Developers urged to tap N111bn December boom

CEO, Hazel Crest Properties, Gbenga Davis. | Credit: Gbenga Salako Davis

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The Chief Executive Officer of Hazel Crest Properties, Gbenga Salako Davis, has urged real estate developers to capitalise on Lagos’s N111bn December boom, as the festive season drives unprecedented demand for rentals, short lets, and event spaces.

In a statement, he stated that the country comes alive as Nigerians abroad return for Detty December.

He said, “Every December, Nigeria comes alive with colour, energy, and movement. Flights are fully booked, event centres brim with guests, and thousands of Nigerians return from abroad for the now-traditional Detty December. Beyond the concerts, weddings, and beach parties, this festive season fuels an economic engine generating billions for the economy.

“For investors and property owners, the festive surge of Detty December has become one of the most lucrative periods on Nigeria’s real estate calendar. More than just a celebration, the season reshapes housing, rental, and commercial property markets across Lagos, Abuja, Port Harcourt, and beyond, offering unprecedented opportunities for those who position themselves strategically. What began as an informal ‘enjoyment season’ has evolved into a major economic force, drawing millions of visitors, diaspora Nigerians, domestic travellers, and foreign tourists, creating ripple effects across hospitality, short-term rentals, retail, and transport.

In December 2024, Lagos alone generated over N111bn in tourism and hospitality revenue, with hotels accounting for about half and short-term rentals contributing N21bn. With occupancy rates hitting 90-95 per cent, the demand for premium rental spaces underscores how central real estate has become to the festive experience.”

According to him, Lagos perfectly captures the energy of Detty December.

“In late 2024, the city welcomed around 1.2 million visitors, nearly 90% of whom were Nigerians returning from abroad, transforming the property market every December.

“Serviced apartments in Victoria Island, Ikoyi, and Lekki, which typically rent for N150,000 per month, often double or triple in December, while high-end villas command up to N500,000 per night, frequently booked weeks in advance. Many landlords temporarily vacate their homes to convert them into short lets, capitalising on the surge. Beyond rentals, every facet of the property sector, from cleaning and maintenance to logistics and security, runs at full capacity, with real estate agents noting that December earnings can match those of an entire quarter.

“Detty December has evolved from a music-fuelled social calendar into a full-fledged economic ecosystem, supporting multiple industries. The real estate market, in particular, has emerged as one of the biggest beneficiaries. With more Nigerians travelling within and outside the country, demand for quality accommodation, event spaces, and managed properties continues to grow. For investors, the next step is moving beyond seasonal earnings; upgrading infrastructure, partnering with hospitality platforms, and maintaining consistent service standards can turn December profits into sustainable, year-round income.

“More than just a festive season, Detty December signals the strength of Nigeria’s growing middle class, diaspora connections, and lifestyle-driven economy. For real estate stakeholders, it is a clear opportunity: where there’s culture and celebration, there’s commerce. Those who understand this cycle are not merely renting homes; they are building wealth. As the country celebrates another December, savvy investors are quietly making property moves that will yield returns long after the fireworks fade.”

Earlier in the year, the Lagos State Government announced that it generated over $71.6m in revenue from tourism, hospitality, and entertainment during the 2024 ‘Detty December’ celebrations.

According to the government, hotels contributed over $44m, while short-let apartments added $13m to the total revenue.

The Special Adviser on Tourism, Arts, and Culture, to the Lagos State Governor, Idris Aregbe, shared these figures during a weekend review of the Lagos State Detty December 2024/2025 Report with stakeholders.

“Tourism remains a vital driver of economic growth and cultural preservation for Lagos State, with the ‘Ember’ season playing a key role,” Aregbe stated.

Josephine, a correspondent with The PUNCH has over two years experience covering the building industry and the personal finance ecosystem

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