LAND PRICE INDEX

QUARTER ONE REPORT

2023

Land prices in the city touch a new high

as development activity bounces back
• Overall land prices in the Nairobi’s suburbs remain stable at 0.3 percent over the quarter while land prices in the

satellite towns prices increase by 1.2 percent.

· Nairobi prices touch a historic high of an average KES 194 million per acre.

· Land prices in 10 out of 18 Nairobi suburbs are now above pre-pandemic levels driven by sustained confidence and

renewed development activity.

· Athi River prices increase by 6.1 percent on the back of SGR extension speculation.

· Ngong is the best town over the quarter with prices increasing by 6.2 percent over the quarter and 18.6 percent

respectively.
· Ruaka is the most expensive suburb with the average price of an acre now shy off KES. 100 million

Land Index Highlights:

The Hass Composite Land Index, Nairobi Suburbs Quarter % Change Annual % Change Change From 2013

Nairobi-18 Composite Index Results 0.29% 1.42% 1.64 Fold

Suburb with Highest Quarterly Increase in Land Price Land in Spring Valley (+5.41 % over last quarter)

Suburb with Highest Annual Increase in Land Price Land in Spring Valley (+18.84 % over last year)

Suburb with Lowest Quarterly Increase in Land Price Land in Lavington (-1.35 % over last quarter)

Suburb with Lowest Annual Increase in Land Price Land in Kileleshwa (-2.85 % over last year)

The Hass Composite Land Index, Nairobi Satellite Towns Quarter % Change Annual % Change Change From 2013

Nairobi Satellite-14 Composite Index Results 1.28% 8.08% 2.20 Fold

The Town with Highest Quarterly Increase in Land Price Land in Ngong (+6.18 % over last quarter)

The Town with Highest Annual Increase in Land Price Land in Ngong (+18.58 % over last year)

The Town with Lowest Quarterly Increase in Land Price Land in Ongata Rongai (-6.85 % over last quarter)

The Town with Lowest Annual Increase in Land Price Land in Ongata Rongai (-7.98 % over last year)

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

HassConsult today unveiled the Hass Land price indices for the first quarter of 2023, showing that Nairobi prices
remained stable with a slight increase of 0.3 percent over the quarter.

HassConsult notes that the performance is attributable to sustained confidence in Nairobi's land market which has
resulted in the average prices of land in Nairobi reaching an average price of Ksh 194 million per acre, the highest rate
the market has experienced.

“A renewal of development activity has been the driving reason for land price recovery and 10 out of 18 Nairobi
suburbs now have prices above their pre-pandemic rates,” said Ms. Sakina Hassanali, Head of Development Consulting
and Research at HassConsult.

Donholm, Kitisuru, Langata, Loresho, Muthaiga, Nyari, Ridgeways, Runda, Spring Valley, and Westlands suburbs have
increased above their pre-pandemic rates.

Despite prices in the above suburbs exceeding their pre-pandemic levels, HassConsult highlights a few pockets of
cooling in Kitisuru, Nyari, and Gigiri. These areas, which are highly desirable suburbs for foreign officials and expatriate
staff, have experienced a slight dip in land prices.

“These suburbs corrected this quarter after several quarters of heated pricing on expansion of Kenya's diplomatic
zone,” said Ms. Hassanali.

Land prices in Nairobi's satellite towns increased by 1.28 percent over the quarter continuing their trend of higher
appreciation rates compared to similar parcels in the city. This is attributed to the towns' affordability and improved
infrastructure, which have made them increasingly attractive to potential investors. Year on year growth shows land
prices in the satellite towns increased by 8.08 percent compared to a 1.42 percent annual increase in land prices the
city

The proposal to extend the Standard Gauge Railway to Athi River's Export Processing Zone has sparked speculation and
led to a 6.1 percent increase in land prices over the quarter. This growth rate is comparable to Ngong, the best-
performing town, which witnessed a 6.2 percent surge in land prices.

For more information, please contact:

Sakina Hassanali, Head of Development Consulting & Research

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

Nairobi Suburbs Quarter Annual 10 Year Change Average Value

Land Index % Change % Change 25 Percentile 75 Percentile
From Mar 2013 Per Acre (KShs)

Donholm 3.7 % 11.0 % 2.42 FOLD 76,500,000 65,700,000 90,000,000

Gigiri -0.7 % 2.6 % 2.02 FOLD 233,600,000 165,000,000 300,000,000

Karen -0.1 % -0.1 % 1.82 FOLD 65,300,000 59,000,000 70,000,000
Kileleshwa -0.7 % -2.8 % 1.69 FOLD 296,000,000 250,000,000 333,300,000
Kilimani -0.5 % -2.0% 1.65 FOLD 397,700,000 351,400,000 440,000,000
Kitisuru -0.1 % -0.5 % 1.93 FOLD 94,900,000 73,700,000 110,000,000
Langata 3.5 % 9.2 % 2.12 FOLD 74,800,000 57,000,000 77,000,000
Lavington -1.4 % -1.1 % 1.61 FOLD 228,800,000 181,800,000 260,000,000
Loresho 4.2 % 15.6 % 2.63 FOLD 99,500,000 75,000,000 116,000,000
Muthaiga 2.2 % 6.4 % 2.39 FOLD 210,500,000 170,000,000 235,300,000

Nyari -0.5 % 0.8 % 1.67 FOLD 112,900,000 100,000,000 120,000,000

Parklands 0.9 % 3.5 % 1.28 FOLD 405,800,000 346,700,000 467,900,000
Ridgeways 2.4 % 6.4 % 2.11 FOLD 82,100,000 69,000,000 90,000,000
Riverside -1.3 % -2.8 % 1.29 FOLD 321,300,000 273,600,000 360,000,000
Runda 0.6 % 2.0 % 1.92 FOLD 88,500,000 74,000,000 100,000,000
Spring Valley 5.4 % 18.8 % 1.79 FOLD 231,900,000 156,000,000 322,200,000
Upperhill -0.9 % -2.7 % 1.37 FOLD 486,500,000 400,000,000 550,000,000
Westlands 0.2 % 3.4 % 1.59 FOLD 450,200,000 373,300,000 520,000,000

Nairobi Satellite Town Quarter Annual 10 Year Change Average Value

Land Index % Change % Change Per Acre (KShs) 25 Percentile 75 Percentile
From Mar 2013

Athi River 6.1 % 18.3 % 2.62 FOLD 17,900,000 6,200,000 25,000,000

Juja 1.3 % 8.4 % 3.53 FOLD 18,900,000 6,800,000 25,000,000
Kiambu 1.3 % 11.9 % 2.12 FOLD 44,300,000 23,800,000 60,000,000
Kiserian -2.5 % 3.1 % 2.16 FOLD 9,700,000 4,100,000 14,400,000
Kitengela 1.4 % 7.0 % 2.62 FOLD 14,800,000 8,800,000 18,400,000
Limuru -2.5 % 0.7 % 1.92 FOLD 21,700,000 11,200,000 28,000,000
Mlolongo 1.6 % 10.5 % 1.65 FOLD 34,700,000 13,600,000 50,000,000
Ngong 6.2 % 18.6% 2.64 FOLD 30,600,000 19,000,000 42,000,000
Ongata Rongai -6.8 % -8.0 % 1.69 FOLD 23,600,000 10,000,000 28,000,000
Ruaka -0.2 % 6.8 % 2.07 FOLD 98,300,000 60,000,000 136,000,000
Ruiru 1.0 % 4.7 % 2.16 FOLD 28,600,000 15,600,000 36,000,000
Syokimau 3.1 % 18.2 % 1.97 FOLD 29,100,000 23,600,000 32,000,000
Thika 3.5 % 11.4 % 2.11 FOLD 23,900,000 12,000,000 29,700,000
Tigoni 1.1 % 7.0 % 2.31 FOLD 29,600,000 20,000,000 35,000,000

*Price Values rounded to nearest Kshs. 100,000

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

Land Index Heat Maps

Nairobi-18 Suburbs Change in Prices Since Mar 2013

1.93
FOLD
1.92
FOLD 2.11
1.67 2.02 FOLD
1.79 FOLD FOLD
FOLD
2.39
FOLD
2.63
FOLD 1.28
FOLD
1.61
FOLD
RIVERSIDE EASTLEIGH
1.59
1.29 FOLD
FOLD 1.69 N/A
FOLD 1.65
FOLD
2.42
FOLD
1.37
FOLD
1.82
FOLD 2.12
FOLD

Nairobi-14 Satellite Towns Change in Prices Since Mar 2013

2.11
FOLD

1.92 3.53
FOLD
FOLD
2.31 2.16
FOLD FOLD
2.12
FOLD
2.07
FOLD

2.64
FOLD 1.97
FOLD

1.69
FOLD 1.65
FOLD
2.16
FOLD 2.62
2.62 FOLD
FOLD

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

Hass Land Composite Index SNAP SHOTS:

Nairobi Suburbs-18 • The Nairobi Suburbs-18 Land Index is representative
700.0 of Land for Sale in Nairobi covering 18 highest activity
600.0 suburbs.
Index December 2007 = 100

500.0 • Land values have increased by 6.41 fold since

400.0
December 2007.
300.0

200.0

100.0

-
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1

Average Land Price SNAP SHOTS:

Nairobi Suburbs-18
• The annual average is representative of the average
250,000,000 price of land for sale in Nairobi covering 18 highest
activity suburbs.
200,000,000
Average Asking Price in KES.s

• The average value for land has gone from 30.3 million
in December 2007 to 194.0 million in March 2023.
150,000,000

100,000,000

50,000,000

Supply of Advertised Land

SNAP SHOTS:
Nairobi Suburbs-18 • The Mix is a measure of the percentage that each
Donholm
Gigiri suburb represents in the market for 18 Nairobi
Karen
0.3%
2.7% 0.6% Kileleshwa suburbs.
2.3% Kilimani
6.8%
Kitisuru • Land in Donholm took up 0.3% of the market,
Langata
24.3% Lavington Gigiri 0.6%, Karen 24.3%, Kileleshwa 3.9%, Kilimani
13.6% Loresho
Muthaiga 7.5%, Kitisuru 4.9%, Langata 4.2%, Lavington 12.7%,
1.7% Nyari
3.9%
Parklands
Loresho 2.4%, Muthaiga 3.8%, Nyari 2.4%, Parklands
2.1%
3.7% 7.5% Ridgeways 3.7%, Ridgeways 2.1%, Riverside 1.7%, Runda 13.6%,
Riverside
2.4%
Runda Spring Valley 2.3%, Upperhill 2.7% and Westlands 6.8%
3.8% Spring Valley
4.9%
2.4% Upperhill respectively.
12.7% 4.2%
Westlands

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

SNAP SHOTS:
Hass Land Composite Index
Nairobi Satellite-14 • The Nairobi Satellite-14 Land Index is representative
1,200.0 of Land for Sale in 14 Satellite towns outside Nairobi
suburbs.
Index December 2009 = 100

1,000.0

800.0 • Land values have increased by 10.61 fold since

600.0
December 2007.

400.0

200.0

-
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1

SNAP SHOTS:
Average Land Price
Nairobi Satellite -14 • The annual average is representative of the average
price of land for sale in outside Nairobi covering 14
30,000,000
highest activity Satellite towns.
25,000,000
• The average value for land has gone from 2.4 million in
Average Asking Price in KES.s

20,000,000 December 2007 to 25.9 million in March 2023.

15,000,000

10,000,000

5,000,000

Supply of Advertised Land SNAP SHOTS:

Nairobi Satellite- 18
• The Mix is a measure of the percentage that each
Athi River
2.3%
Juja town represents in the market for the Nairobi 14
6.8% 6.7% Kiambu Satellite towns.
6.2% Kiserian
8.5%
5.1% Kitengela • Land in Athi River took up 6.7% of the market, Juja
Limuru
4.7% took up 6.2%, Kiambu 5.1%, Kiserian 4.7%, Kitengela
Mlolongo
16.1% Ngong 18.4%, Limuru 4.4%, Mlolongo 1.5%, Ngong 8.9%,
Ongata Rongai
18.4%
Ongata Rongai 7.1%, Ruaka 3.3%, Ruiru 16.1%,
Ruaka
Ruiru Syokimau 8.5%, Thika 6.8% and Tigoni 2.3%
Syokimau
3.3% 7.1% respectively.
Thika
Tigoni
8.9% 1.5% 4.4%

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]
 LAND PRICE INDEX
QUARTER ONE REPORT
2023

Land as an Investment
Land Performance vs Other Asset Classes
(The Growth of Kshs. 1,000,000 invested on 2007 Dec) SNAP SHOTS:
Ksh. 1 Million invested at the end of 2007 would
12,000,000 have been worth KES. 10.61M if invested in land
10,000,000
in Nairobi Satellite-14, KES. 6.41M if invested in
8,000,000
6,000,000 land in Nairobi Suburbs-18, KES. 2.57M if
4,000,000
invested in property (The Hass Sales Composite
2,000,000
0 Index, All Properties), KES. 3.47M if invested in
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1
bonds and KES. 1.54M if invested in savings and
only KES. 0.29M if invested in Equities.
Nairobi Suburbs-18 Nairobi Satellite-14 Property

Equities Bonds Savings

Land Performance vs Commodities SNAP SHOTS:

1200.0
The Hass Land Composite Index, Nairobi
Index Dec 2007 = 100

1000.0
Satellite-14 index value was 1060.8
800.0
outperforming Nairobi Suburbs-18 which had an
600.0
index value of 641.2, Gold 247.1, Live Cattle
400.0

200.0
(CME) 172.4 and Crude Oil worst performing
0.0 with only 82.2 index value.
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1

Nairobi Suburbs-18 Nairobi Satellite-14 Gold

Crude Oil Live Cattle (CME)

HassConsult Real Estate Limited ABC Place, Waiyaki Way P.O. Box 14090 - 00800 Nairobi, Kenya www.hassconsult.com
M: +254 709 479 000 T: +254 709 479 479 E: [email protected]