Why the Wealthy Are Rushing to Buy Homes & Land in Limuru
Limuri Town was projected to beat Nairobi satellite towns in land and home investments owing to various factors such as land prices and upcoming government projects.
According to HassConsult Quater 4 report, the town posted the strongest growth in land value compared to other Kiambu towns.
The town recorded a growth of 4.2 per cent, with an acre of land in the fast-growing town estimated to cost Ksh22 million.
A quarter an acre goes for Ksh12 million, while a three-quarter plot retails slightly higher at Ksh31 million.
An artistic impression of the Nairobi-Mau Summit Highway set to be built by the government.
The real estate firm added that the growth was attributed to its underdevelopment – making it viable for investors to tap into the market that was not crowded with competitors.
On the other hand, the revival of key government infrastructural projects, including mega road projects, is said to increase land value and open it to more investments.
“We note that Limuru posted the strongest quarterly growth in the Kiambu County towns at 4.2 per cent. The town’s attractiveness is enhanced because it is still relatively undeveloped compared to its peers.
“Additionally, the area is attracting speculators on account of the resumed plans to construct the Rironi-Mau Summit Road,” read the report in part.
The serenity and the calm nature of the town are also projected to play a part in future investments made by Kenyans, according to HassConsult Head of Development Consulting and Research, Sakina Hassanali.
“Limuru is currently less developed than other towns in Kiambu county and as a result is being seen as the next development frontier, offering uniquely green experiences that characterize the area,” she stated.
In comparison to other satellite towns, land prices in the area are also cheaper compared to dominant satellite towns such as Syokimau, Ruaka and Kiambu.
An acre in Syokimau goes for Ksh28 million, while the same plot in Ruaka and Kiambu goes for Ksh98 million and Ksh43 million, respectively.
“In the measure of the percentage that each town represents in the market for the Nairobi 14 Satellite towns, land in Athi River took up 6.7 per cent of the market as Juja took up 6.2 per cent.
A collage photo of a house in Gigiri (left) and apartments in Kitusuru (right).
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“Kiambu took up 5.1per cent, Kiserian 4.7 per cent, Kitengela 18.4 per cent while Limuru took up 4.4 per cent,” read the report in part.
On the other hand, house prices also dropped by 5.9 per cent in the last year, making it more affordable for several Kenyans.
For other Kenyans looking to live in rental apartments, the satellite town had been a viable option given that rent prices have dropped by an average of 1.3 per cent in the last year and 1.7 per cent in the last quarter of 2022.