Nanyuki is ranked in the top five most cosmopolitan cities in Kenya with a fast growing population in the country. It has attracted property investors and property selling companies due to the rise in demand of land in the town which can be linked to the favorable climate it enjoys being located on the equator as well as the breathtaking views of Mt. Kenya, the Lol Daiga Hills and the Aberdare Ranges.
As a potential investor, you have the luxury of choosing the type of investment you want to venture in once you purchase your piece of land, seeing as it is a growing town with vast opportunities for investment with high returns ranging from housing projects, commercial buildings, holiday homes, schools and hospitals.
Nanyuki being the hub of a majority of wildlife Conservancies and mountain climbing expeditions, has been lucrative in real estate investment for both commercial and residential property.
These estates have palatial homes, large land compounds, top-level security, well-paved roads, and strict zoning regulations such as Mugambi estate, Mountain View Estate, Muthaiga Estate and Milimani Estate. The average rent in these estates is Kes.80,000 to Kes.180,000 per month with an average selling price of Kes.35 Million to over Kes.60 Million per acre depending on the land’s proximity to the main road, proximity to Mt.Kenya and rivers. High-end estates are least likely to be affected when the economy is performing poorly.
UPPER MIDDLE – CLASS ESTATES
The difference between these estates and the high end is minimal. Their zoning regulations are a little more relaxed and unlike the high end estates. Some of these estates include Baraka, Runda, Sweet waters, Teachers, Sportee Estate and phase 1 Thingithu. Rent ranges between Kes.25,000 to Kes.60,000 per month and the average selling price is between Kes.6 Million to Kes.20 Million per acre depending on the location.
These estates are also likely to be very affected when the economy is not doing well. At the moment, the teacher area has the biggest growth with over 20 apartments having come up in the last 4 years with a majority with an over 80% occupancy rate. This can be attributed to its close proximity to Nanyuki CBD and the biggest shopping mall in the town, Cedar Mall.
LOWER MIDDLE – CLASS ESTATES
These estates have high populations, congested with many closely built houses and minimal zoning regulations. Rent is very affordable, ranging from Kes.5,000 to Kes.20,000 depending on the size, features of the property, and proximity to the road and other amenities.
These are estates such as Ichuga, likii, phase II and III and majengo. These estates have a high population giving investors a great opportunity to set up rental apartments or houses for sale.
Satellite areas such as Naibor, Ereri, Muramati and Segera tend to be much cheaper, with rent ranging between Kes.8,000 to Kes.20,000 depending on the size. The average selling price for land per acre ranges between Kes.500,000 to Kes.3 Million. The property values have been affected by a lack of basic services such as an unreliable supply of water, electricity and poor roads.
Some of these satellite towns such as Nturukuma, Mukima, Kanyoni and Burgoret have high land prices and an increase in property development projects. This is likely to affect rent prices to either remain constant or reduce. In areas like Teachers, cottage and Ntururkuma both residential and commercial property are recommended as an investment opportunity.
BUYING OR SELLING PROPERTY
Before buying or selling land, use the services of a registered valuer. A valuer will analyze the property and develop an opinion on its value using tested processes and methods. A certified real estate professional could also do a property appraisal and give an estimate of the market value based on the current trends in Nanyuki.
Some factors that determine the value of the property are:
- Size of the land.
- Location of the property – The more popular and accessible the location is the higher its value; proximity of the land to the road. A good example is our current project, Sunset Garden which is located just 1km from the main road selling at kes.150,000 per 50*100 plots of land.
- Proximity to certain amenities such as schools, hospitals, and shopping malls.
- The key architectural design style in the area.
- Aspect; the direction in which the property is facing to give a clear view of Mt. Kenya. The best part about all the projects we sell at Ricco Homes and Developers Limited.
- Topography and layout of the land; the shape of the land the property is sitting on. The layout of the land. We ensure that all our projects are on a flat even land.
- The land block layout and how the housing is arranged in that area. Houses in gated communities are more preferable than stand-alone homes, usually due to security concerns, and sharing of resources. A good example is one of our Products, Hidden Hills Woodlands which is a controlled development in Naibor Nanyuki.
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Ricco Homes & Developers Ltd
Nairobi Office: Moran Lounge , Off Kiambu Rd, Nairobi
Nanyuki Office: Cedar Mall , 1st Floor, Laikipia Road
Tel: +254 705 999137 / +254 705 999139
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