Short-stay apartment rates in Lagos and Abuja are set to surge during the festive Detty December season, with operators already fixing prices up to 50% higher than what guests currently pay.
Property managers told Nairametrics that while today’s rates still apply for stays before December, bookings that fall within the holiday month attract much steeper charges, often without discounts or flexibility.
In districts like Ikoyi, Victoria Island, and Ikeja GRA, rates for apartments that now go for between N120,000 and N200,000 per night are expected to rise to between N180,000 and N300,000 once December begins.
For Jemima Jide, a UK-based Nigerian planning to visit Lagos from December 14 to 30, the difference was jarring. In mid-September, an agent quoted her N170,000 per night for a one-bedroom apartment in Victoria Island.
Days later, he returned to say that was only the current rate — the December price was N250,000. After bargaining, the figure came down slightly to N220,000 per night, nearly 47% above the initial quote.
Her experience reflects what many operators and clients told Nairametrics: once December is involved, rates climb sharply, terms tighten, and managers insist that festive bookings are treated differently from the rest of the year.
December bookings trigger stricter terms and higher prices
To understand the surge in short-stay apartment prices during the festive season, Nairametrics spoke with operators and managers across Lagos, including Lekki, Victoria Island, Ikoyi, and Ikeja GRA, to find out what drives the December hikes and stricter booking rules.
Badejo Moyosore, who manages several short-stay apartments across Lagos, explained that once December bookings are involved, rates climb sharply. Apartments in areas like Lekki, Victoria Island, and Ikeja GRA that usually go for N120,000 to N200,000 per night can rise to between N180,000 and N300,000. The minimum he is willing to accept for December bookings is 14 days, reflecting the high demand during the festive period. Full advance payment is typically required to secure reservations.
“Right now, we still take bookings at regular rates, but once a client mentions December, we apply festive charges. We don’t allow negotiation once it’s December because demand always outweighs supply,” Moyosore said.
Michael Obot, who manages two four-bedroom duplexes in Ikeja, said he had observed that during the December period, power supply is usually epileptic, which makes running the generator an alternative during times of power cuts. Normally, his apartments go for N200,000 per night, but during the festive period, rates increase to N250,000 to cover the additional cost of electricity.
“December is unique. Power supply is often unreliable during this period because of the dry season, so we have to run generators to ensure tenants have electricity. The cost of fuel and maintenance is significant, and that explains why rates go up,” Obot told Nairametrics.
Bukola Ekunsola, in charge of a one-bedroom short-stay apartment in Ikoyi, noted that while the unit currently rents for N150,000 per night, December bookings push it to N250,000. He explained that the sharp increase is a direct result of high demand pressures, making the charges justifiable for operators.
“The festive season always attracts more people, and apartments get booked quickly. The increase reflects the demand, not just a random hike,” Ekunsola said.
Economic boost and diaspora demand
The rising interest in short-stay apartments during December reflects not just local demand but also the influx of Nigerians from the diaspora seeking festive accommodation.
The Lagos State Government recorded an impressive economic boost during the December 2024 festive season, generating $71.6 million in revenue. Hotels accounted for $44 million, while short-let apartments contributed $13 million.
For Jemima Jide, securing a short-stay apartment meant navigating the steep seasonal pricing. Similarly, Richard, a Nigerian residing in Germany, shared his experience from a 2023 family visit. His extended family needed a five-bedroom apartment for two weeks, which cost around N2.5 million — significantly cheaper than staying at a four-star hotel, which would have cost three to four times more.
Richard, however, noted transparency issues, such as additional charges for generator fuel when the public electricity supply was interrupted.
“Search engines mostly show limited listings, and platforms like Airbnb don’t always reflect the full options available in Lagos. Short-stays remain cheaper than hotels, but some hidden costs can emerge,” Richard said.
Bridging the booking gap for diaspora Nigerians
While short-stay apartments offer more affordable alternatives to hotels, many Nigerians in the diaspora still face challenges when trying to book from abroad. Limited online visibility and upfront payment requirements often complicate the process. Richard, the Germany-based visitor, highlighted these difficulties:
“From abroad, search engine results for short-stay apartments in Lagos mostly bring up listings on Airbnb, which has limited options. Some apartments also require full payment before you even arrive, which can be stressful if you are trying to compare options or are unsure about reliability.”
Roland Igbinoba, serial proptech entrepreneur and President of Proptech Nigeria, noted that the surge in prices during the festive period is a normal reflection of supply and demand. He also explained that full payment before arrival is a way for operators to secure bookings and prevent disappointments.
“The festive season pricing is understandable because of supply and demand. Asking for full payment upfront is a way to secure bookings so they don’t get disappointed,” Igbinoba said.
Operators who spoke to Nairametrics explained that their avenues for reaching clients include globally recognized listing sites like Airbnb and Booking.com, local platforms such as PropertyPro, as well as referrals and agents. These combined channels help them manage high demand during December and ensure that apartments are booked in advance.
Olabisi Odusanya, a real estate analyst, explained that the December period is particularly competitive because high-quality apartments are limited, and many visitors are chasing the same properties. She noted that the early payment requirement is largely driven by demand: from December 22 to January 3, apartments become extremely sought-after, with prices often inflating by up to 50%.
Odusanya also pointed out that structural challenges persist. The market is dominated by a small tier of premium apartments in Victoria Island, Ikoyi, Lekki Phase 1, and Eko Atlantic. Outside these areas, mid-range apartments exist, but the supply of truly high-quality units is too small to meet festive demand.
She added that in more developed countries, short-stay bookings rely entirely on platforms like Airbnb without agents, but in Nigeria, agents remain necessary due to double bookings, high demand, and supply limitations.
“Any opportunity to make this better for everyone leads to arbitrage as we have seen in other sectors,” she said.
“The gap between the number of rich people that live here compared to the December crowd is insane. To bridge that gap, we first need more people investing in apartments. Extending the profitable window beyond just one month — maybe three to four months — would allow owners to justify their investments,” Odusanya added.
By leveraging online platforms, trusted agents, and referrals, operators continue to manage high demand while providing features that attract both local and diaspora clients, including fully furnished units, air conditioning, reliable internet, security, and backup generators.
Outlook
Short-stay apartments are expected to remain in high demand during Detty December, with strict booking terms, advance payments, and higher rates continuing to define the market.
- Supply constraints, particularly for premium apartments in areas like Victoria Island, Ikoyi, Lekki Phase 1, and Eko Atlantic, contribute to price spikes. Expanding the availability of quality apartments and extending the peak rental window beyond December could help balance demand and encourage more investment in short-stay units and hotels.
- Improved visibility on verified online platforms, alongside trusted agent networks, could also make it easier for diaspora Nigerians and other visitors to secure accommodations ahead of the festive season.
Despite steep December rates, short-stay apartments remain attractive due to their affordability, flexibility, and features such as furnished units, reliable electricity backup, internet access, and security, making them a preferred choice for families and groups during the holidays.
