A section of Tatu City real estate in Kiambu. The prices for land in the area have skyrocketed significantly over the last 12 months. [Photo|businessdailyafrica.com]
Sh10.5 million is what you currently need to acquire a quarter acre of land at Tatu City real estate in Kiambu.
The prices have skyrocketed due to rising demand of prime land in the area where developers have announced plans build a satellite city that will feature high-end homes, hotels, shopping mall, entertainment spots, hospitals, private schools, offices and light industries.
American firm Rendeavour, the Tatu City lead developer, has reported that individual buyers bought 148 plots last year thus triggering demand and prices.
This is nearly half what has been sold over the past three years.
"Land prices for aspiring homeowners have appreciated to Sh10.5 million per quarter-acre plots from Sh8 million slightly over a year ago," said Nick Langford, the Rendeavour country ahead.Is there a newsworthy accident, incident or event happening in your county that you want Hivisasa to cover? Tell us what is happening by joining this group and have it published.