Land prices go up!

Your daily dose of Kenya's Business and Financial News

Brian Nzomo & Kenyan Wall Street
October 25, 2024

Good Evening 😊. These are our day's top stories that matter to you as an investor.

🗺️ Land Prices Grow by 1.6% Despite High Interest Rates, Political Unrest

If you want to buy land in prime Nairobi suburbs and satellite locations today, you will need to fork out more money than before. In a new report analysing prices of land in Q3, Upperhill remains the most expensive area to get a piece of land in the city with an acre averaging at KShs 506,000,000. Westlands comes in second with KShs 479,60,000 per acre. An acre in satellite areas like Ruaka is now valued at about KSh 110 million. Based on the assessments in this report, demand for land in Nairobi suburbs that support multi-storied units has been revived. High interest rates in the period under review, as well as political uncertainty, drove investors to assets with higher certainty for returns. How much is an acre of land in Kiserian, Karen, Lang’ata, Kileleshwa, and Runda?

📉 Nairobi Securities Exchange To Launch Options Derivatives Trading

You can now trade Options Derivatives on the Kenyan stock market, thanks to approval from the Capital Markets Authority (CMA). Options are financial derivatives contracts that grant buyers the right, but not the obligation, to buy or sell an underlying asset at a predetermined price and date. The appetite for derivatives trading has been on the rise in Kenya, after the NSE recorded a market year-to-date turnover KSh128.4 million in the derivatives market. Here is what NSE boss, Frank Mwiti, plans to do ahead of the launch of the options derivatives…

🚗 🚙 Treasury to Limit Cars Used by Public Officials to Slash KSh 12 bn Budget

Government officials are costing taxpayers billions of shillings every year in transport costs. At a time when austerity is pertinent for fiscal health, these expenses spiked by high fuel costs have led the Treasury to limit official travel. County governors and Cabinet Secretaries will be allocated two cars, with certain limits for fuel capacity (not exceeding 2600 cc for saloon cars). Other positions like the Principal Secretaries and Parastatal Heads will only get one car, with other government officials requested to use their own private vehicles, with incurred costs reimbursed by the government based on how much fuel their cars can consume. Have a closer look at these provisions the Treasury intends to introduce to save your taxes…🔍