Greedy developers are making a killing from Kenyans’ obsession with property. Consider this – an undeveloped acre in Upper Hill and Westlands is priced at between Sh350 million and Sh500 million, Sh300 million in Kilimani and Sh200-250 million in Kileleshwa, Lavington and Milimani. It is not that the land sits on a goldmine or an oil well. A three-bedroom apartment in those areas is selling at Sh15-25 million on average. A similar 100x150 square metre property in a high-end area with modern infrastructure in the US is generally priced at $150,000 or Sh12,900,000 at today’s exchange rate. A town house on a quarter acre located in an upmarket Cape Town neighbourhood is cheaper than a three-bedroom apartment in Kilimani. The trend is the same in all major countries such as Malaysia, Australia, Germany, France, US and UK. In an ideal property market a three-bedroom apartment in a top-end Nairobi suburb should not fetch more than Sh8-12 million.
Posted on: Mon, 04 Nov 2013 03:48:58 +0000
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