Land prices in Syokimau have risen as a result of the Nairobi Expressway, which has made the area more accessible.
According to the Realtor HassConsult Quarter Three Land Price Index, an acre of land has increased by 6.89% to Sh27.7 million.
The newly built Expressway has opened up Syokimau and its surroundings, making it a popular investment destination for both buyers and investors.
“Syokimau was the best performing town with prices increasing by 6.89 percent over the quarter which is attributed to the town becoming more accessible following opening of the Nairobi Expressway,” the company said in a statement.
“In the satellite towns land prices continued to improve, registering a 1.6 percent growth over the quarter. Improved infrastructure, which is making towns in the area more accessible, is resulting in investor demand for land in these areas including developers.”
The satellite town also had the highest annual growth rate in the country.
“The town was the best performer over the quarter with prices increasing by 6.8 percent. Syokimau was also the best performing town annually with prices improving by 20.1 percent.”
Other satellite towns that experienced growth, in addition to Syokimau, include Kiambu (6.1%), Mlolongo (3.9%), Ngong (3.7%), and Ruaka (3%).
Spring Valley topped the list of Nairobi suburbs with a 6.6% increase, followed by Donholm (4.4%), Loresho (3.9%), and Westlands (3.9%). (2.2 per cent).
However, the data show that land prices in Upperhill, Nairobi, fell by 0.6% during the period, continuing a downward trend that began in July 2018.
“Upperhill is experiencing an oversupply of commercial office space that has seen developers adopt a “wait-and-see” attitude, for units in the suburb to get sold and vacancy levels to improve,” the report shows.
