Land price rise hits 10-year low on polls, bad economy
Land prices in Nairobi last year grew at the slowest pace in a decade, affected by the prolonged electioneering last year amid a slowing economy and lack of access to credit.
Realtor HassConsult says in its 2017 quarter four price index report that land price in Nairobi suburbs only increased by 3.3 percent while that of satellite towns was up by 5.4 percent, both the slowest since the index began in 2007.
HassConsult head of development consulting and research Sakina Hassanali said the slowdown in price growth indicated the value of land is no longer immune to political risk, having previously been seen as a safe haven investment whenever there was political or economic uncertainty.
“If you look at the overall trend in the last five years, land prices have been growing but at a decreasing rate. It was exacerbated last year due to the uncertainty in the economy. It is only in areas where we have infrastructure coming up that we see prices going right back up,” said Ms Hassanali. Read more…
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