Lagos Housing Market Dey Change: Short Lets and Studio Apartments Na Wetin De Trend

My people, obodo Lagos dey change the housing game o! According to one fresh report wey Knight Frank drop, short lets and studio apartments don dey take over as pipo dey rush am for urban living. Na so e be.

E sure say Lagos State dey try balance matter with public-private partnerships wey go help increase housing supply. Dem don dey build new towns like the Ikoyi-Ibeju corridor, plus dem get some nice estates wey fit people wey need am sharp- sharp. But no be small wahala o! Dem still dey fight big housing gap wey dey make tenants dey vex.

As rents dey rise like palm wine for festival, many tenants don begin shift to places like Ikorodu and Ibeju-Lekki wey get cheaper rates. E be like say affordability don become the new King for housing matter. Pipo no wan gree pay higher rent, so short lets and studio apartments don dey enter dem lives well-well.

Wetin be reason wey this short lets dey craze for Lagos? You no go believe am! As pipo dey work remote and hybrid na him make many young guys dey choose affordable places wey fit manage their budgets. Plus, tourists dey flock inside the country, and dem dey use these short-let apartments like say dem get family relationship with dem.

But no be only housing matter dey hot, e go shock you say retail market for Lagos dey stabilize too, despite the economic wahala wey dey ground. Shoppers don dey sabi wetin dem want, and it no be small! Instead of dey go big, dem dey prefer small, local shops like Bokku! Mart wey don blow up from 70 branches to almost 150 in just 18 months.

Now let’s shift gear small go office market. E don show resilience o! Occupancy rates for Grade A office spaces don rise small, from 65% to 73%. But landlords no dey smile too much, because rental rates fall by 3.5%, see as dem dey try favour higher occupancy over rent increase. Pesteh! Na practicality be this.

For Eko-Atlantic City, e dey hot like jollof rice wey dey specially cook! Many businesses dey relocate, like MTN and First Bank wey wan build big headquarters there. Dis one go change the game for corporate side of things!

Landlords dey try find solution to mismatch wey dey, some dey repurpose their buildings for housing and retail. Developers dey try mix office with lifestyle spots like shops and gyms. Na win-win be this for everybody. E mean say dem dey consider side of pipo wey wan enjoy life.

So, as we dey wax lyrical for Lagos, one thing wey dey clear be say, e no go easy but we go manage am. Housing and retail market dey find balance amidst the wahala. Na so life be for this obodo! Make we keep watch as e dey unfold.