THE BUSINESS OF SERVICED APARTMENTS 

Serviced apartments

The business of serviced apartments, several estates in Lagos have sprung up in recent times to make up for infrastructural gaps experienced in the country. Gaps such as lack of uninterrupted power supply, 24hrs security, clean and treated water etc.

This piece focuses on serviced apartments in Lekki primarily because this is the area with the most vibrant real estate development activities. Serviced apartments usually comprise of blocks of 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom maisonettes in a gated compound/ estate. They are usually with communal facilities like swimming pool, 24 hours electricity, clean & treated water, 24hrs security, reliable facility management and many times super-fast internet connectivity.

They are particularly attractive to middle-class individuals/ families who want to focus on the important aspects of their lives– spirituality, career, family while other things are taken care of, at a fee of course.

Lekki properties command higher rental incomes both for long lease (annual rent or longer) or short stays. In fact, several new entrepreneurs have emerged since the development of serviced apartments. These are business people who rent these serviced units from the property owners and furnish them using the services of interior designers with an eye for detail. They then list these flats on property listing sites and booking platforms like Airbnb for short stays ranging from 1 day to 6months. Payment is calculated daily so for visitors who intend to live there for months, they may negotiate a discount. 

Periwinkle Lifestyle Estate, Lagoon district of Lekki is on course to be a destination for luxury serviced apartments with the Oxygen Apartments nearing completion with each passing day. The location makes all the difference- just beside the Lagos Lagoon, savvy real estate investors have been securing the units for investment purposes. At this time, 3 bedroom flats are sold out but few 1 and 2 bedroom flats are still available for sale.