IJGB Influx Set To Boost Lagos Short-Let Market – BO Properties CEO

Lagos is already witnessing a steady increase in the return of Nigerians in the diaspora, popularly referred to as “IJGB” an acronym for “I Just Got Back” as the year draws to a close. This familiar end-of-year movement, which typically peaks between October and December, is once again having a noticeable impact on the city’s […]

Lagos is already witnessing a steady increase in the return of Nigerians in the diaspora, popularly referred to as “IJGB” an acronym for “I Just Got Back” as the year draws to a close.

This familiar end-of-year movement, which typically peaks between October and December, is once again having a noticeable impact on the city’s real estate sector, particularly the short-let market, where demand for furnished, serviced accommodation continues to rise.

Industry observers note that between October and December, demand for premium, flexible accommodation typically spikes as returning Nigerians seek comfort, security and convenience while reconnecting with family, friends and business networks. According to BO Properties, this predictable surge has become one of the most lucrative windows for property investors and developers who understand the dynamics of the Lagos market.

Speaking on the trend, the Chief Executive Officer of BO Properties, Ifedayo Okungbowa, described the IJGB effect as a powerful economic driver rather than a passing seasonal occurrence. “The IJGB wave is not just about people coming home for the holidays; it is a predictable surge in demand that reshapes the short-let market every year. Investors who position early are able to capture premium bookings and significantly higher yields,” he said.

Data from recent years further supports this position. Over the past three years, Lagos’ short-let sector has recorded a growth rate of about 263 per cent, with an estimated 6,830 units spread across high-demand locations. Revenue in the segment is projected to reach ₦300 billion in 2025, up from ₦264.3 billion in 2024, driven largely by business travellers, tourists and returning diaspora Nigerians.

Prime areas such as Ikeja, Lekki, Ikoyi, Victoria Island and Yaba have continued to attract the highest demand, owing to their proximity to commercial hubs, lifestyle amenities and strong security presence. Average daily rates for short-let apartments in Lagos currently range between ₦35,000 and ₦430,000, depending on location, furnishing and service quality, with prices peaking during weekends, holidays and festive periods.

Experts advise investors to prepare ahead of December by ensuring their units are fully furnished, compliant with regulatory requirements and equipped with essential services such as fast internet, reliable power supply, security and professional cleaning. Early listings and flexible pricing strategies, including discounts for extended stays, are also considered key to maximising occupancy during the peak IJGB window.

Okungbowa emphasised that early action remains critical. “The shorter the window, the more premium the yield. Those who act now will secure bookings and revenue others will miss. With the right strategy and execution, the IJGB surge can be fully exploited,” he added.

As Lagos continues to position itself as a leading destination for both leisure and business travel in Africa, stakeholders believe the IJGB phenomenon will remain a structural pattern in the city’s property market, offering consistent opportunities for growth within the short-let segment.