Lagos Short-Let Market to Generate N281bn by 2025

The Lagos short-let market is estimated to generate N281.03 billion in revenue by 2025, despite high inflation and increased competition, according to a report by Edala Develop. The sector is experiencing rapid, unregulated growth and remains a key contributor to the city's real estate economy.

Revenue is projected to climb to N285.5 billion in 2026, supported by a population nearing 27 million. Lekki is identified as the largest revenue driver, expected to contribute nearly N165 billion in 2025, followed by Victoria Island with a revenue of N34.8 billion.

Conversely, Banana Island is experiencing a sharp decline, with revenue dropping to N9 billion due to regulatory suspensions, with further declines expected in 2026. The report highlights that the market is transitioning towards compliance-driven growth, with emerging areas like Ikeja, Yaba, and Gbagada showing steady revenue growth.

The outlook for 2024 anticipates the market reaching N300 billion, driven by corporate travel and tourism.