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Niko na ka-one-eighth mahali…” is a common conversation starter in many social gatherings. This is so common that a person mentioning a ‘ka-one-eighth’ will be quickly understood by anyone around them to be talking about a piece of land. In any social gathering, the question of land or property will at some point crop up. And parents will always pointedly ask their children to build a house. Such is Kenyans fascination with matters land and real estate. This bug has translated to a booming sector.
The last decade has seen phenomenal investments in real estate. Projects worth billions of shillings have either been completed or are under construction. The boom has not escaped the notice of international players who have found the country to be ideal for their investments. Nanyuki has become a hot spot for investors and this is why.
Laikipia plains have been termed as the ‘millionaire’s playground’ for a good reason. It is here that remnants of Kenya’s white settlers have dictated the lifestyle in Nanyuki and its environs for a long time. Recently, the area has seen an influx of real estate developers who, just like those in Naivasha are attracted by the area’s natural attractions. Mount Kenya, the Aberdares and Loldaiga Hills loom large over the region.
Laikipia also has the highest concentration of big game after the Tsavo ecosystem with large conservancies such as Ol Pejeta, El Karama, Borana, and Lewa defining land use here. Add to these the mild weather and you have a perfect recipe for serious real estate development. Mount Kenya Holiday Homes near Naro Moru and Mount Kenya Wildlife Estate on the eastern corner of Ol Pejeta conservancy are among the big projects that have broken ground here. Towards Isiolo, however, land is still available and cheaper for development.
Big government projects including a resort city and an international airport are meant to prop the area as the ultimate real estate destination. The planned Isiolo Resort City is seeing a spike in land prices, as is the advanced construction of the Isiolo Airport.
In 2011, Isiolo saw land prices surge in anticipation of the proposed government projects under the country’s development blueprint, Vision 2030. Back then, a local daily said speculation had made an acre of land in Isiolo jump from Sh15,000 to Sh150,000, this is even higher today. Today, land close to the town has gone even higher with areas like Kulamawe, County Council, Kambi ya Juu, Kiwanja ya Ndege, Bulla Pesa and around the Isiolo Hospital and attracting more residential developments. A 50 by 100 feet plot in such areas is going for at least Sh500,000.
Construction of 501-kilometre Isiolo-Moyale highway, which links Kenya to Ethiopia is ongoing with a railway line linking the area to the coast included in the mega projects.
