The trend has gathered pace over the recent years and the revamping of railway line connecting Naivasha to Nairobi and Nakuru by the Kenya Railways Corporation will work towards attracting more settlers. Travelling to Nairobi from Naivasha takes approximately 2 hours 10 minutes via train and 1 hour 57 minutes via road.
A survey by independent real estate consultancy, Knight Frank in December 2020, detailed that the Covid-19 pandemic gave potential buyers time to reflect on how and where they want to live with adequate outdoor space becoming a major factor for those looking to own homes.
54 percent of respondents said that they were more likely to buy a detached family home than they were prior to Covid-19, with 50 percent in favour of waterfront homes. 18 percent added that they would purchase a second home after Covid-19.
“Buyers are prioritising greater privacy, outdoor space and a home office. But we also see that close to a third of respondents are more likely to move in the next 12 months, and 50 percent expect the value of their property to fall over the same period, as a result of the pandemic,†Knight Frank said.
Real estate firm Hass Consult in 2018 said that Naivasha land rates attracted commercial and high-density residential developments. In Naivasha, the average asking prices per acre by the end of 2017 was Ksh 4.9 million with the prices rising steadily prior to the Covid-19 pandemic.
The most popular properties which are around Lake Naivasha are currently being sold at around Ksh16 million per acre. Developers said that housing units in the town range from Ksh 17 million to Ksh 42.5 million, with half of 55 units at one estate, Osotua Luxury Resort already sold out as of February 2021.
Newcomers are also attracted by wildlife sceneries, hotels and lodgings and camping sites. Businessmen can also invest in horticultural farms as lands can be leased at affordable rates.
Developers also witnessed that homeowners are settling in other counties outside Nairobi such as Kiambu, Machakos, and Kajiado. According to the Hass Consult 2020 Land Price Index report, these satellite towns controlled approximately 60 percent of property transactions in 2020.
The towns on the developer’s radar are Ruiru, Kikuyu, Athi River, Kitengela, Thindigua, Ruaka, Juja, Ngong, Thika, Lower Kabete, Rongai, and Uthiru.
The rich listed Malindi, Diani, Nakuru, Narok and Naivasha as probable retirement homes. A report by Knight Frank added that Kenya is among the top five most popular second home locations for the wealthiest people in Africa.
Source: KENYAGIST.COM
