Investors find treasure in holiday homes

As an indication of who their targeted clients are, their rates are quoted in US dollars, perhaps to maximize their gains following an erratic value of the Kenyan Shillings in recent months. Most short-stay tenants in these apartments are young, working couples who wish to travel back to their host countries within the first two weeks of January.

Daniel Biwott, an estate manager with Zenith Homes Management says that his stock of furnished apartments was fully booked by the end of October, providing the property owners a windfall to benefit from the heightened demand.

“Most bookings were received by the end of October, and it would be highly unlikely to find a good quality furnished apartment now,” said Biwott.

He added that clients would often squeeze a bargain in the low season, when occupancy rates range at about half on average but noted that property owners were always looking forward to the high season.

Serviced apartments, as the name suggests come with basic services like cleaning and a help to run a few errands, in a bid to offer the feeling of home away from home.

The leading ones in Nairobi also feature an in-house restaurant and fitness facilities in the form of a jogging track and a fully equipped gym.