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  The short-let segment of real estate has taken off in Nigeria. In the past couple of years, we’ve seen investors pour hundreds of millions of naira into setting up or purchasing apartments to house visitors for relatively brief time spans. This business model has paid off for many who have dived into it; in not a few cases, the profits generated have run into millions of naira for just a few weeks’ stay.
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Perhaps you’re moderately aware of the potential that this portion of the real estate industry holds, and you’re looking to take advantage of it. If you’d like to invest in the short-let business in Lagos (where it’s been particularly successful), you may consider doing so in one of these places:

Victoria Island

One of the more upscale districts of Lagos, Victoria Island is home to many high-income earners and High Net-Worth Individuals. It’s also the headquarters of several multinationals and top emerging companies. The residential neighbourhoods there are typically serene and aesthetically pleasing—some of the best that the state has to offer. They are the sort of sites you’d expect that a visitor would want to call home for a bit if they can afford to do so.


Much like Victoria Island, Ikoyi is an affluent locality that hosts both wealthy residents and notable commercial organizations. It boasts some of the most visually impressive (and expensive) living spaces in the country. So, little wonder that it’s become a hub for short-let rentals. Temporary dwellers (including expats and foreigners visiting Nigeria as tourists or for business) who can pay the fees would certainly prefer to live within such an environment than a lot of the other districts in the city.
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Lekki sits to the East of Victoria Island and Ikoyi. It too has many gated communities housing upper-middle-class and wealthy individuals and families. There are numerous medium-sized and larger companies within and around it, some of them welcoming international workers on a regular basis. These factors make Lekki an ideal zone in which to site a short-term apartment.


Ikeja lies deep into the Mainland, away from the charm of the first three locations on this list. But it certainly does not sulk in their shadows. Some of its better neighbourhoods have nice abodes, and there are decent places for business, shopping, and leisure as well. Potential renters are willing to pay a handsome amount of money to live in some of the more impressive quarters there.


Over the past decade or so, Yaba has gained a reputation for being the centre of Lagos’s tech sector (the so-called ‘Yabacon Valley’). Landlords within the area, looking to attract some of the high-earning workers from the industry, have built more modern-looking houses and renovated older ones. As a result, Yaba has become a decent place for persons who want a decent place to live, even if for a little while.
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Magodo GRA

Although located in Kosofe Local Government Area, Magodo GRA’s proximity to Alausa (the seat of government in Lagos) and the International Airport have aided its emergence as a highbrow residential area. Its residential areas are some of the most serene in the state, and basic amenities are almost universally available—just the sort of features you’d want for the neighbourhood of your short-let apartment.

Final Words

The short-let business is booming. If you’re looking to get in on the action in Lagos, you’ll want to invest in a location with great promise. You can go for one or a few of the places we’ve discussed here, as they’re hot zones for the business at the moment, and will be for the foreseeable future. Featured Image Source: Ripples Nigeria
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This article was first published on 29th August 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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