Limuru has emerged as a top neighbourhood where Kenyans like to rent houses.
The Hass Consult Property Index covering the three months ending September 2023 shows that apartment rental prices in Limuru have gone up, recording a 3.2 per cent increase.
According to the report, one of the main reasons why Kenyans are flocking to the area is the proliferation of infrastructure projects in or close to the area.
For instance, the real estate company pointed out the improving road network in the region, which it pointed out enables Limuru residents to access the Nairobi Central Business District within an hour.
“Among satellite towns, those with the best access infrastructure like Thika, Syokimau, Ngong, Limuru and Juja continue to outperform the market average,” read part of the report.
A photo of a traffic snarl along Limuru Road
The real estate company disclosed that general house prices in Limuru rose by 0.2 per cent from the second quarter.
Another standout pick from the report was the revelation that rental prices for houses in Limuru have risen by 1.4 per cent over the last year.
The report also observed that more people are shying away from purchasing houses in Limuru, preferring to rent instead.
Backing up this position is the fact that over the years, apartments have taken up more share in the market from 23.5 per cent in 2001 to 64.4 per cent in December 2022.
“The average rent for a property has gone from Ksh38,516 in December 2000 to Ksh 163,667 in September 2023 depending on the unit,” read part of the report.
In terms of land, prices dropped by 3.1 per cent in Q3, 2022 compared to the previous period.
The report shows that the average cost of a piece of land per acre in the town is Ksh20.3 million.
Limuru was also the town with the lowest annual increase in land price. The rates dropped by 4.94 per cent over the last year.
A signpost indicating that the parcel of land is for sale.