru were the best performers with rents increasing by double digit sales on an annual basis.

Ruaka was the best performing satellite town with asking rents for apartments increasing by 11 per cent over the year while Limuru and lead in asking rents for houses at 11.2%.

House Price Trends by Suburb in Nairobi

Updated automatically
Quarterly % Change Annual % Change Change from December 2007 Average Value Per Acre 25 Percentile 75 Percentile
Nairobi-18 Suburbs 0.2% 2.2% 6.25 189,000,000 n/a n/a
Donholm 3.3% 11.9% 7.70 71,600,000 55,000,000 84,100,000
Eastleigh 2.7% 11.5% 6.03 290,000,000 180,000,000 388,900,000
Gigiri 4.8% 3.2% 6.72 236,400,000 119,800,000 311,800,000
Karen 0.7% 3.5% 7.55 59,000,000 52,800,000 65,000,000
Kileleshwa 1.6% -0.1% 7.13 293,200,000 250,000,000 320,900,000
Kilimani -1.9% 1.2% 6.51 434,600,000 400,000,000 500,000,000
Kitisuru 2.3% 3.6% 5.87 81,800,000 70,000,000 90,000,000
Langata 2.5% 5.3% 5.61 60,400,000 45,000,000 70,000,000
Lavington 1.2% -0.3% 5.71 236,900,000 200,000,000 270,000,000
Loresho -0.1% 1.9% 5.15 81,800,000 64,000,000 100,000,000
Muthaiga -1.4% 3.5% 5.46 144,700,000 100,000,000 195,700,000
Nyari 1.2% 1.0% 6.15 102,500,000 90,900,000 110,000,000
Parklands 0.2% 0.8% 5.33 414,700,000 360,000,000 466,800,000
Ridgeways 2.2% 0.6% 6.11 70,800,000 64,000,000 76,000,000
Runda 1.1% 6.4% 6.15 85,100,000 70,000,000 100,000,000
Spring Valley -0.9% 4.1% 4.28 160,700,000 124,100,000 200,000,000
Upperhill 0.8% 2.5% 9.26 555,600,000 480,000,000 650,000,000
Westlands -1.3% -1.2% 5.59 409,400,000 350,000,000 500,000,000
Updated automatically
Quarterly % Change Annual % Change Change from December 2007 Average Value Per Acre 25 Percentile 75 Percentile
Nairobi Satellite-14 2.4% 4.4% 8.41 20,600,000 n/a n/a
Athi River 3.0% 6.4% 9.40 12,000,000 4,800,000 17,000,000
Juja 7.7% 10.0% 14.13 12,300,000 3,900,000 16,700,000
Kiambu -1.0% 2.9% 7.58 43,500,000 22,000,000 56,000,000
0
Kiserian 0.6% 2.7% 7.36 7,300,000 3,500,000 10,000,000
Kitengela 0.4% 13.3% 7.44 11,400,000 6,700,000 15,800,000
Limuru 3.5% -0.4% 11.18 21,200,000 10,800,000 30,000,000
Mlolongo -3.4% 0.8% 4.92 23,700,000 12,500,000 35,000,000
Ngong 1.1% 4.0% 6.23 19,200,000 12,000,000 24,000,000
Ongata Rongai 5.7% 6.1% 8.50 20,000,000 10,400,000 27,800,000
Ruaka 2.5% 5.9% 7.66 85,200,000 65,400,000 107,900,000
Ruiru 5.3% 6.5% 10.41 24,500,000 13,000,000 34,000,000
Syokimau -2.0% 4.1% 6.78 20,700,000 14,000,000 26,000,000
Thika 0.0% -6.9% 8.80 18,000,000 7,600,000 25,900,000
Tigoni 2.8% 8.1% 8.92 22,200,000 17,000,000 30,000,000

 

NEXT: Kitengela’s newest gated community opens its doors to buyers

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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