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Property market developers shift to city outskirts
Land dealers are quoting as much as Sh200 million for an acre in these estates pushing the buyers to develop high density housing to distribute the cost.
The value of new building plans approved within Nairobi in the fourth quarter of last year declined by 11 per cent compared to the third quarter, showing initial signs of a slowing growth in the property market and a shift to the city outskirts.
Building plans worth Sh54.8 billion were approved in the last three months of 2011, which was 11 per cent lower than the third quarter but ahead of the Sh40 billion in the corresponding quarter in 2010.
