I invite you to critically look at issues.
Only very old wazee and few rich barons can afford to hoard land. Very small percentages.
Majority of kenyans - will sell - as soon as their old wazee dies.
or as soon as they get titledeed.
This is a very poor country - so land hoarding doesnt exist.
Now why is some land expensive - for me - it's down infrastructure.
There is very little in quality land - out of nearly 250,000kms of road network - only 25,000kms are paved - that is 10 percent livable decent land.
Piped water and sewage is even worse.
At least electricity is getting better.
So you got few quality land - service land - that appreciates - as everyone rushes to buy land with piped water, electricity and paved roads.
Move deeper - and you will get land for even 100 dollars per acre.
The people speculating land - go to those areas - like in Kajaido - buy huge land from Maasai cheaply - and wait for roads, water and electricity to arrive. And then cut the land into plots. Get huge profit - and move deeper.
The other aspect is in the few cities we have like Nairobi or Mombasa - there is no proper mass transport - that would allow you to live 100kms or even 150kms from Nairobi - and be able to commute - through expressways/ proper roads or train.
So you find land in few hotspots selling for serious money - few hotspots are in nairobi.
To lower land prices - equally develop the country - invest in basic infrastructure.
And people wont spend a fortunes to find land with paved road, piped water and electricity.
Move out of Nairobi and small corridor around old railway line...and you will be offered land for even 10 dollars an acre. I have gone to see land being sold for 120 dollars in border of Kericho and Kisumu. This where land speculators - buy - wait for tarmac or electricity - and then sell at a profit.
And now imagine how much cheaply you can buy land in 2/3 of Kenya that is essentially a wilderness - go deeper into coast - and you can buy as much land as you want - cheaply.
Problem is the effective demand versus supply.
Supply of quality land is lacking. - This is livable serviced land - land with paved road, piped water and electricity - at the minimum.
Check any land advert - the biggest selling point is not the land - it's the utilities - it's near paved road, there is water, there is SGR that will pass there in 10yrs, there is a proposed project xyz.
If it was in US or Europe - it would be about the land. NOT utilities. It almost given that every inch of land will have utilities - and even if offgrid - at least some decent utilities.
Housing is expensive in Kenya is due to people hoarding land. I buy 50 acres and wait to flip. I add no value to it, but this land keeps rising in value due to FOMO . No costs incurred while holding these land and I flip at 100%. Tax every inch of land and youll see inflation in land pricing disappear.