Hotels Thrive in Lagos as Visitors Avoid High Short-Let Rents

In Lagos, Nigeria, hotels are gaining popularity as visitors, including diaspora Nigerians and holidaymakers, opt for hotel accommodations over short-let rentals due to soaring rental prices during the festive season. The surge in demand for private and spacious accommodations has led to significant rent increases, prompting many to choose hotels instead.

Financial expert Kalu Uka highlighted the unprecedented rental rates, with examples of high nightly prices in areas like Lekki Phase 1. Market watchers like Leo Dasilva also noted the challenges faced by short-let hosts due to backlash from increased rents.