Detty December, a time of joy and excitement as people wind down the year, is here again, but with an unexpected twist in the search for accommodation by visiting Diaspora Nigerians and sundry holiday makers, who flock to the cities this time of the year.
For years, short-let apartments have been the accommodation of choice during the December festivities, especially among the diaspora Nigerians seeking privacy and spaces large enough for groups. This year is different.
In Lagos, for instance, across notable locations such as Ikoyi, Victoria Island, and Lekki Phase 1, visitors are walking away from short-let apartments in large numbers, in apparent protest against rent increases which, they say, are unreasonable and ridiculous.
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Short-let operators have sharply increased rates to a point where many Lagosians say they are choosing hotels, suggesting that the city’s once-booming short-let market may suffer a slowdown in demand, especially this season, when it should see a spike.
A couple of months ago, Lagosians had complained of rising short-let rents ahead of Detty December. Kalu Uka, an author and a financial expert who makes money, economy and personal finance easy to understand, described the rent increases as incredible.
Uka, in a post on his X handle, revealed that he had been discussing with some diasporans who were 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,” he lamented.
Compared to the present market situation, Uka’s N585,000 was a giveaway. The rates have hit unprecedented levels, as reflected in the experience of a holiday maker who posted on his X (formerly Twitter), showing rents as high as N700,000 per night for an ordinary one-bedroom apartment in Lekki Phase 1.
A market watcher who introduced himself as Leo DaSilva also posted on his X, saying that Lagos could price itself out of Detty December. He added that the infrastructure and ease of movement are not enough to justify spending $9,000 on a hotel for 11 days.
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He noted that some VI and Ikoyi apartments are charging more than $9,000 for 11 nights, predicting that “hotels will attract more guests this year because many short-let hosts have pushed their luck too far.”
The obvious backlash of these rent increases is the return of visitors to hotels, and managers of these facilities say they are seeing more early bookings than usual, with some reporting higher occupancy projections compared to last year.
Besides the outrageous rent increases, the visitors have other reasons for abandoning short-lets this December, including a lack of improvement in quality, security and service inconsistencies, and hotels offering better value once amenities like breakfast, daily cleaning, and customer support are included.
Detty December in Lagos is a vibrant celebration filled with parties, concerts, movements, 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.
It is Lagos’ biggest tourism and nightlife season, but this year, affordability is the headline story. With visitors openly rejecting inflated prices and choosing hotels instead, the 2025 holiday season may be remembered as the year the short-let apartment bubble finally met serious resistance.
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As a way of promoting this season, the Lagos State government has postponed the planned 8-month rehabilitation work on the Lekki-Ajah corridor to a yet-to-be-announced date. Similarly, the federal government has temporarily opened the 47-kilometre Section 1 of the Lagos-Calabar coastal highway to ease traffic movement during this season.
Lagos recognises the positive impact of the season on its local economy. 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.
According to figures released by advisory firm MO Africa Company Limited, which analysed data from November 19 to December 26, 2024, focusing on Lagos, nightclubs in the state raked in not less than N4.32 billion from different activities during the Detty December period, noting that the state’s vibrant hospitality and tourism sectors attracted travellers from across the globe.
