Prices in Nairobi’s residential market reached historic highs in the first quarter of the year, almost three-and-a-half times higher than 2000, according to real estate agency HassConsult. Since then growth in the most expensive segment has slowed, in part due to the impact of security fears following a series of terror attacks, as well as a levelling out in a market that has risen stratospherically in the past decade.
Today, in the high-end Muthaiga area, home to ambassadors, bankers and top politicians, prices per acre are up to between KSh140m and KSh200m. Real estate agency Pam Golding is selling a five-bedroom, five-bathroom home for KSh170m in the area.In more commercial neighbourhoods, where developers are putting up apartment blocks to cram many units into much sought-after space, an acre in Lavington can go for KSh150m. While prices in Karen are still rising, HassConsult says this year they are up only 7.5 per cent, lower than at least five other up-and-coming parts of the capital such as South C, Upper Hill and Riverside – where it is possible to buy a three-bedroom apartment on Riverside Drive for KSh40m with Pam Golding.