Around ten years ago, parcels of land in areas such as Kitengela and Athi River were readily available and cheap, but no one was willing to buy land in such areas.
Very few people invested in such areas, and within a decade, everyone started seing the potential and buying land in the areas. Today, it is hard to get prime land in the aforementioned areas, and if you get one, the prices are too high for anyone to afford.
The same has been replicated in several other areas in the outskirts of the Nairobi’s Central Business Distric (CBD).
One of those areas is Kangundo Road, which is growing at a very high rate, becoming one of the most preferred areas where people want to build homes and even set up businesses.
It is predicted that within the next five years, prime land along Kangundo road will not be affordable for the ordinary Kenyan who wants land for commercial, residential or speculative purposes.
Fanaka Real Estate Company Ltd CEO Moses Muriithi says that land prices along Kangundo Road have grown almost ten times in just five years.
“Land appreciation is high in the region. An eighth that was selling for Ksh100,000 five years ago now goes for Ksh800,000,” says Muriithi.
One of the areas that have experienced the growth is Malaa, a satellite town along Kangundo road deemed to be one of the fastest-growing townships around Nairobi.
At Malaa for example, Fanaka has a project dubbed Springfield Commercial, which comprises commercial plots 1/8 acre with ready title deeds. The plots sell at between Ksh1.8 million to Ksh2 million and is located 100 meters off Kangundo road.
The project is about 45 minutes’ drive from Nairobi town and is next to the City Shuttle bus terminus.
Everyone wants to reside in an area with amenities such as roads, water and electricity. A part from Kangundo Road, the government has proposed the construction of Greater Eastern Bypass to connect Thika-Garissa Highway through Lukenya Hills, and Mombasa Road.
Few meters from the proposed Road is the Joska Greens, a project by Fanaka where 1/8 an acre is going for Ksh949,000.
The project is located two kilometres off the main road, first exit on your right after Kamulu virtual weigh-bridges.
39 kilometres from Nairobi’s CBD along Kangundo Road lies Kamulu, another of the fastest growing towns near Nairobi.
Three kilometres off Kangundo Road the company, Fanaka, is selling 1/8 an acre plots for Ksh799,000 at their Olive Gardens project.
The plots are fitted with water, electricity and well-graded roads in a well-developed residential zoned area.
The Sunrise Gardens are also in the township, for residential purposes, retailing at Ksh1.1 million for 1/8 an acre. The plots are three kilometres off Kangundo Road.
Also selling at the same price are plots at Kamulu Gardens, located only four kilometres from Kangundo Road at Kamulu town. The project is located only six kilometres from Eastern Bypass and an approximated 30 minutes drive from Nairobi’s CBD.