Land Prices on The Upward Trend
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The Government announcement on planned infrastructure saw the land prices on the satellite towns grow by 21.4% by the third quarter of 2016 marking it the highest ever since. Some of the projects which played a key role in the growth include the Standard Gauge Rail, the planned Western Bypass and the commuter rail.
Limuru, Ruiru, and Juja were among the top satellite towns having the most increments with a growth of 34.9%, 42.9%, and 43.1% respectively. The areas are quite appropriate for anyone interested in building both commercial and residential property.
Lands in areas characterized by heavy congestion like Ngong reduced by 2.3%. The drop presents an opportunity for the investors willing to buy on the low. In such instances, one has the opportunity to build flats before the land appreciates.
Road construction such as the Outer Ring Road expansion saw the land prices in the suburbs increase by 1.4% with Lang’ata and Donholm being listed as the best performing suburbs with prices growing by 7.7% and 9.3% respectively. Despite the high prices, still, investors are able to enjoy some advantages from this by either building flats and apartments for sale or rent to curb the rising demand in the areas.
Moving forward, satellite towns like Juja, Thika, Syokimau, Athi River, and Juja could experience prices increase due to the expected investor demand. The rental rates might stagnate in short to medium rates due to expected development increase.
Land over years has been considered as one of the most solid investments available worth something. Commercial and residential land development do offer a feasible investment entryway due to the fact that land offers unlimited number of development opportunities to be structured so as to meet the investors time constraints and capital.
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