Following the rising cost of construction triggered by persistent inflationary trends, many developers are reviewing their house prices upwards, while property owners are raising rents, which are likely to dent the glitz and appeal that define Detty December this year.
Already, some city folks, especially Diasporan Nigerians planning to come home during the yuletide, are making preparations for the season, beginning with searching and booking accommodation ahead of time. But there is what has been described as ‘A River Between —a surge in house rent.
Cost of short-let accommodation, which is the favourite of December holiday makers, sounds incredible, according to Kalu Uka, an author and a financial expert, making money, economy and personal finance easy to understand.
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Uka, in a post on his X handle (formerly Twitter), revealed that he had been talking with 234 folks who are planning to come to Nigeria for Detty December. “The discussion has gotten to accommodation; Omo, I am hearing N585,000 a night for three bedrooms in Lekki for 21 days and N2 million a day for a presidential suite. If you are planning to fall in, start planning now, ooh. Ndi 234, will you turn your crib into a short-term let this December?” he queried.
Though @SMARTEK2050, a blockchain and crypto researcher and mobile developer, does not see this as a big deal, citing America and other places, including Dubai, where Airbnb costs $1,000s or more, @LamEri’oluwa, Africa’s most sought-after real estate coach, is alarmed, saying, “short-term rental is the 8th wonder of real estate. And the beautiful thing is that you don’t have to own a house to start.”
Another Diaspora Nigerian, who nicknamed himself ‘Alusi a gba oto efe,’ writing on his @mrblingy, offered a consolation and hope, saying, “Detty December…we will do it in Enugu”, which implies that relatively low rent in the Coal City will offer an alternative to Lagos’ surging rent.
Detty December, so called, is still a new revelation in Nigeria. The Igbos of South-East Nigeria have been known for what they call ‘December Return,’ but Detty December gained both traction and momentum in 2024, with Lagos, Nigeria’s sprawling commercial city, taking the lead.
As a concept, it refers to the festive period in Nigeria, particularly in Lagos, characterised by non-stop celebrations, social gatherings, and entertainment. The term ‘Detty’ is derived from Nigerian Pidgin English, meaning to party hard or let loose, symbolising a time of joy and excitement as people wind down the year.
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“Detty December in Lagos is a vibrant celebration filled with parties, concerts, and cultural events, marking the festive end of the year. It creates a surge in demand for short-term rentals and hotels, leading to increased house rents,” Johnson Chukwuma, a real estate consultant, noted.
Chukwuma explained that this boom in demand, driven by Nigerians in the diaspora and tourists, often results in significantly higher rental prices for short-term accommodations like serviced apartments and Airbnbs compared to other times of the year.
As a result, he said, a common real estate trend during Detty December is a spike in short-term rental prices and a shift from traditional long-term leases to flexible, short-stay options to capitalise on seasonal demand.
Saheed Mosadoluwa, CEO, Harmony Gardens and Estate Development Limited, agrees, stressing that “the December festive period also coincides with a surge in Lagos’ short-let market, as the influx of tourists, international visitors, and returning diaspora families pushes up rental yields in high-demand areas such as Ikoyi, Victoria Island, and Lekki.”
Continuing, he said, “the festive atmosphere of Detty December attracts a large number of visitors, including a significant number of Nigerians returning from the diaspora. These visitors often prefer short-term rentals, such as serviced apartments and Airbnb listings, to hotels due to their privacy, comfort, and flexibility.”
Read also: FMACTCE unveil plans to boost Nigeria’s tourism, Detty December festivities
For property owners and investors, Detty December represents a prime opportunity to earn significant income by tapping into the seasonal rental demand, which often leads to higher rental rates being advertised and secured for short-term stays.
According to a figure released by the advisory firm, MO Africa Company Limited, which analysed data from November 19 to December 26, 2024, focusing on Lagos State, Nightclubs in the state raked in no less than N4.32 billion from different activities during the Detty December period.
MO Africa noted how Lagos state’s vibrant hospitality and tourism sectors attracted travellers from across the globe.
