Demand for serviced apartments in Kenya surges
Tourists visiting Kenya have set a trend in the demand for serviced apartments.
As a result, investors in Kenya have turned to the construction of homes in prime locations around the city. This is to meet the increasing demand for non-hotel accommodation.
Presently, Chinese investors are putting up Soho Apartments, an 11-floor development in Kilimani. When completed, the apartments will be available for rent to international business executives. The average duration of stay on such is between 3 and 12 months.
In the same area, Mifta Holdings Limited is set to begin construction of $49.6m serviced apartments. With 15 floors, the Nine Oak development has a combination of studios, one- and two-bedroom apartments spread on a 0.375acre.
Britam properties are also currently developing a $31.68m project. Located on a 1.6 acre piece of land the project comprises 117 two-bedroom and 46 one-bedroom apartments. Britam MD Benson Wairegi said that Nairobi will need at least 1000 serviced apartments within the next three years.