Shortlet homes in Lagos
Travel

PRESENT REALITIES AND GROWTH POTENTIAL OF SHORT LET APARTMENTS IN LAGOS

The number of short let apartments and Airbnb properties have exploded since its founding in 2008.

However, unlike other big cities around the world, it would seem that the concept of Airbnb’s in Lagos has yet to be fully embraced.

Perhaps due to a lack of awareness, a desire to stick to the old ways of doing things (hotels and guest houses), or a concern that there aren’t Airbnb’s in Lagos, Nigeria that can perfectly merge world-class amenities with comfort and 5-star hospitality.

Present Realities of Short Let Homes in Lagos

While these are not baseless concerns, the reality as of 2021, is that there are short let apartments in Lekki Phase 1 and other parts of Lagos which meet every quality standard.

Not only do they exist, they are also thriving as they serve a growing customer base that is hungry for unforgettable experiences of world-class Airbnb’s

There are short let apartments and Airbnb’s in Lekki Phase 1, Ikoyi, and Ikeja GRA. You’ll also find Airbnb’s in Lekki Phase 2 Osapa, Lekki Ikate and Victoria Island.

With breathtaking apartments such as Lara’s Luxury home in Victoria Island, The Finchley Luxury Apartment in Lekki Phase 2, and Tiara’s Luxury Home in Lekki Phase 1 catering to the accommodation needs of Lagosians and tourists alike, the result is that there is now an increasing appreciation of the quality available on the market for Airbnb’s in Lagos.

According to Keji Giwa, a real estate business owner and CEO of Shortlet Homes Ltd, this has seen local hosts like him go from “relying on Airbnb and international bookings to local bookings dominating 90% of their occupancy.”

To contextualize the statement above, it is considered satisfactory when homeowners get 30-50% tenancy on their Airbnb’s in Lekki Phase 1 and other prime locations in the city.

So, to consistently have over 90% occupancy rate is a testament to the quality of service being delivered to customers.

This brings us to the subject of customer-centricity.

Being all about the customer, and focusing solely on their needs plays a huge part in the retaining of old customers and gaining of new ones. It also ensures that user experience is topnotch and will increase the market equity of short let apartments in Lagos.

Mr.Giwa whose company, Shortlet Homes Ltd is an emerging powerhouse in the business, shares relevant experience on how customer-centricity is the way forward for Airbnb’s in Lekki Phase 1, its environs, and indeed Lagos at large:

“We found out that when people booked (our) properties, they were throwing wild parties. These properties are luxury homes, not night clubs. At first, we were fighting and fining these people. But these are potential customers. So right now, we are building party cribs. We’re building 8 units of party cribs (for them to have all their) parties. We said, come and have all the parties you want… but in super Luxury.”

The Future of Short Let Apartments in Lagos

Currently at 22 million, the population of Lagos would have exploded to somewhere between 85-100million by 2100, according to demographers.

Present day trends actually corroborate this.

Nigerians from other parts of the country continue to pour into Lagos for economic reasons, as do business people from all over the world.

Nigerians in the diaspora also return annually for the December holidays. Obviously, this places a demand on the available accommodations.

By implication, the opportunities are rife for a real estate boom that will continue for years to come. Keji Giwa estimates that customer centricity, operational efficiency, and technological advancement are the three core ways for the Airbnb’s in Lagos to be at the front row of this growth trajectory.

“The ability to understand how digital technology can enhance every area of your business is key to performance. That is why if any company right now hasn’t gone through a digital transformation or initiated a digital transformation initiative, they’re basically becoming a dinosaur. You can’t reach a customer if you are not connected in this interconnected world,” he says.

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