Tourists, Investors, Multinationals Trigger Rising Demand For Short-let Homes

The real estate market is driving growth for short-term let accommodations as investors and tourist visitors demand service apartments, Airbnb, and short-term let homes ahead of the December boom.

LEADERSHIP findings show that demand for homes, especially service apartments to rent, is at levels never seen in the state in the last decade. This corroborates a new report which reveals that over 70 per cent of the Lagos population, estimated at 24 million, lives in rented accommodation.

The real estate market is about to experience a surge of diasporan investors racing for apartments in high-end neighbourhoods of Ikoyi, Lekki, Banana Island, Ibeju-Lekki, Ajah, Snake Island, and booming areas within the Lagos metropolis.

They equally believe that the festive season will boost real estate market sales, and push for short-let rental market with the arrival of international visitors, tourists, and diaspora families.

Speaking on this, Property expert and CEO of Harmony Gardens and Estate Development, Dr Saheed Mosadoluwa said, property value in the Lekki-Epe corridors will continue to climb while noting that with ‘Detty December’ just around the corner, the race to secure a slice of Ibeju-Lekki’s future is heating up.

He cited Dangote Refinery, Lekki Free Trade Zone, Tax credit roads and ongoing Lekki–Epe International Airport as the major catalysts for high property demand within the Lekki-Epe corridors.

The real estate expert noted that, property market is gearing up for a surge in demand with Nigeria’s famous “Detty December” season just few months away even as he vowed to protect long-term asset value.

He revealed that, the Detty December boom is a season that attract tourists, budding investors, international visitors, diaspora families to prime locations in the country while noting that Lagos is the final destination for West Africa most lucrative property hub.

He further clarified that the series of real estate activism efforts is geared to sanitize the business environment and compliment LASREED effort to make sure investment in real estate becomes safer, especially for Nigerians in the diaspora who are returning home in large numbers.

He believes industry analysts had a tougher financing climate pushing buyers toward off-plan deals and flexible payment plans, a move Harmony Gardens and Estate Development Ltd has been quick to capitalize on through its Harmony Renewed Hope Mortgage System and the Ibile Traditional Mortgage System, offering single-digit interest rates over five years.

Speaking further on the development, Dr. Saheed Mosadoluwa said the company, is well known for her seven developing estates tagged The Seven Citadels of Joy (Ogba-Idunnu), which are designed to bridge the housing gap with genuine land in prime locations and affordable payment structures,”