Serviced Apartment Hotspots for Business Travellers in Africa
After Europe and the Americas, Africa is the most popular location for business travellers to venture to. Serviced apartments in some of Africa’s most buzzing cities are in high demand as they continue to attract more business travellers and appeal to a larger crowd. This may be due to the low availability of serviced apartments in some cities.
What are the Most Booked Corporate Destinations?
Nearly half of the city’s population conduct active business, and its citizens are reported to have a mutual ‘’commercial mindset.’’ 70% of new business owners all around the world target Lagos for future business endevours.
Abidjan, Ivory Coast
Being the most politically stable country on the continent is a huge reason why many business tycoons choose to extend their projects to its capital city.
Amongst the countries with the highest numbers of business investments, and it is also the first African country to invest in other African countries.
Johannesburg, South Africa
It is the largest city in the southern half of the continent. Given the government’s continued efforts and investments to improve the city’s infrastructure, we predict that Johannesburg will certainly continue on this steadfast trajectory.
This city has the largest stock exchange in Africa, and the influx of tourism in this region certainly contributes positively to its economy.
What are the Biggest International Industries in Africa?
This industry makes up 15% of the continent’s GDP.
The Banking Sector
Africa’s banking assets are comparable to that of European nations’ such as Russia.
Most of the natural resources that the continent produce is traded globally. Africa has the majority of the world’s most precious resources and minerals including diamonds, gold, phosphate and platinum.
Oil and Gas
19 out of 54 African countries are amongst the world’s most significant producers of oil and gas.
With this industry being both competitive and lucrative, businesses in Africa are planning to develop this industry by extending into rural areas as well.
- Most business travellers are eager to travel again. Especially those who make up the Gen Z and Millennial age group, as opposed to older business tycoons with families at home. In fact, many of them plan business trips up to a year in advance.
- Contactless Services. This includes making bookings online, self-service check-ins and check-outs, and mobile payments. These quick and seamless processes make traveling for business so much more convenient and keep digital nomads motivated to travel.
- Sustainability is also a priority for most business travellers. In an effort to reduce their carbon footprint most companies and business travellers are willing to make sacrifices such as using smaller cars or foregoing the daily cleaning services that hotels offer.
Any Specifically Popular Accommodation Models in Each Market
Generally, people will tend to prefer options that are most available to them and resonate with their lifestyle. One such example is that when abroad, some business travellers might want to experience the local culture of the city they are visiting by dining out at restaurants and getting an authentic taste of the country’s cuisine. However, the desire to have a kitchen and a homecooked meal is just as important to others. Other important amenities that business travellers prefer are designated workspaces, 24/7 facilities, and family accommodation. These factors all tie into the reasons as to why aparthotels are gaining popularity and are the preferred housing model to stay at.
Predicted Annual Pricing Increase in Each Key Destination
The prices of food and transport have been soaring as of recently owing to the removal of the fuel subsidy. From this we can predict that the country will witness an overall increase in prices in all sectors, including the housing and hospitality sector
Ivory Coast gains more revenue from business travellers than tourists. According to the World Travel & Tourism Council, the tourism sector contributed 4.5% to the total GDP of the country.
Morocco witnesses an increase in its number of visitors every year and we predict that they will continue on this trajectory. Visitors coming from European nations might find the prices for business and bleisure here to be cheaper. Casablanca presents amazing investment opportunities that provide for even more growth in the sector.
South Africa has always had a high number of visitors coming into its capital city. Johannesburg is becoming more hands-on in bidding for MICE (meetings, incentives, conferences and exhibitions) business, supporting growth in international tourism.
Business travel in East African countries is predicted to endure a steady increase, and Nairobi is at the centre of this development. Kenya’s positive investment climate has made it an attractive destination for many international firms who seek a location for regional or pan-African operations.
Countries in African in which business travel continue to grow are none other than the continent’s most popular corporate destinations. However, Gabon, Botswana, and Ethiopia have been experiencing an influx in business travellers since recently. According to a recent article by Brookings, the key factors that indicate this trend is that these countries are said to have the most ease in terms of regulations by which to conduct business, better overall infrastructure, better resources, and more active competitiveness in business sectors.
- Top 7 Business Destinations in Africa. How Africa: The Rise of Africa, 2015. Available here.
- Africa’s Path to Growth: Sector by Sector. McKinsey & Company, 2010. Available here.
- 10 Things Business Travellers Want. Amadues, 2021. Available here.
- Africa’s Tourism: A Global Destination for Investment and Entrepreneurship. Brookings, 2019. Available here.
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Written by Saudika Hendricks