Authored by the expert who managed and guided the team behind the Nigeria Property Pack

Yes, the analysis of Lagos' property market is included in our pack
Buying property in Lagos requires significant capital, with total costs ranging from ₦25 million for basic mainland properties to over ₦4 billion for luxury estates in Ikoyi.
As of September 2025, residential property prices across Lagos vary dramatically by location, with prime areas like Ikoyi commanding over ₦3.7 million per square meter while mainland neighborhoods start from ₦200,000 per square meter. Beyond the purchase price, buyers must budget an additional 18-25% for mandatory government fees, legal costs, surveys, and agent commissions.
If you want to go deeper, you can check our pack of documents related to the real estate market in Nigeria, based on reliable facts and data, not opinions or rumors.
Property prices in Lagos range from ₦200,000-₦3,700,000 per square meter depending on location, with Ikoyi and Victoria Island commanding premium rates.
Total acquisition costs including all fees typically add 18-25% to the purchase price, making a ₦150 million property cost approximately ₦180-185 million all-in.
Cost Component | Percentage/Amount | Notes |
---|---|---|
Down Payment | 20-30% of property value | Required upfront payment |
Stamp Duty | 0.5-0.75% | Government mandatory fee |
Governor's Consent | 1.5% | Required for property transfer |
Legal Fees | 5-10% | Due diligence and documentation |
Survey Costs | ₦425,000-₦1,575,000 | Land verification |
Agent Commission | 5-10% | Real estate agent fees |
Annual Service Charge | ₦100,000-₦800,000 | Estate maintenance fees |

What's the current cost per square meter for residential property in Lagos?
Residential property prices in Lagos vary dramatically by location, ranging from ₦200,000 per square meter in low-cost mainland areas to over ₦3,700,000 per square meter in premium neighborhoods like Ikoyi and Banana Island.
Most central Lagos properties are priced between ₦800,000 and ₦1,500,000 per square meter as of September 2025. This wide pricing spectrum reflects the significant disparity between different areas within Lagos State.
Prime waterfront locations and exclusive estates command the highest prices, while emerging areas on the mainland offer more affordable entry points for first-time buyers. The pricing also depends heavily on property type, with luxury apartments and detached houses commanding premium rates compared to standard residential units.
What are typical property prices in Ikoyi, Lekki, Victoria Island, and mainland areas?
Area | 2-4 Bed Apartment | Duplex/Terrace | Detached House |
---|---|---|---|
Ikoyi | ₦150M-₦1.8B | ₦250M-₦2B | ₦1B-₦4B |
Victoria Island | ₦100M-₦350M | ₦160M-₦500M | ₦400M-₦2B |
Lekki Phase 1 | ₦60M-₦180M | ₦90M-₦250M | ₦200M-₦600M |
Mainland (Yaba, Surulere) | ₦35M-₦45M | ₦50M-₦180M | ₦120M-₦300M |
Other Mainland Areas | ₦20M-₦60M | ₦40M-₦120M | ₦60M-₦180M |
How much deposit do I need to pay upfront when buying property in Lagos?
Property buyers in Lagos should expect to pay between 20-30% of the total property value as an upfront deposit or down payment.
This substantial deposit requirement applies whether you're purchasing through cash or financing the property with a mortgage. For a ₦100 million property, you'll need between ₦20-30 million readily available for the initial payment.
The exact deposit percentage often depends on the seller's requirements, property type, and your financing arrangement. Some luxury properties or off-plan developments may require higher deposits, while certain government housing schemes might offer more flexible payment terms.
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What are current mortgage rates and terms from Nigerian banks?
Commercial banks in Nigeria currently offer mortgage interest rates between 28-32% annually, with maximum tenures of 15-20 years as of September 2025.
However, government-backed mortgage schemes provide significantly better terms. The Nigeria Mortgage Refinance Company (NMRC) and Mortgage Refinance and Enhancement Initiative Fund (MREIF) recently offer rates as low as 9.75% fixed for up to 20 years.
The National Housing Fund (NHF) provides even more affordable financing with rates under 10% for qualified contributors. These government schemes represent substantial savings compared to commercial bank offerings, but have stricter eligibility requirements and longer processing times.
Most mortgage providers require substantial documentation including proof of income, bank statements, and property valuation reports before approval.
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What mandatory government fees must I pay when buying property?
Government fees constitute a significant portion of property acquisition costs in Lagos, typically totaling 3-6% of the property value.
The main mandatory fees include Stamp Duty at 0.5-0.75% of property value, Governor's Consent at 1.5% of property value, and Registration Fees ranging from 0.5-3% depending on the property type and location.
- Stamp Duty: 0.5-0.75% of property value - required for all property transactions
- Governor's Consent: 1.5% of property value - mandatory for property ownership transfer
- Registration Fee: 0.5-3% - varies by local government area and property type
- Survey and mapping fees: Additional charges for official property documentation
- Certificate of Occupancy processing: Administrative fees for title documentation
How much should I budget for legal fees and due diligence?
Legal fees for property transactions in Lagos typically range from 5-10% of the property purchase price, covering comprehensive verification, due diligence, and contract drafting services.
These fees include property title verification, litigation searches, contract preparation, and legal representation during the transaction process. For a ₦100 million property, expect legal costs between ₦5-10 million.
Property title and litigation checks can cost anywhere from ₦10,000 to ₦100,000+ depending on the complexity of the search and the property's legal history. More expensive properties or those with complicated ownership histories require more extensive legal work.
What are surveyor costs and land search fees?
Land survey costs in Lagos are zone-dependent and vary significantly based on plot size and location.
For plots between 0-700 square meters, survey costs range from ₦425,000 to ₦1,575,000 depending on the specific zone classification. Larger properties like one-acre plots can cost between ₦1.28 million and ₦4 million for complete surveying services.
These costs cover professional land surveying, boundary demarcation, and the preparation of official survey plans required for property registration. The higher costs in premium zones reflect the additional complexity and higher stakes involved in surveying valuable properties.
How much are real estate agent commissions in Lagos?
Real estate agent commissions in Lagos are currently capped between 5-10% of the transaction price, with new legislation pushing the standard rate toward 5% for rental transactions.
For property purchases, agents typically charge between 5-10% commission, which can represent a substantial cost on high-value properties. For a ₦100 million property, agent fees could range from ₦5-10 million.
Recent legislative changes aim to standardize and reduce agent fees, particularly for rental properties where the commission is being standardized at 5%. However, purchase transactions still see varying commission rates depending on the agent and complexity of the deal.
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What ongoing service charges and estate levies should I expect?
Annual service charges for apartments and gated estates in Lagos range from ₦100,000 to ₦500,000 for most properties, with luxury estates in Ikoyi and Victoria Island charging up to ₦800,000 or more per year.
These service charges typically cover essential amenities including 24-hour security, cleaning services, electricity backup, waste management, and general estate maintenance. The charges vary significantly based on the level of amenities provided and the exclusivity of the estate.
Higher-end properties often include additional services such as concierge, gym facilities, swimming pools, and landscaping in their service charge calculations. Buyers should factor these ongoing costs into their long-term budget planning.
What are renovation costs for shell or semi-finished properties?
Finishing costs for shell or semi-finished properties in Lagos typically range from ₦80,000 to ₦200,000 per square meter, depending on the quality of materials and level of finishing required.
Shell properties require complete finishing including tiling, plumbing installation, kitchen fitting, air conditioning, electrical work, and lighting systems. The wide cost range reflects different quality standards from basic finishing to luxury specifications.
Semi-finished properties may have basic plumbing and electrical work completed but still require flooring, kitchen installation, painting, and fixture installation. Location also affects renovation costs, with materials and labor being more expensive in premium areas like Ikoyi and Victoria Island.
How much are annual property taxes and land use charges?
Annual property taxes in Lagos primarily consist of Land Use Charges which typically range from ₦20,000 to ₦250,000 per year for most residential properties.
The exact amount depends on the property's assessed value, location, and the specific local government area. Luxury properties in premium locations face higher charges, while standard residential properties on the mainland generally fall into the lower range.
Additional local government rates may apply in certain areas, particularly for properties in high-value neighborhoods. These charges are assessed annually and property owners are required to stay current with payments to avoid penalties and complications during future property transactions.
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What's the minimum total budget needed to buy property in Lagos today?
The minimum realistic total budget for buying property in Lagos requires adding 18-25% to the purchase price to cover all additional fees, legal costs, registration, agent commissions, surveys, and due diligence.
For example, a ₦150 million apartment in Ikoyi would require a total budget exceeding ₦175-185 million when all costs are included. This additional percentage can be even higher for luxury properties due to increased consent fees, survey costs, and legal complexities.
Property Price Range | Total Additional Costs | Minimum Total Budget |
---|---|---|
₦50M (Mainland) | ₦9-12.5M (18-25%) | ₦59-62.5M |
₦100M (Mid-tier) | ₦18-25M (18-25%) | ₦118-125M |
₦200M (Premium) | ₦36-50M (18-25%) | ₦236-250M |
₦500M (Luxury) | ₦90-125M (18-25%) | ₦590-625M |
₦1B+ (Ultra-luxury) | ₦180-250M+ (18-25%+) | ₦1.18-1.25B+ |
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Buying property in Lagos requires substantial capital beyond just the purchase price, with total costs typically 18-25% higher than the listed property value.
Understanding all associated costs upfront is crucial for successful property acquisition in Lagos, as hidden fees and mandatory charges can significantly impact your total investment.
Sources
- Average Price Per Square Meter Lagos Nigeria
- Average Price Per Square Meter Nigeria
- Average House Price Nigeria
- Buying House with Mortgage Nigeria 2025
- Nigeria Property Transfer Taxes
- How to Verify Land Titles Nigeria
- Land Survey Costs Lagos State
- Lagos Tenancy Bill 2025 Commission Caps
- Lagos Nigeria Apartment Maintenance Fees
- Lagos Nigeria Property Taxes and Fees