Hostels are very vital in a metropolitan city like Lagos.
We have a lot of working class people who need shortlet accommodation.
We also have people who visit Lagos for business or events.

Hostels are readily available in developed countries.

I believe the hostel business is viable in Lagos. I have friends who live in Ikorodu and other extreme parts of town and they journey to The Island daily. These guys are an ideal target for hostel accommodation.

Experts in the house, let us discuss the prospects of this business and the challenges too.

Your observation is duly valued. The issue with hostel in Lagos Metropolitan is the high cost of land. For the price of a good land near the business districts, how many hostels can fit on a plot and still be able to recoup investment within reasonable time. Only Gov can venture into that line in places like Lagos. as you know, our gov does not do charity like other develop society

The hostels can have dormitories.

A dorm/ room may have 2 to 6 beds with lockers and a common room for entertainment.

Then a general store for luggage.

true2home:
Your observation is duly valued. The issue with hostel in Lagos Metropolitan is the high cost of land. For the price of a good land near the business districts, how many hostels can fit on a plot and still be able to recoup investment within reasonable time. Only Gov can venture into that line in places like Lagos. as you know, our gov does not do charity like other develop society

I agree with you. Land is not cheap here in Lagos. However with some form of planning and creativity we can make it work.

1st. The facility may not be located in the heart of VI, Marina or Ikoyi. Investors may choose a location on the mainland but very close to these areas and accessible too.
Examples include: Surulere, Ojuelegba, Costain, Yaba, Lawanson etc.

Again I believe that with proper architectural designs space can be maximised fully.
A lot can be done on half a plot of Land.

It's a welcome development. However, population and availability of land are the major constraints.
Building sky scrapers would be a viable idea, but capital and sponsors could also hinder such project.
Let's hear the view of sagacious nairalanders.

Im sure it can be done with some creative design and critical brainstorming. I hope to be partaker in such development in the near future. working on sure project now. Hopefully, my research and pilot program yields positive result.

mrsage:


I agree with you. Land is not cheap here in Lagos. However with some form of planning and creativity we can make it work.

1st. The facility may not be located in the heart of VI, Marina or Ikoyi. Investors may choose a location on the mainland but very close to these areas and accessible too.
Examples include: Surulere, Ojuelegba, Costain, Yaba, Lawanson etc.

Again I believe that with proper architectural designs space can be maximised fully.
A lot can be done on half a plot of Land.

3Dee:
It's a welcome development. However, population and availability of land are the major constraints.
Building sky scrapers would be a viable idea, but capital and sponsors could also hinder such project.
Let's hear the view of sagacious nairalanders.

I considered that too. High rise buildings will help to maximize available land.

mrsage:


I considered that too. High rise buildings will help to maximize available land.

You're quite right sir. There's need for Environmental Impact Assessment (EIA) for such projects to be realistic.