IT centre (proposed) development spurs real estate prices

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The recent plans by the Kenyan Government to build an ICT business park has spurred rise in real estate prices in Machakos district. This park was to be built on a 5000 acre piece of land in machakos on Mombasa road. Currently the plots are fetching KSHS 200,000 to 300, 000 per acre and some speculators are already putting up prices as high as 800,00.

Developers are even buying large tracts of land to later build estates for future employees of the ICT park which will be located some distance between the Machakos Junction and Salama town. Previous speculations have brought big returns to investors in towns like Kitengela and Juja where plot prices were so low and shot as much as 4 times the previous value. The mining of copper ore, iron and coal  in Kitui that is expected to commence soon also has an impact in the demand for property in that area that was previously ignored due to its poor agriculture that mainly depended on irrigation. Real estate looks like the way to go for most investors who feel that its a secure industry to venture in, with almost 100% returns guarantee.

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