Housing developers moving out of Nairobi
19 October 2012, 16:44
Nairobi - High land prices in Nairobi are now seeing some housing developments sprout outside of the nation’s capital, as developers seek to meet the housing demand at a more affordable price, Capital News reports.
With an acre of land in Kilimani, for example, going for KES 300 million, developers find building in Nairobi unreasonable and virtually impossible to make a substantial return.
According to Jenga Web's Managing Director, Nathan Luesby, over the last four years land prices in parts of Nairobi have shot up by a thousand percent, which is why there is a rise of “super developments” where a developer buys a big chunk of land outside the city and puts a huge number of houses on it.
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