List of Nairobi Satellite Towns With Highest Growth in Land Prices 

Land prices in six satellite towns around Nairobi experienced double-digit increases in 2023, providing investors with returns comparable to high-yielding government bonds. 

According to data by HassConsult, the significant growth in land value was attributed to easier access, making these towns attractive for middle-class Kenyans seeking affordable land without sacrificing city access.

Infrastructure improvements, including major road works, also contributed to this trend according to the realtor. 

The growth continues to position land as a popular investment among Kenyans even as equities in 2023 netted a negative return on foreign investor flight. The Nairobi Securities Exchange (NSE) suffered a significant 28% decline in investor wealth in the period. 

In the suburbs, while land prices also improved, growth was limited by high price thresholds. The costliest land remained in Upper Hill, Westlands, Parklands, and Kilimani.

‍Satellite Towns Land Price Increases

• Ngong: 21.4% appreciation to Ksh35 million per acre.
• Thika: 17.8% increase to Ksh27.2 million per acre.
• Syokimau: 15.8% rise to Ksh32.7 million per acre.
• Athi River: 10.6% increase to Ksh18.7 million per acre.
• Kitengela: 10.5% increase to Ksh16.1 million per acre.
• Mlolongo: 10.9% increase.
• Ruiru: 8.7% increase to Ksh30.7 million per acre.
• Kiambu: 8.1% increase to Ksh47.3 million per acre.

Land Price Changes: Suburbs

Suburbs recorded an average Quarterly growth of 3.3% which is the fastest in nine years.

There was positive movement in 14 out of 18 suburbs with an average annual growth rate of 3.96%.

• Muthaiga: 3.7% growth (Q4 2023 only)
• Ridgeways: 3.6% growth (Q4 2023 only)
• Loresho: 11% annual growth (3.1% growth Q4 2023)
• Lang’ata: 10.9% annual growth
• Spring Valley: 10% annual growth
• Upper Hill: 2.6% annual drop to Ksh478.2 million per acre.
• Westlands: 1.6% annual growth to Ksh456.7 million per acre.
• Kilimani: 1% annual growth to Ksh406.2 million per acre.
• Parklands: 0.6% annual growth to Ksh402.3 million per acre. 

Comparison with Government Securities:

• Bonds paid investors between 12.9% and 18% interest in 2023.
• Treasury bill yield ranged between 10.4% and 15.9%.