How popularity of studio apartments has continued to rise

Property in high-end markets have continued to grow over the years despite fears the growth spurt bubble would burst. Recently, studio and one-bedroom apartments have made a surprising debut in this section of the housing market.

Studio apartments, commonly branded as bedsitters in the middle and low-end markets, are known for their open-plan living style with a typical apartment occupying no more than 400 square feet.

However, as property owners shift their focus from three and four bedroom units to smaller houses, studio apartments suddenly look very appealing.

HassConsult, a property firm in Nairobi, says that smaller unit houses are not only coming up to cater for young people who have just finished college and first time home owners who are looking for low budget housing units, but builders are also targeting expatriates and diplomats who do not want big houses but who still want to live in luxury.

“More and more well-furnished and serviced single unit and studio apartments are being sought after even in the high-end market by well-established young professionals and expatriates on short-term contracts,” says a property agent from HassConsult.

Clarence House studio apartments in Westlands, which came up six months ago, are intricately designed and finished to suit the urban chic tenant’s needs.

The furnished studio apartments come with a master double room, fully fitted kitchen, a dining area and shower room. Management at the apartments say the studio apartments go for Sh17,400 daily rate or Sh358,875 for a monthly rate.

Ben Woodhams, Managing Director of Knight Frank, says that most of the studio and one-bedroom apartments in upmarket areas are either for sale or come as serviced apartments targeting the high end market.

“The developments may be a reaction from people looking for sensible rates in the upper market areas,” he says, adding that most are also being taken up by business people who need well-appointed, long-term accommodation where they have more flexibility instead of spending large amounts of money in hotels.

Le Mac in Westlands was launched two years ago and is expected to be the city’s first high-rise apartments to be completed next year.

There are 170 units of up to 400 square metres with each floor having nine one-bedroom and seven two-bedroom apartments.

When completed, the 22-storey building will have some of the city’s most modern apartments as well as commercial space catering to the chic lifestyle of its residents.

“Le Mac has been designed to cater for the urban rich who love living in the city and the luxury that comes with it,” said Ravi Vasta, the managing director of Mark properties, who are the developers.

It has six floors of business, office and commercial space, 13 floors hosting the apartments, one service floor and two top floors hosting a club restaurant and spa.

The apartments are currently up for sale with the cost depending on the apartment size, floor level as well as the view from the apartment. Apparently, the higher you go, the better the view so the higher the cost.

One bedroom apartments range from between Sh13.32 million to Sh15.51 million while the two-bed apartments are selling from Sh15.21 million to Sh22.10 million.

It also has a 5-star rooftop restaurant with a 360 degree view of the entire city.

“We are targeting diplomats and expatriates who are coming to work here as well as local investors and in the diaspora,” says Mr Vasta.

Legacy Apartments on Naivasha Road near the Riara area, which are being developed by HassConsult, have also incorporated studio, one-bedroom and two-bedroom units to cater for market demands.

The studio apartments have large spaces of up to 420 square feet and go for between Sh3.95 million to Sh4.65 million depending on the mode and duration of payment.

The one-bedroom apartments, which are 600 square feet in size, are being sold for between Sh5.95million and Sh6.95 million respectively.

These smaller housing units are geared at those who want the sophistication and serenity associated with living in these areas at an affordable cost.

Middle income areas also are showing an interest in studio apartments, most of which are between 300-400 square feet.

Studio apartments in the lower income areas are less costly. Sucasa Studio Apartments on Mombasa Road, which are being developed by Suraya Property Group, are priced at Sh1.45 million, a price tag that targets newly employed professionals.