An acre of land in Kenya now goes for Sh542 million

The most expensive place to buy land in Kenya is...

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Upper Hill has been ranked as the most expensive place to buy land in Kenya.

According to a quarterly survey released by consultancy HassConsult, an acre of land in the area goes for about Sh.542.1 million compared to Sh.510 million last year.

Land in Kilimani follows behind as the second most expensive after growing by 0.5 per cent to an average of Sh.429.7 million an acre quarter-on-quarter, with Westlands coming in third at Sh414.3 million.

Parklands, which was rated as the best place with high yields in rental rates, saw an acre go for Sh411.5 million whereas in Kileleshwa the price stood at an average of Sh293.5 million.

The report also noted that land prices in Nairobi’s suburbs had recorded a slight drop in the first three months of the year, rising to a mere 1.3 per cent compared to the last quarter of 2016.

Reduced demand by developers was attributed to the slow growth as they adopt a wait-and-see approach ahead of the August 8 general elections.

Land prices in satellite towns grew by 3.4 per cent with Ruaka topping the list where an acre of land averaged at Sh80.5 million up from Sh77.8 million during the previous quarter.

Areas with the poorest performance in land prices were Mlolongo and Nyari with a year-on-year decline of 8.0 and 2.6 per cent to average Sh101.4 million and Sh23.6 million, respectively.

Meanwhile, rents for apartments in Nairobi fell by 3.3 per cent with those of detached and semi-detached houses registering declines of 0.4 and 0.2 per cent respectively.

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