A Nairobi- based housing developer and real estate dealer has advised prospective home buyers to focus on properties on the eastern parts of Nairobi. Fanaka Real Estate Limited managing director Moses Muriithi Kihunii says land and housing prices here are much lower compared to what is on offer in Ngong to the south, Kikuyu sub-county to the east, Kiambu to the north and even along Thika road.
He says land along Kangundo Road (which connects Nairobi east to Machakos county) is more affordable compared to satellite towns in Kiambu, Thika or Kitengela, yet the distance is the same from CBD. “Many people have moved to these areas and it’s just a matter of time before land prices rise.
I urge the youth to consider investing along Kangundo road which has been earmarked for expansion,” he says. According to the Hassconcult Index Third Quarter 2018 report, Soykimau suburbs recorded the lowest annual increase in land Ppice at negative 4.4 per cent over last year.
“The lengthening traffic snarl-ups along Mombasa road have began to see tenants moving to more accessible locations,” says the Hassconsult County Land Report 2018. From 2012 to 2017, land prices in Machakos county rose on average by 8.54 per cent a year to average Sh13.3 million per acre while Kiambu county saw a growth of 14.72 per cent to Sh32.3 million an acre.
Kajiado, which, like Kiambu, sits some 18.6 km from the capital, currently also offers far cheaper land prices than Kiambu, at Sh9.7 million per acre. Kajiado, however, has not lost its sparkle to investors, with most of them deploying land to build affordable houses. Kihunii says he started Fanaka in 2016 with the idea to bridge the gap that he saw in the real estate industry.
He says many people living in Nairobi, experience a lot of challenges when looking for land to build their homes. “We as Fanaka Real Estate, identify prime and affordable areas not far from Nairobi CBD, acquire them and then sub-divide and sell them to our clients at affordable prices.
We make the whole process efficient so that within a few weeks, the clients have their titles,” says Kihunii. The firm’s projects are located along Kangundo road in areas such as Kamulu, Joska, Malaa and in Ruiru East, all within a radius of 45km from the Nairobi CBD.
“Land appreciation in the city and its outskirts is high because of rising demand,” he adds. Fanaka has three major projects currently off Kanguno Road — Kamulu Gardens, Palm Gardens and Plains View Gardens. Located between Ruai and Kamulu shopping centres, Kamulu Gardens is a 30-minute drive from the Nairobi CBD, with the eighth of an acre going for Sh1.1 million.
Similar sizes cost Sh800,000 at Palm Gardens, located in Malaa town, a 45-minute drive from the CBD and 1km off Kangundo road. “Also located at Malaa, Plains View Gardens plots cost Sh500,000, all payable in monthly instalments.
“The prices are inclusive of title processing fees, stamp duty as well as lawyers’ fees. Infrastructure on site includes piped water, electricity and murram roads. All our residential projects have a gated community set-up,” says Kihunii