A newly released real estate report has listed the most expensive and cheapest estates to buy a home within the Nairobi metropolitan area in the three months to March 2020.
The HassConsult Real Estate report released this week names upmarket Gigiri estate as the most expensive place to purchase a property with a stand-alone house in this area going for an average price of a staggering Sh119.3 million.
Gigiri is home to the United Nations complex and several other foreign embassies including that of the United States, Canada, Italy, Sweden, Poland, Belgium, and Norway.
The average price for stand-alone homes of more than four-bedrooms in a majority of estates within the Nairobi metropolis is Sh11.2 million, according to the report. However, the average cost of similar properties in estates considered high-end is Sh80 million.
Nyari is the second-most expensive estate to buy a house, with a stand-alone home in the area costing Sh103.6 million followed by Runda (Sh92.1 million), Karen (Sh88 million), Kitusuru (Sh84.3 million), Muthaiga (Sh80.2 million), Lavington (Sh66.7 million), Spring Valley (Sh65.6 million), and Ridgeways (Sh63.3 million).
The above areas also attract the highest rent rates in Nairobi, with the average cost of renting a house in Gigiri standing at Sh371,000 per month, Sh335,700 in Nyari, and Sh321,100 in Runda and Kitusuru.
On the other hand, Nairobi’s satellite areas are the cheapest places to buy a residential property, the report shows.
The cheapest stand-alone houses are found in Kiserian and Kitengela at an average price of Sh8.8 million and Sh11.1 million respectively followed by Juja (Sh12 million), Athi River (Sh13.6 million), and Tigoni (Sh29.1 million).