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
If you're a foreigner looking to buy an apartment in Lagos, this guide will help you understand real prices, hidden costs, and what to expect in January 2026.
We wrote this article to give you a clear picture of how much apartments actually cost in Lagos today, from studios to three-bedroom units, across different neighborhoods.
We constantly update this blog post to reflect the latest market conditions in Lagos.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Lagos.
Insights
- The median apartment price in Lagos sits around ₦120 million (roughly $80,000), but the average jumps to ₦290 million because luxury areas like Ikoyi and Banana Island pull up the numbers dramatically.
- Most apartment purchases in Lagos happen in cash because mortgage rates exceed 30%, making traditional financing impractical for most buyers in early 2026.
- Service charges in prime Lagos buildings can reach ₦10 million per year because residents essentially pay for their own infrastructure like generators, water treatment, and 24-hour security.
- The price gap between new-build and resale apartments in Lagos typically runs 15% to 30% because new developments include expensive infrastructure that older buildings often lack.
- Lagos electricity bills vary wildly by "Band" classification, with Band A residents paying around ₦210 per kWh while others pay less but receive fewer hours of power supply.
- The Lekki-Epe corridor has seen land values increase 10 to 40 times over the past decade due to major infrastructure projects like the Dangote Refinery and Deep Sea Port.
- Buyer closing costs in Lagos typically add 6% to 12% on top of the apartment price, covering stamp duty, Governor's Consent fees, legal work, and title verification.
- Property tax in Lagos through the Land Use Charge sits around 0.04% of assessed value for owner-occupied homes, making it relatively modest compared to utilities and service charges.
How much do apartments really cost in Lagos in 2026?
What's the average and median apartment price in Lagos in 2026?
As of January 2026, the median asking price for apartments in Lagos is approximately ₦120 million (around $80,000 or €76,000), while the average price reaches about ₦290 million ($193,000 or €184,000) because high-end areas like Ikoyi, Banana Island, and Eko Atlantic skew the numbers upward.
When you look at prices per square meter in Lagos, the median sits around ₦1.2 million per m² ($800 or €760 per m²), which translates to roughly ₦110,000 per square foot, while the average hits ₦2.4 million per m² ($1,600 or €1,520 per m²) due to the same prime-area effect.
For a standard apartment purchase in Lagos in 2026, most buyers should expect to pay somewhere between ₦50 million and ₦200 million ($33,000 to $133,000 or €31,500 to €127,000), with this range covering the bulk of mid-market inventory in areas like Lekki, Ajah, and mainland hubs.
How much is a studio apartment in Lagos in 2026?
As of January 2026, a typical studio apartment in Lagos costs around ₦42 million at the median ($28,000 or €27,000), though prices range significantly depending on location and amenities.
For entry-level to mid-range studios in Lagos, expect to pay between ₦25 million and ₦90 million ($17,000 to $60,000 or €16,000 to €57,000), while high-end or serviced studios in prime areas like Victoria Island and Ikoyi can command ₦90 million to ₦200 million or more ($60,000 to $133,000 or €57,000 to €127,000).
Studio apartments in Lagos typically measure around 35 square meters, and this compact format is increasingly popular in short-let and serviced apartment developments across the city.
How much is a one-bedroom apartment in Lagos in 2026?
As of January 2026, a typical one-bedroom apartment in Lagos costs around ₦66 million at the median ($44,000 or €42,000), making it a common entry point for first-time buyers and investors.
For entry-level to mid-range one-bedroom apartments in Lagos, prices typically fall between ₦35 million and ₦140 million ($23,000 to $93,000 or €22,000 to €89,000), while high-end one-bedrooms in prime locations like Ikoyi and Victoria Island can reach ₦140 million to ₦350 million ($93,000 to $233,000 or €89,000 to €222,000).
One-bedroom apartments in Lagos generally measure around 55 square meters, which provides enough space for a comfortable living area, bedroom, kitchen, and bathroom in the typical Lagos layout.
How much is a two-bedroom apartment in Lagos in 2026?
As of January 2026, a typical two-bedroom apartment in Lagos costs around ₦102 million at the median ($68,000 or €65,000), representing the most popular apartment size for families and professionals in the city.
For entry-level to mid-range two-bedroom apartments in Lagos, expect prices between ₦55 million and ₦220 million ($37,000 to $147,000 or €35,000 to €140,000), while high-end two-bedrooms in premium neighborhoods like Ikoyi and Lekki Phase 1 can range from ₦220 million to ₦600 million ($147,000 to $400,000 or €140,000 to €381,000).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Lagos.
How much is a three-bedroom apartment in Lagos in 2026?
As of January 2026, a typical three-bedroom apartment in Lagos costs around ₦144 million at the median ($96,000 or €91,000), though prices vary dramatically based on neighborhood and building quality.
For entry-level to mid-range three-bedroom apartments in Lagos, prices typically range from ₦80 million to ₦350 million ($53,000 to $233,000 or €51,000 to €222,000), while high-end three-bedrooms in premium locations like Banana Island, Ikoyi, and Eko Atlantic can command ₦350 million to over ₦1 billion ($233,000 to $667,000+ or €222,000 to €635,000+).
Three-bedroom apartments in Lagos usually measure around 120 square meters, providing space for a master suite, two additional bedrooms, living and dining areas, and often a domestic staff room known locally as a "BQ" or boys' quarters.
What's the price gap between new and resale apartments in Lagos in 2026?
As of January 2026, new-build apartments in Lagos typically carry a 15% to 30% premium over comparable resale units, largely because new developments include infrastructure that older buildings often lack.
The average price per square meter for new-build apartments in Lagos sits around ₦2.8 million to ₦3.1 million per m² ($1,900 to $2,100 or €1,800 to €2,000 per m²) in mid-market areas, and significantly higher in prime locations with full amenities.
Resale apartments in Lagos average around ₦2.0 million to ₦2.4 million per m² ($1,300 to $1,600 or €1,240 to €1,520 per m²), though discounts widen when buildings have poor power systems, weak security, or unclear title documentation.
Make a profitable investment in Lagos
Better information leads to better decisions. Save time and money. Download our guide.
Can I afford to buy in Lagos in 2026?
What's the typical total budget (all-in) to buy an apartment in Lagos in 2026?
As of January 2026, a foreign buyer purchasing a standard ₦120 million apartment in Lagos should budget approximately ₦127 million to ₦134 million all-in ($85,000 to $89,000 or €81,000 to €85,000), accounting for purchase price plus closing and setup costs.
Beyond the apartment price, your Lagos budget should include stamp duty (0.5% for individuals), Governor's Consent fees (1.5% of fair market value), legal fees, title searches, registration costs, and practical move-in expenses like generator or inverter upgrades and water storage systems.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Lagos property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Lagos.
What down payment is typical to buy in Lagos in 2026?
As of January 2026, the typical down payment for an apartment purchase in Lagos is effectively 100% because most buyers pay cash, but if you do use a mortgage, expect to put down 30% to 50% of the purchase price, which on a ₦120 million apartment means ₦36 million to ₦60 million ($24,000 to $40,000 or €23,000 to €38,000).
Most Lagos banks require a minimum down payment of 30% to 50% of the property value, and foreign buyers often face additional requirements like local banking history and documented income sources.
To secure more favorable mortgage terms in Lagos, a down payment of 40% to 50% is recommended, though with the Central Bank of Nigeria's policy rate at 27% in late 2025, mortgage interest rates typically exceed 30%, which is why cash purchases dominate the market.
You can also read our latest update about mortgage and interest rates in Nigeria.
We made this infographic to show you how property prices in Nigeria compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Lagos in 2026?
How much does the price per m² for apartments vary by neighborhood in Lagos in 2026?
As of January 2026, apartment prices per square meter in Lagos range from around ₦400,000 per m² ($267 or €254 per m²) in budget areas to over ₦6 million per m² ($4,000 or €3,810 per m²) in ultra-prime locations, representing a 15-fold difference across the city.
The most affordable neighborhoods for apartments in Lagos include Ikorodu, Agege, and Badagry, where prices typically range from ₦400,000 to ₦900,000 per m² ($267 to $600 or €254 to €571 per m²), offering budget-conscious buyers a foothold in the market.
The most expensive neighborhoods for apartments in Lagos are Banana Island, Ikoyi, Victoria Island, and Eko Atlantic, where prices commonly reach ₦2 million to ₦6 million per m² ($1,333 to $4,000 or €1,270 to €3,810 per m²), driven by security, infrastructure, and coastal prestige.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Lagos.
What neighborhoods are best for first-time buyers on a budget in Lagos in 2026?
As of January 2026, the top three neighborhoods for first-time buyers on a budget in Lagos are Ajah/Sangotedo, Ikorodu, and Agege, all offering more affordable entry points than the Island core while maintaining reasonable access to employment centers.
In these budget-friendly Lagos neighborhoods, typical apartment prices range from ₦25 million to ₦80 million ($17,000 to $53,000 or €16,000 to €51,000), making ownership achievable for buyers who cannot access the ₦100 million+ price points of Lekki Phase 1 or Victoria Island.
These neighborhoods offer amenities like developing road networks, growing commercial centers, and community infrastructure, with Sangotedo benefiting from its position along the Lekki-Epe Expressway and Ikorodu from improving transportation links.
The main trade-off for buyers in these budget-friendly Lagos areas is longer commute times to business districts, less reliable power infrastructure, and in some cases, flooding concerns during rainy season.
Which neighborhoods have the fastest-rising apartment prices in Lagos in 2026?
As of January 2026, the three neighborhoods with the fastest-rising apartment prices in Lagos are the Ibeju-Lekki/Epe corridor, Eko Atlantic-adjacent areas, and parts of the Lekki-Ajah axis, all benefiting from major infrastructure investments.
These fast-appreciating Lagos neighborhoods have seen year-over-year price increases of 10% to 15% or more, with some land parcels in Ibeju-Lekki increasing 10 to 40 times in value over the past decade according to market observers.
The main driver behind the rapid price growth is infrastructure development, including the Dangote Refinery, Lekki Deep Sea Port, planned Lekki Airport, and ongoing road improvements that are transforming previously undeveloped areas into accessible residential zones.
You can also read our latest update about property price forecasts in Lagos.
Don't lose money on your property in Lagos
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What extra costs will I pay on top of the apartment price in Lagos in 2026?
What are all the buyer closing costs when you buy an apartment in Lagos?
The estimated total buyer closing cost for a typical ₦120 million apartment purchase in Lagos runs approximately ₦7.2 million to ₦14.4 million ($4,800 to $9,600 or €4,570 to €9,140), covering all government fees, legal work, and transaction expenses.
The main categories of closing costs for apartment buyers in Lagos include stamp duty, Governor's Consent fees, land registry and search fees, legal fees, valuation reports, and survey costs.
The largest closing cost in Lagos is typically the Governor's Consent fee at 1.5% of fair market value, followed by legal fees which commonly run 5% to 10% of the purchase price depending on complexity and negotiation.
Some closing costs in Lagos are negotiable, particularly legal fees and agent commissions, while government charges like stamp duty and Governor's Consent follow fixed statutory rates that cannot be reduced.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Lagos?
Buyers in Lagos should budget approximately 6% to 12% of the purchase price for closing costs, with the lower end representing clean transactions and the higher end covering complex title situations or buyer-paid agent fees.
The realistic low-to-high percentage range for Lagos apartment closing costs spans from about 6% for straightforward deals with clean documentation to 12% or more when extensive title rectification, multiple searches, or non-standard legal work is required.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Lagos.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the ongoing monthly and yearly costs of an apartment in Lagos in 2026?
What are typical HOA fees in Lagos right now?
In Lagos, what other markets call HOA fees shows up as "service charge," and typical amounts range from ₦200,000 to ₦10 million per year ($133 to $6,667 or €127 to €6,350 annually) depending heavily on the building and location.
For basic walk-up buildings or small compounds in Lagos, service charges typically run ₦200,000 to ₦800,000 per year ($133 to $533 or €127 to €508), while mid-market estates with security and shared generators charge ₦800,000 to ₦2.5 million ($533 to $1,667 or €508 to €1,587), and prime serviced blocks in Ikoyi or Victoria Island can reach ₦3 million to ₦10 million annually ($2,000 to $6,667 or €1,905 to €6,350).
What utilities should I budget monthly in Lagos right now?
The estimated total monthly utility cost for a typical apartment in Lagos ranges from ₦80,000 to ₦450,000 ($53 to $300 or €51 to €286), with the wide range reflecting apartment size, power band classification, and backup power usage.
For a one-bedroom apartment in Lagos, budget ₦80,000 to ₦180,000 monthly ($53 to $120 or €51 to €114), for a two-bedroom ₦120,000 to ₦280,000 ($80 to $187 or €76 to €178), and for a three-bedroom ₦180,000 to ₦450,000 ($120 to $300 or €114 to €286).
The typical monthly utility budget in Lagos includes grid electricity (DisCo charges), generator fuel or diesel, water supply costs, waste disposal fees, and internet service.
Electricity consistently ranks as the most expensive utility for Lagos apartment owners because grid supply remains inconsistent, forcing most residents to run generators or invest in inverter systems that add significant fuel and maintenance costs.
How much is property tax on apartments in Lagos?
The estimated typical annual property tax for an apartment in Lagos through the Land Use Charge runs approximately ₦47,000 to ₦115,000 ($31 to $77 or €30 to €73) for a median-priced ₦120 million unit.
Lagos calculates property tax through the Land Use Charge, with owner-occupied residential properties assessed at approximately 0.0394% of market value, while other categories face rates up to 0.394% depending on property use.
For apartments in Lagos, the realistic range of annual Land Use Charge spans from around ₦20,000 for budget properties to several hundred thousand naira for high-value units in prime areas.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Lagos.
What's the yearly building maintenance cost in Lagos?
The estimated typical yearly building maintenance cost for apartment owners in Lagos, beyond regular service charges, runs approximately ₦240,000 to ₦1.2 million ($160 to $800 or €152 to €762), representing roughly 0.2% to 1.0% of apartment value annually.
The realistic range of yearly maintenance costs in Lagos varies from around ₦150,000 for newer buildings with minimal issues to over ₦2 million for older properties requiring frequent repairs to generators, elevators, plumbing, or structural elements.
Typical building maintenance expenses in Lagos include generator overhauls, elevator servicing, water pump repairs, painting, roof maintenance, security system upgrades, and common area improvements.
In most Lagos buildings, routine maintenance is included in the service charge, but special assessments or "levies" for major capital expenditures like generator replacement or elevator installation are charged separately when needed.
How much does home insurance cost in Lagos?
The estimated typical annual home insurance cost for an apartment in Lagos ranges from ₦50,000 to ₦250,000 ($33 to $167 or €32 to €159), depending on coverage level and property value.
For basic coverage, Lagos home insurance can start as low as ₦10,000 per year ($7 or €6), while comprehensive policies covering both structure and contents for mid-market apartments typically cost ₦50,000 to ₦250,000 ($33 to $167 or €32 to €159), and high-value properties may pay ₦250,000 to ₦1 million or more ($167 to $667 or €159 to €635).
Home insurance is not legally mandatory for apartment owners in Lagos, but it is strongly recommended for foreign buyers to protect against fire, flooding, theft, and other risks that can occur in a city where infrastructure varies significantly by neighborhood.
Get fresh and reliable information about the market in Lagos
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Lagos, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Nigeria Property Centre | One of Nigeria's largest property portals with transparent, regularly updated listing aggregates. | We used it as our baseline for asking prices for apartments across Lagos localities. We then converted these into per-square-meter estimates using typical apartment sizes. |
| Knight Frank Lagos Market Update H1 2025 | Global real estate firm with structured research team producing detailed market reports. | We used it to anchor Lagos Island submarket specifics and triangulate affordability using prime rent levels. We also validated price levels through rent-to-price logic. |
| Central Bank of Nigeria | Official record of Nigeria's monetary policy rate decisions that drive borrowing costs. | We used it to explain why mortgages are expensive in early 2026 and why cash purchases dominate. We also set realistic expectations for mortgage affordability. |
| NERC Eko DisCo Tariff Order | Nigeria's electricity regulator publishing binding tariff orders with official rates. | We used it to estimate realistic monthly electricity bills by Band classification. We also used embedded assumptions to understand cost pressures in early 2026. |
| Lagos Internal Revenue Service | Tax authority for Lagos State publishing stamp duty rates by instrument type. | We used it to price the stamp duty that applies when buying an apartment. We included this as a line item in the all-in budget calculation. |
| Lagos State Ministry of Lands | Lagos State Government document listing official land services and fees. | We used it to ground the paperwork costs buyers will face. We converted official fee structures into a buyer-friendly closing cost percentage range. |
| NIESV Lagos | Main professional body for valuers in Nigeria with Lagos-specific property guidance. | We used it to estimate annual property tax through Land Use Charge as a percentage. We translated this into yearly naira estimates for typical apartment prices. |
| PropertyPro Nigeria | Major property listing platform with verified real estate listings across Lagos. | We used it to cross-check asking prices and validate our price estimates across different Lagos localities. |
| Nairametrics | Leading Nigerian financial news platform with real estate market analysis. | We used their estate pricing reports and luxury rental data to validate our high-end segment estimates. |
| Leadway Assurance | One of Nigeria's best-known insurers with clear entry-level pricing published online. | We used it to anchor the minimum for home insurance premiums in Lagos. We widened to realistic ranges for higher-value apartments. |
| Federal Mortgage Bank of Nigeria | Government mortgage institution publishing National Housing Fund terms. | We used it as a contrast case for mortgage options, noting that most foreign buyers cannot access these subsidized terms. |
| Trading Economics | Global economic data provider tracking Nigeria's monetary policy rate history. | We used it to verify current CBN interest rate levels and understand the lending environment. |
| BusinessDay Nigeria | Leading Nigerian business newspaper with detailed real estate market coverage. | We used their rental market reports and housing deficit analysis to understand demand drivers in Lagos. |
| Vanguard Nigeria | Major Nigerian newspaper with daily exchange rate tracking and economic updates. | We used it to track current naira-to-dollar exchange rates for our currency conversions. |
| Numbeo Lagos | Transparent crowdsourced data with clear sample sizes, useful as a cross-check. | We used it only to cross-check broad yield and price-to-rent relationships against our primary sources. We did not treat it as an official price benchmark. |
| EY Nigeria Tax Alerts | Global professional services firm tracking Nigerian tax law changes. | We used it to understand the 2025 tax reforms affecting property transactions starting in 2026. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Nigeria. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Related blog posts