Nairobi's Karen estate ranks among world hotspots
SEE ALSO :Meet Kenya's deal maker extraordinaire“Our global teams share their local market insights, pinpointing the neighbourhoods they think will outperform their wider city or regional markets over the next five years. For some, transport improvements play a significant role; for others, new industries or an area’s comparative value explain their selection.” Karen is a wealthy suburb of Nairobi some ten miles west of the CBD, named after Karen Blixen, the Danish expatriate who lived here in the early 20th century and famously wrote about her experiences in the book Out of Africa, subsequently made into an Oscar-winning film. From the early 2000s, growth was rapid, with many of the original five and ten-acre plots developing into modern housing clusters with shared amenities such as club houses, gyms and swimming pools. This period saw land prices soar from Sh2.3 million per acre to their current levels of overSh 50 million per acre, where they have now stabilised. The market for these townhouses has become somewhat saturated, with a subsequent plateauing of both house prices and land values.
SEE ALSO :Actis to build Sh11 billion warehousesTypically, houses currently sell for around 80 million to 110 million shillings, although we are now seeing record prices being achieved for larger stand-alone houses with more substantial gardens.