By Etaarifa Contributor
The property sector in Kenya is experiencing a boom and more people are rushing to snap up their fair share of the real estate market.
With a macroeconomic environment and increased homeownership, the demand for houses has increased exponentially. Buying a house is a great investment for anyone who is hoping to climb the property ladder. In addition to being an investment opportunity, your property will also serve as a home for your family.
Dan Karua, Managing Director Lamudi Kenya said: “The property sector is currently booming and it will continue to grow. Developers are also coming up with houses that can feed the diverse market segments. Buying a house is a long-term investment and getting the right location that matches your budget is very important.”
Lamudi looks at the most expensive – and the cheapest – locations you can buy a house within Nairobi:
The most expensive location to buy a house is located just 22 kilometres away from the Nairobi Central Business District in the leafy, serene and posh residential suburb of Karen. Properties in this area generally offer contemporary house designs with a country feel. The tranquil atmosphere of the area exudes elegance and luxury, with houses costing Kshs 285 million on average.
The strict zoning regulations of the area have ensured that the area maintains its appeal as a top tier luxury property destination. This has made the area attractive to the expat population, top business people and government officials. Security is not compromised as residents prioritize safety for their household and family.
At the opposite end of the scale, just 45 kilometres from the Nairobi CBD, Athi River has become the most sought-after location for affordable houses. The former arid area has seen an increasing number of affordable residential houses sprouting up primarily because of the availability of land.
The high number of construction-related companies – such as cement and iron sheet companies – has facilitated in lowering of the cost of construction and improved the infrastructure in the area. This is the commuter town for most Nairobi residents due to the convenience and affordability of the area. Houses here cost Kshs 9.5 million on average.
“The market is ripe for everyone to own a property, and with the increasing demand for homeownership it is a matter of considering which area is affordable to you while still meeting your property needs,” Mr. Karua concluded.