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Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong

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Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis IsongĀ 

Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong

 

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Sahara Weekly Reports That Short let, also known as short-term rental, has been gaining popularity in the Nigerian real estate business in recent years.

 

 

 

 

 

 

Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis IsongĀ 

 

 

 

 

 

 

 

 

A short let refers to the rental of a property for a short period of time, usually ranging from a few days to a few months. This type of rental arrangement is becoming an attractive option for both landlords and tenants in Nigeria.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For landlords, short lets provide an opportunity to earn higher rental yields compared to traditional long-term rentals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This is because short let tenants are willing to pay a premium for the convenience and flexibility of a short-term rental.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landlords can also avoid the hassle and expense of finding a new tenant every time a long-term tenant moves out.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For tenants, short lets offer a cost-effective and flexible housing solution. They can rent a property for a short period of time, which is ideal for travelers, business professionals, and those who are in between homes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short lets also offer a more homely experience compared to hotels and other forms of temporary accommodation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The popularity of short lets in Nigeria has led to the emergence of several short-term rental platforms, such as Airbnb and Jumia House.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

These platforms have made it easier for landlords to list their properties and for tenants to find short-term rental options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This has also led to the creation of new job opportunities in the real estate industry, such as property management and marketing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, there are also some challenges associated with short lets in Nigeria. For example, some landlords are not familiar with the legal and regulatory requirements for short-term rentals, such as obtaining a license and paying taxes. Tenants also face challenges, such as finding a property that meets their needs and navigating the rental process.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition to the challenges mentioned earlier, security is also a major concern for both landlords and tenants when it comes to short lets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Properties that are left vacant for short periods of time can be vulnerable to theft and other forms of crime. To address this issue, landlords can invest in security systems such as alarms and surveillance cameras. Tenants can also take precautions by making sure the property is secure when they leave and by keeping valuable items locked away.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Another issue is the impact of short lets on the local community. In some areas, the influx of tourists and short-term renters can put a strain on local resources and disrupt the lives of residents. To mitigate these effects, some cities have implemented regulations on short lets, such as limiting the number of days a property can be rented out or requiring landlords to obtain a permit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Despite these challenges, the demand for short lets in Nigeria is expected to continue to grow in the coming years. The countryā€™s tourism industry is expanding, and with it, the need for affordable and flexible accommodation options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition, the growth of the gig economy and remote work is also driving demand for short-term rental options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In conclusion, the prospect of short lets in the Nigerian real estate business is positive. With the increasing demand for short-term rental options, it is an opportunity for landlords to earn higher rental yields and for tenants to find flexible and cost-effective housing solutions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, it is important for landlords and tenants to be aware of the legal and regulatory requirements for short-term rentals and to use platforms that provide a safe and secure rental experience.

 

 

 

 

 

 

 

 

 

 

 

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041.

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

 

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Upwardly mobile Evangelist, Prophet Idowu Fasola, otherwise known as Broda Woli has launched his inspirational book, ‘Knowing Your Position in Christ’ on Amazon.

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‘Knowing Your Position in Christ’ is an exciting book that uncovers the reader’s identity and purpose as a Christian.

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According to the author, in the book, readers will “learn that, through your faith in Jesus, you’re welcomed into God’s family with open arms. You gain salvation, righteousness, and an incredible inheritance. This book will help you grasp your new identity in Christ and inspire you to live in a way that truly honors God.”

 

Prophet Fasola (Broda Woli) is the Shepherd-in-Charge of Celestial Church of Christ Hirahjahman Parish. He has a deep understanding of the teachings of Christ and a passion for sharing them with others.

In addition to his spiritual gifts, Prophet Fasola is also versatile in many other areas, including Writing, Songwriting, Content
Creation, Video editing, Graphics Design, and using social media to spread the gospel of Jesus Christ.

Through his book, Prophet Fasola aims to inspire and guide others to better understand their position in Christ and to live out their faith in meaningful ways. With his passion for sharing the message of hope and love found in Jesus Christ, Prophet Fasola is dedicated to helping others grow in their relationship with God and to live a life of purpose and fulfillment.

 

Read book here:

 

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

 

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Abayomi Segun Oluwasesan who confessed to have committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System to the tune of $87m has been remanded at the Nigerian correctional service, Suleja Custodian center.

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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The suspect along side his wife, Tijani Anjolaoluwa were unable to perfect the stringent bail conditions given them by the high court. Thus, they were remanded at the Suleja prison till the next hearing.

 

 

 

Meanwhile, two of the major suspects fingered in the allegation of cyber bullying and cyber stalking of the Chief Executive Officer of Afriq Arbiritage System, Prince Humble Eteng and Engineer Fimienye Awajioma have been arrested by the police.

 

 

It would be recalled that the board of directors of Afriq Arbitrage Systems after an emergency meeting last week condemned in strong terms the attitudes of Prince Humble Otu Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against him, his family and organisation.

 

 

 

After due diligence in their investigation, we reliably gathered that the police were able to track the two suspects and are currently being interrogated at the IGP special investigation unit.

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Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

 

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ā€¦Over wrongful sale of Intercontinental Hotels

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

 

 

 

 

Milan Industries claims N850 billion damages against AMCON

 

 

 

 

 

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milanā€™s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milanā€™s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels ā€“ the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

 

 

 

 

 

 

 

 

 

 

 

 

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

 

 

 

 

 

 

 

 

 

 

 

 

The firm in its statement of claim, said ā€œdespite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milanā€™s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.ā€

 

 

 

 

 

 

 

 

 

 

 

 

 

According Milan Industries, ā€œTo date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.ā€

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

 

 

 

 

 

 

 

 

 

 

ā€œThe bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay forā€, the firm stated in its statement.

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