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 are a foreigner thinking about buying property in Lagos, you are probably wondering what you can actually afford at different budget levels.
In this blog post, we break down what $100k, $200k, $300k, and $500k can realistically buy you in Lagos in 2026, with real neighborhood names, property types, and honest price expectations.
We constantly update this article with fresh data on housing prices in Lagos, so you always have the most current information available.
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.
What can I realistically buy with $100k in Lagos right now?
Are there any decent properties for $100k in Lagos, or is it all scams?
With $100,000 (roughly 142 million naira at current exchange rates around 1,420 naira per dollar), you can buy a decent studio or 1-bedroom apartment in areas like Ajah, Sangotedo, or Abijo GRA along the Lekki-Epe corridor in Lagos.
The neighborhoods giving the best value for a $100k budget in Lagos include Ajah, Sangotedo, parts of Chevron and Igbo-Efon, plus mainland options like Yaba, Surulere, and Gbagada where you get more space for your money and solid resale demand from working professionals.
Buying in popular upscale areas of Lagos like Ikoyi, Victoria Island, Eko Atlantic, or Banana Island for $100k is realistically not possible for a clean, well-titled unit since these localities show averages in the hundreds of millions to billions of naira.
What property types can I afford for $100k in Lagos (studio, land, old house)?
For $100,000 (142 million naira) in Lagos, the most common decent buys are studio or 1-bedroom apartments in the Lekki-Ajah corridor, or older 2-bedroom flats on the mainland in places like Surulere, Yaba, or Gbagada where building age varies quite a bit.
At the $100k price point in Lagos, expect properties that may need some renovation work, with a realistic budget of 5% to 15% of your purchase price for "move-in comfortable" updates like painting, plumbing fixes, and electrical refreshes on older units.
For long-term value in Lagos at $100k, small apartments in areas with strong rental demand like Yaba (tech and education hub) or well-located spots along the Lekki corridor tend to offer the best combination of liquidity and appreciation potential.
What's a realistic budget to get a comfortable property in Lagos as of 2026?
As of early 2026, a comfortable, low-drama property purchase in Lagos typically starts around 213 million to 355 million naira, which translates to roughly $150,000 to $250,000 USD or approximately 140,000 to 230,000 EUR.
Most buyers looking for a comfortable standard in Lagos need a budget in the 200 million to 400 million naira range ($140,000 to $280,000 USD or 130,000 to 260,000 EUR) to consistently access decent locations, reliable road access, and reasonable building quality.
In Lagos specifically, "comfortable" means a property with modern finishing, secure parking, backup power systems, good security, and location on a well-maintained street rather than a muddy path that floods during rainy season.
The required budget can vary dramatically within Lagos, with areas like Ajah or Gbagada offering comfortable options at lower prices while places like Lekki Phase 1 or Oniru require budgets at the higher end of the range for similar quality.
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What can I get with a $200k budget in Lagos as of 2026?
What "normal" homes become available at $200k in Lagos as of 2026?
As of early 2026, a $200,000 budget (roughly 284 million naira) in Lagos typically gets you a 2-bedroom apartment in many parts of Lekki, Chevron, Ajah, or Sangotedo with better odds of modern finishing and amenities like secure parking and sometimes a small gym.
At this budget level in Lagos, you can expect apartment sizes ranging from 80 to 140 square meters (roughly 860 to 1,500 square feet) depending on whether you choose mainland or the Eti-Osa corridor and how new the building is.
By the way, we have much more granular data about housing prices in our property pack about Lagos.
What places are the smartest $200k buys in Lagos as of 2026?
As of early 2026, the smartest neighborhoods for a $200k buy in Lagos include Lekki Phase 1 (non-waterfront streets), Ikate, Igbo-Efon, parts of Chevron and Osapa London, plus Yaba and Gbagada on the mainland where demand stays consistently strong.
These areas are smarter buys compared to other $200k options in Lagos because they balance strong lifestyle demand from professionals and diaspora buyers with more rational pricing than brand-name addresses like Ikoyi or Victoria Island.
The main growth factor driving value in these smart-buy areas of Lagos is infrastructure improvement combined with Lagos's massive housing deficit of over 3 million units, which keeps demand pressure high in well-located middle-market neighborhoods.
We have made this infographic to give you a quick and clear snapshot of the property market in Nigeria. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
What can I buy with $300k in Lagos in 2026?
What quality upgrade do I get at $300k in Lagos in 2026?
As of early 2026, moving from $200k to $300k (roughly 426 million naira) in Lagos means you are buying less compromise, with more consistent access to newer buildings, better odds of elevators and standby power systems, and more choice in good streets rather than just good neighborhoods.
Yes, $300k can absolutely buy you a property in a newer building in Lagos right now, especially on the Lekki-Ikate-Chevron corridor and in strong mainland pockets for both 2-bedroom and some 3-bedroom options.
At this budget in Lagos, specific features that become available include proper security systems, dedicated parking, reliable backup generators, quality finishing like granite countertops and fitted kitchens, and sometimes shared amenities like swimming pools or fitness rooms.
Can $300k buy a 2-bedroom in Lagos in 2026 in good areas?
As of early 2026, $300k is a very workable 2-bedroom budget in many "good but not ultra-prime" Lagos areas, meaning you have strong options without needing to compromise heavily on location or quality.
Specific good areas in Lagos where you can find 2-bedroom options at $300k include Lekki Phase 1, Ikate, Igbo-Efon, Chevron, some Oniru-side edges, and mainland premium pockets like select Ikeja areas, GRA-adjacent zones, and high-demand Gbagada streets.
A $300k 2-bedroom in Lagos typically offers 90 to 150 square meters (roughly 970 to 1,600 square feet) of living space, which is comfortable for a family and often includes a separate living area, dining space, and sometimes a small balcony or terrace.
Which places become "accessible" at $300k in Lagos as of 2026?
At the $300k price point in Lagos, neighborhoods that become accessible include Oniru (some inventory), Osapa London (select options), premium blocks in Ikate, and occasionally small or older units in Ikeja GRA, giving you proximity to prime areas without the prime price tag.
These newly accessible areas are desirable compared to lower-budget options because they offer better security infrastructure, more reliable road networks, stronger community management in estates, and closer proximity to major business districts like Victoria Island.
In these newly accessible areas of Lagos, for $300k you can typically expect a well-finished 2-bedroom apartment in a serviced building with amenities, or possibly a compact 3-bedroom in slightly older but well-maintained stock.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Lagos.
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What does a $500k budget unlock in Lagos in 2026?
What's the typical size and location for $500k in Lagos in 2026?
As of early 2026, a $500,000 budget (roughly 710 million naira) in Lagos typically gets you a large 3-bedroom apartment of 150 to 250 square meters (1,600 to 2,700 square feet) in sought-after Eti-Osa neighborhoods, or terraces and semi-detached homes in strong Lekki and Chevron clusters.
Yes, $500k can definitely buy a family home with outdoor space in Lagos, particularly terraces or semi-detached properties in Lekki Phase 1 or 2, Chevron, high-end Ajah estates, and upscale Sangotedo developments where you are more likely to get a small garden or private yard.
At $500k in Lagos, you can expect homes with 3 to 4 bedrooms and 3 to 4 bathrooms, often including en-suite master bedrooms, guest toilets, modern kitchens, and sometimes staff quarters or a utility room that is standard in higher-end Lagos properties.
Finally, please note that we cover all the housing price data in Lagos here.
Which "premium" neighborhoods open up at $500k in Lagos in 2026?
At the $500k price point in Lagos, premium neighborhoods that open up include Victoria Island (more inventory becomes realistic), top-tier Lekki Phase 1 stock, Oniru, premium Ikate streets, and some entry points into Ikoyi fringe pockets depending on building age and title condition.
These neighborhoods are considered premium in Lagos because they offer proximity to major business and entertainment districts, stronger infrastructure including better roads and drainage, established security systems, and prestige addresses that hold resale value well.
In these premium Lagos neighborhoods for $500k, you can realistically expect a well-finished 2 to 3-bedroom apartment in a high-quality serviced building, or possibly a terrace house in newer developments slightly further from the absolute core premium streets.
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 counts as "luxury" in Lagos in 2026?
At what amount does "luxury" start in Lagos right now?
In Lagos, luxury properties typically start around 850 million to 1.4 billion naira, which is roughly $600,000 to $1 million USD or approximately 560,000 to 930,000 EUR, and this is where you consistently find premium addresses with high-spec buildings and strong service levels.
At this entry point to luxury in Lagos, you get concierge-grade security, high-quality elevators, reliable centralized power systems, premium finishing with imported materials, smart home features, and prime addresses in places like Ikoyi or Eko Atlantic City.
Compared to other major African markets like Nairobi or Accra, Lagos luxury starts at a similar or slightly higher threshold, but compared to global cities like Dubai or London, Lagos luxury pricing remains significantly more accessible for comparable waterfront or premium addresses.
For mid-tier luxury in Lagos, expect to pay 1.5 billion to 3 billion naira ($1 million to $2 million USD or 930,000 to 1.9 million EUR), while top-tier luxury properties in Banana Island or the best Ikoyi addresses can exceed 5 billion naira ($3.5 million USD or 3.3 million EUR).
Which areas are truly high-end in Lagos right now?
The truly high-end neighborhoods in Lagos right now are Ikoyi (especially the most desired streets), Banana Island (the most exclusive address in Nigeria), Eko Atlantic City, and the prime waterfront and best streets of Victoria Island.
These areas are considered truly high-end in Lagos because they combine scarcity of land, waterfront or lagoon views, the strongest security infrastructure, proximity to business and diplomatic districts, and a concentration of the city's most expensive homes that create prestige through exclusivity.
The typical buyer profile for these high-end Lagos areas includes wealthy Nigerian business owners, senior executives, diaspora Nigerians returning or investing from abroad, multinational company housing for C-suite expatriates, and some international investors using Lagos real estate as a wealth preservation vehicle.
Don't buy the wrong property, in the wrong area of Lagos
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
How much does it really cost to buy, beyond the price, in Lagos in 2026?
What are the total closing costs in Lagos in 2026 as a percentage?
As of early 2026, the total closing costs for buying property in Lagos typically run around 12% of the purchase price as a practical planning number, covering all the main buyer-side fees you should expect to pay.
The realistic low-to-high percentage range that covers most standard transactions in Lagos is 8% to 18%, with variation depending on whether agency fees and full title perfection costs fall on you as the buyer or get negotiated with the seller.
The specific fee categories that make up this total in Lagos include stamp duty (which is officially scheduled and mandatory), Governor's Consent and land registry perfection fees, legal fees for your lawyer, and sometimes agency commissions if you are working with a broker.
To avoid hidden costs and bad surprises, you can check our our pack covering the property buying process in Lagos.
How much are notary, registration, and legal fees in Lagos in 2026?
As of early 2026, notary, registration, and legal fees in Lagos typically total between 1.4 million and 7 million naira ($1,000 to $5,000 USD or roughly 930 to 4,650 EUR) depending on the property value and complexity of the title situation.
These fees generally represent 2% to 4% of the property price in Lagos, with variation based on whether you need extensive title searches, complex documentation work, or straightforward processing on a clear title.
In Lagos, the Governor's Consent and perfection-related charges are usually the most expensive single component, often representing 1.5% of the property value on their own, followed by stamp duty and then legal fees which typically run around 1% to 1.5%.
What annual property taxes should I expect in Lagos in 2026?
As of early 2026, annual property tax in Lagos through the Land Use Charge system typically costs between 70,000 and 700,000 naira ($50 to $500 USD or roughly 46 to 465 EUR) for a mid-range residential property, depending on the property's profile and location.
This represents roughly 0.1% to 0.5% of your property's assessed value per year in Lagos, which is relatively low compared to property tax rates in Western countries but still a cost you should factor into your annual budget.
Property taxes in Lagos vary based on whether your property is classified as owner-occupied residential (lower rate), rented residential, or commercial (higher rates), and also by specific location factors like proximity to premium infrastructure or waterfront areas.
There are some exemptions and reductions available in Lagos, particularly for owner-occupied residential properties which benefit from the lowest rate category, and pensioners or certain low-income property owners may qualify for additional relief under the Land Use Charge Law.
You can find the list of all property taxes, costs and fees when buying in Lagos here.
Is mortgage a viable option for foreigners in Lagos right now?
Getting a mortgage as a foreigner in Lagos is technically possible but practically difficult, with most foreign buyers ending up using cash or developer payment plans instead because local bank requirements are strict and interest rates are extremely high.
If you can qualify, commercial bank mortgage rates in Nigeria currently run between 15% and 28% with loan-to-value ratios of 40% to 60% for foreigners (meaning you need a 40% to 60% down payment), though government-backed programs offer lower rates around 9.75% but are generally only available to Nigerian citizens.
Foreign buyers typically need strong documentation including proof of income, Nigerian banking history, sometimes local employment or business ties, and often a Nigerian guarantor, which makes the process significantly more complicated than buying in cash.
You can find the list of all property taxes, costs and fees when buying in Lagos here.
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.
What should I predict for resale and growth in Lagos in 2026?
What property types resell fastest in Lagos in 2026?
As of early 2026, the property types that resell fastest in Lagos are well-priced 1 to 2-bedroom apartments in high-demand corridors like Lekki Phase 1, Ikate, Chevron, Ajah (in good estates), and mainland lifestyle nodes like Yaba and Surulere where working professionals create steady demand.
The typical time on market to sell a well-priced, clean-title property in Lagos ranges from 3 to 6 months for apartments in high-demand areas, while bigger homes or ultra-premium units can take 9 to 18 months or longer if overpriced relative to the micro-neighborhood.
What makes certain properties sell faster in Lagos is the combination of realistic pricing, clear title documentation (no pending Governor's Consent issues), location along commute-friendly routes, and targeting the "sweet spot" of local buying power where professionals and diaspora investors concentrate their demand.
Properties that tend to be slowest to resell in Lagos include oversized luxury units in fringe locations where demand is thin, older buildings with unclear title histories that scare off banks and careful buyers, and properties in areas with poor road access that become miserable during Lagos rainy season flooding.
If you're interested, we cover all the best exit strategies in our real estate pack about Lagos.
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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 Name | Why It's Authoritative | How We Used It |
|---|---|---|
| Central Bank of Nigeria (CBN) Exchange Rates | Nigeria's official source for daily FX benchmarks used by banks and regulators. | We used it as our primary reference for converting USD budgets to naira. We then cross-checked conversions with secondary market data sources. |
| Nigeria Property Centre | One of Nigeria's largest housing marketplaces with aggregated price summaries. | We used it as our main locality-specific pricing dataset for Ikoyi, VI, Lekki, Ajah and other areas. We converted locality averages into budget-based recommendations. |
| Knight Frank Lagos Market Update | A long-established global property firm with formal research publications. | We used it for professional market context on financing conditions, FX effects, and prime Lagos behavior. We used it as a cross-check against listing-derived pricing. |
| World Bank Lagos Housing Diagnostic | An international institution with strict publication standards and transparent methodology. | We used it to understand Lagos-specific factors like rapid growth and housing deficit. We used it to explain why certain corridors hold value better than others. |
| Lagos Internal Revenue Service (LIRS) | The state tax authority publishing official rate schedules. | We used it to anchor stamp duty as a real, budgetable cost. We folded it into our closing cost percentage estimates. |
| Lagos State Land Use Charge Portal | The official Lagos State channel for the main annual property charge. | We used it to establish what recurring property taxes look like in Lagos. We paired it with the statute text to ensure accuracy. |
| Nigeria Mortgage Refinance Company (NMRC) | A national housing-finance institution with formal reports and disclosures. | We used it to assess mortgage market reality in Nigeria. We combined it with CBN policy rates to explain why mortgages are expensive. |
| Trading Economics | A widely-used macro market-data aggregator with time-stamped series updates. | We used it as a secondary cross-check for the USD/NGN exchange rate in January 2026. The CBN remains our primary authority. |
| Nigeria Housing Market | A specialized Nigerian real estate data platform with regular price updates. | We used it to validate price ranges across different Lagos neighborhoods. We cross-referenced it with our primary listing sources. |
| Nairametrics | A reputable Nigerian business and finance news platform with property market coverage. | We used it to verify high-end estate pricing and rental data. We incorporated its estate-level details into our premium neighborhood analysis. |
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.
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