The serviced apartment sector is one attracting massive attention and offering great potential across Africa, which at 34% provides the second fastest market growth after Europe.

There is huge demand for high quality space, particularly in key regional hubs such as Nairobi and Lagos, where work patterns have generally changed to shorter, more flexible contracts which the sector serves with longer-term rental options.

Serviced apartments also offer cost-effective competition to traditional hotel stays, with an international-standard room in Nairobi costing $220 – $350 a night compared with a studio apartment at about $64 per night.

84.62% of African corporates now use apartments for business travel in Africa and the serviced apartments sector is severely under-served. Hotel operators such as Residence Inn and Marriott are eyeing the sector, while Fraser, Adagio, The Ascott Ltd and Accor are also looking to enter the sub-Saharan market.

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