Despite the effect of COVID-19 pandemic on real estate, the Managing Director of Precioso homes, a property investment and development firm, Segun Adejumo, said investors in short let apartment are on for a boom.
He said this in Lagos while speaking with journalists. According to him, COVID -19 restrictions created huge demand on short lets and small-size residential apartments, especially within Lekki, Victoria Island and Ikoyi.
He said expatriates who could not be accommodated in hotels as a result of COVI-19 restrictions; saw short lets as an alternative hence, the boom in that segment of the market.
“There were restrictions and scandals around hotels and so people were going for a short-let apartment. We had foreigners that were stuck in Nigeria during that time. They couldn’t stay in hostels so they were staying in short apartments. That tells you that demand for short let didn’t decline.”
The ex-finance banker said it was as a result of this understanding that his firm is encouraging investors to invest in small-size residential apartments, which he explained, are market movers with quick and significant return on investment.
Adejumo also said his firm developed competence and has delivered about 200 apartments.