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“Where land is available, the cost has gone up by four times.”

The surging prices have pushed the cost of building family homes upwards as land now accounts for about 50 per cent of a modest three bedroom house up from 15 to 25 per cent in 2007, say players in the property market.

This has made it difficult for the growing number of middle class Kenyans to own homes as land prices fail to keep pace with their savings, setting the stage for a fresh round of rental price surges as workers turn to landlords.

The bulk of Kenya’s working class, who have relied on loans from co-operative societies to buy land and build homes, are soon finding out that they are being priced out.

Players reckon that the upward movement in prices will continue on high demand, notably from speculators looking to reap capital gains from the appreciations — a sign that the middle class will continue to be squeezed out of the property market.

“The rise in land prices is not stopping now. Demand is rising everyday,” says Mr Francis Chege, a sales representative at Crystal Valuers, a local property management firm.

Property dealers say that the effects of the post-election violence of 2008, a craving for home ownership, and infrastructure developments within Nairobi are pushing demand for land.

Those displaced from North Rift following the violence resulting from the 2007 disputed presidential poll results have sought refuge in the outskirts of Nairobi, while those who harboured plans to invest at home are revising their strategies and investing elsewhere.

This is feeding into the demand coming from workers in their late 30s and early 40s who are keen to own homes and flee from landlords.

Still, they are also looking at the homes as an investment just like shares, government and corporate bonds on the sharp appreciation in rents and property prices.

Manyara Kirago, a personal financial analyst with First Independent Advisers Ltd, says the high demand for residential plots is driven by a realisation that owning a property is good for long-term financial stability.

“Paying a mortgage is beneficial in the long term because as you pay even the value of the property is increasing,” he said.