9 July 2014

Kenya: Land Prices Up in Kitale Town On Growing Demand

Land prices in Kitale town are up as pressure piles on retail, commercial and accommodation space.

Property agents say an acre is now priced at between Sh80 million and Sh100 million within the town. What you need to know when buying real estate in any part of the country Demand is being driven by university campuses, mushrooming colleges, supermarkets and banks seeking space to operate in the town.

Kitale currently has at least six university branches which have occupied space in commercial buildings within the Central Business District. The influx has pushed up demand for hostel facilities as students seek convenient accommodation. This has made the hostels business a lucrative one in the town as students are not accommodated by the campuses.

Private hospitals, banks and supermarkets are also upping their bid for the same commercial buildings, gobbling up new space as soon as developers start construction.

"Although the land in CBD is extremely expensive, it is very difficult to get, that is why most of these university campuses have resolved in renting their premises," said Stephen Kang'ethe, a property agent in Kitale. Unserviced farmland outside the town is estimated to cost between Sh2 million and Sh5 million an acre.

Trans Nzoia county leaders last Sunday asked President Uhuru Kenyatta to avail part of the 300-acre Cherang'any Hills State Lodge land for putting up a public university. All the university campuses operating in the town are commercial branches.

"The President should allocate us part of this land to help us construct a public county university, because no President has used the state lodge for 10 years now," says deputy governor Stanley Tarus said.


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