Azimio la Umoja One Kenya presidential running mate, Martha Karua, during the presidential debate revealed that her net worth grew from Ksh56 million in 2013 to Ksh150 million due to market dynamics such as inflation.
While running for the presidency in 2013, Karua declared that she owned a home in Nairobi worth Ksh40 million, a car worth Ksh6 million and an acre of land in Tigoni estimated at Ksh10 million at the time.
In the Tuesday, July 19 debate, Kurua further disclosed that she has a home in her rural home in Kirinyaga county which sits on her father’s land.
Tigoni
In a report released by Hass Consult on January 31, Tigoni was one of the areas that were noted to be highly profitable to invest in.
The report detailed that the value of land in the Nairobi’s satellite town had increased 9.61 times since 2008.
Further, Knight Frank – a real estate company – estimated that an acre of land in Tigoni ranges from Ksh30 million to Ksh80 million.
Speaking to Arnania Ogutu, a real estate analyst based in Nairobi, he explained that property values increase due to various dynamics in the real estate industry.
In particular, he explained that land prices have risen over the years because of infrastructural developments that have opened up areas for investors.
“What pushes the value of land is infrastructure because it invites investors and other Kenyans to purchase property in a certain area hence making it valuable.
“For example, in Nairobi, the focus of property was always in Upperhill. However, with GTC building, many startups and companies will start shifting their focus to Westlands where it is located hence making the land and property value in that area increase,” Ogutu explained.
Nairobi
The former Prime Minister Raila Odinga’s running mate owns a home in Nairobi’s Rosslyn estate. In 2013, she revealed that the property – which includes a house and land – was worth Ksh40 million.
A spot check on various property platforms showed that a half an acre of land currently cost Ksh60 million in the area.Â
From 2010 to 2014, A4 architect details that an acre of land in the area was retailing for Ksh7 million to Ksh20 million. This means that land value in the area has tripled in less than 10 years.
Gichugu
While Karua detailed that she has a house in Gichugu, she did not detail how many acres of land she owns in her rural home.
Real estate companies put value for an acre of land in the area at Ksh1 million to Ksh2.3 million depending on the distance from the main road and shopping centre.
“I am happy to have a house in Nairobi that I call home and have a house in my father’s land in Gichugu, Kirinyaga County. I do not look for property. Not everyone is happy to amass wealth,” she stated during the July debate.
Source: kENYANS.CO.KE
