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
Lagos attracts more foreign property investment than any other Nigerian city, accounting for roughly 65% of all international real estate transactions in the country.
Yet the process of buying residential property in Lagos as a foreigner involves rules that differ from most other markets, especially around title perfection and Governor's Consent requirements.
This guide explains exactly what foreigners can buy, what limits apply, and how the buying process works step by step in January 2026, and we update it regularly to reflect the latest changes.
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
- Lagos residential property prices in premium areas like Ikoyi and Victoria Island range from 30 million to 200 million naira in 2026, with foreign buyers often paying cash because mortgage access remains limited.
- Governor's Consent fees and title perfection costs in Lagos typically add 10% to 15% to the purchase price, which surprises many first-time foreign buyers who budget only for the sale amount.
- The Land Use Act limits foreigners to 25-year leasehold terms when buying directly, but purchasing through a Nigerian-registered company allows access to the standard 99-year term.
- Lagos dominates foreign property investment in Nigeria with about 65% of international transactions, driven by its status as the commercial hub and gateway for African business.
- Commercial bank mortgage rates in Lagos for foreigners range from 20% to 28% in 2026, while government-backed schemes offer rates as low as 9.75% for those who qualify.
- Annual Land Use Charge in Lagos runs between 0.04% and 0.4% of property value depending on whether the property is owner-occupied or commercial, making it relatively affordable compared to closing costs.
- Purchase timelines in Lagos typically span 3 to 6 months from offer to final registration, with Governor's Consent processing often being the longest single step in the transaction.
- Most Lagos property transactions happen in cash because Nigeria's mortgage market remains structurally constrained, with total outstanding mortgage loans representing less than 1% of GDP.
What can I legally buy and truly own as a foreigner in Lagos?
What property types can foreigners legally buy in Lagos right now?
Foreigners can legally buy apartments, townhouses, detached houses, and land in Lagos, covering essentially all standard residential property types available in the market.
The most important limitation is that you are not buying absolute ownership but rather a documented interest in land (called a "right of occupancy") that must be properly transferred and perfected with the Lagos State Government through a process called Governor's Consent.
In practice, this means your ownership is real and enforceable, but it functions more like a long-term lease (up to 25 years for foreigners buying directly, or up to 99 years if you buy through a Nigerian-registered company) rather than freehold ownership as understood in many Western countries.
Premium areas like Ikoyi, Victoria Island, and Lekki Phase 1 see the most foreign buyer activity, while emerging corridors like Ibeju-Lekki and Epe attract investors looking for appreciation potential alongside higher documentation risk.
Finally, please note that our pack about the property market in Lagos is specifically tailored to foreigners.
Can I own land in my own name in Lagos right now?
Yes, foreigners can hold land rights in their own name in Lagos, but what you are actually holding is a leasehold interest (right of occupancy) rather than absolute freehold ownership, because the Land Use Act vests all land in the state governor.
The key limitation is that direct foreign ownership is typically capped at a 25-year term under the Lagos State Acquisition of Lands by Aliens Law, while Nigerian citizens and Nigerian-registered companies can access terms up to 99 years.
This is why many foreign buyers choose to purchase through a Nigerian-registered company (which can be 100% foreign-owned), giving them access to the longer 99-year term and the same rights as local buyers under the Nigerian Investment Promotion Act.
By the way, we cover everything there is to know about the land buying process in Lagos here.
As of 2026, what other key foreign-ownership rules or limits should I know in Lagos?
As of early 2026, the most significant rule affecting foreigners in Lagos is the mandatory Governor's Consent requirement, which means any property transfer is not fully legal until the state governor (through the Lands Bureau) approves it, and this approval comes with fees and processing time.
There is no foreign-ownership quota for apartments or condos in Lagos like you might find in countries such as Thailand or Malaysia, so foreigners can buy units in any building without percentage caps or special approvals beyond the standard consent process.
However, foreigners who purchase property in Lagos must still register the transaction with the Lagos State Land Registry and pay applicable fees including stamp duty, capital gains tax, and registration fees, which together add up to roughly 3% of the assessed property value on top of the consent fee.
One notable recent development is the Lagos State Real Estate Regulatory Authority Law of 2022, which reinforced the requirement for foreigners to obtain Governor's permission and confirmed the 25-year term limit for direct foreign ownership, though the company-ownership workaround remains valid.
What's the biggest ownership mistake foreigners make in Lagos right now?
The single biggest mistake is paying the full purchase price before confirming that the seller has clean, verifiable title and before budgeting for Governor's Consent and perfection costs, which can add 10% to 15% to your total outlay.
If you make this mistake, you may end up with a deed that is legally unenforceable because it was never perfected, which means you cannot resell the property cleanly, use it as mortgage collateral, or defend your ownership in court against competing claims.
Other classic pitfalls in Lagos include buying "cheap land" in growth corridors like Ibeju-Lekki without verifying excision status and survey authenticity, trusting verbal assurances from family land sellers without written documentation, and underestimating how long the consent process takes (often 3 to 6 months even when everything goes smoothly).
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.
Which visa or residency status changes what I can do in Lagos?
Do I need a specific visa to buy property in Lagos right now?
No, you do not need a specific visa or residency status to buy property in Lagos, and you can legally purchase while on a tourist visa or even without being physically present in Nigeria at all.
The most common administrative hurdle for non-residents is opening a Nigerian bank account and obtaining a Tax Identification Number (TIN), both of which are typically required to complete the transaction and register your ownership properly.
As of early 2026, you should obtain a Nigerian TIN before closing because it is needed for tax filings, utility registrations, and may be requested during the Governor's Consent process, and you can apply through the Joint Tax Board portal or the Nigeria Revenue Service.
Foreign buyers typically need to present a valid international passport, proof of address, tax identification documents, and (if buying remotely) a notarized and legalized Power of Attorney authorizing a Nigerian lawyer to act on their behalf.
Does buying property help me get residency and citizenship in Lagos in 2026?
As of early 2026, Nigeria does not offer a residency-by-investment or golden visa program tied to property purchases, so buying real estate in Lagos does not automatically qualify you for any residency permit or pathway to citizenship.
If you want to live in Nigeria long-term, the main pathways are employment-based residence permits, business visas tied to operating a Nigerian company, or family reunification routes if you have Nigerian relatives.
Nigerian citizenship requires extended legal residence (typically many years), demonstrated integration into Nigerian society, and approval through a formal naturalization process that is entirely separate from property ownership.
Can I legally rent out property on my visa in Lagos right now?
Your visa status does not restrict your ability to rent out property you own in Lagos, because rental income is considered passive investment income rather than "work" requiring a work permit.
You do not need to live in Nigeria to rent out your Lagos property, and many foreign owners manage their investments entirely from abroad through local property managers or estate agents.
However, you will need to comply with Nigerian tax obligations on rental income (including withholding tax and annual filings), register your property for Land Use Charge billing, and be aware that some high-end buildings and estates in areas like Ikoyi and Victoria Island restrict or ban short-term rentals like Airbnb.
We cover everything there is to know about buying and renting out in Lagos here.
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How does the buying process actually work step-by-step in Lagos?
What are the exact steps to buy property in Lagos right now?
The standard buying sequence in Lagos runs: (1) find the property and verify seller identity, (2) conduct title investigation through your lawyer, (3) negotiate and sign a Contract of Sale, (4) pay deposit into a controlled structure, (5) execute the transfer instrument (Deed of Assignment), (6) apply for Governor's Consent plus stamp duty and registration, (7) receive possession, and (8) handle post-close admin like Land Use Charge registration.
You do not need to be physically present in Lagos to buy property, and many foreigners complete the entire process remotely using a Nigerian lawyer with Power of Attorney, notarized documents sent by courier, and bank transfers for payments.
The step that makes the deal legally binding for both parties is typically the signing of the Contract of Sale combined with payment of a deposit, though the transfer is not fully valid until Governor's Consent is obtained and the deed is registered.
From accepted offer to final registration, expect a timeline of 3 to 6 months in Lagos, with the Governor's Consent process often taking 2 to 4 months if there are no title queries or complications.
We have a document entirely dedicated to the whole buying process our pack about properties in Lagos.
Is it mandatory to get a lawyer or a notary to buy a property in Lagos right now?
Using a lawyer is not strictly mandatory under Nigerian law, but it is effectively essential because Lagos property transactions involve technical documentation, title verification, and consent applications that are nearly impossible to navigate safely without legal expertise.
Nigeria does not have a notary-driven conveyancing system like some European countries, so your lawyer handles everything from title searches to drafting the Deed of Assignment to filing for Governor's Consent, while a notary's role is limited to certifying documents (especially for foreign buyers executing papers abroad).
Your lawyer's engagement scope should explicitly include: full title investigation, drafting and reviewing all transaction documents, handling Governor's Consent application, coordinating stamp duty and registration, and providing a legal opinion on title validity before you pay the balance.
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 checks should I run so I don't buy a problem property in Lagos?
How do I verify title and ownership history in Lagos right now?
The official authority for verifying title in Lagos is the Lagos State Land Registry (under the Lands Bureau), where your lawyer can conduct searches to confirm the property's registration status, ownership chain, and any encumbrances.
The key title document you need to see is the Certificate of Occupancy (C of O) issued by the Lagos State Governor, or for transferred properties, the Deed of Assignment with valid Governor's Consent stamped and registered.
A thorough ownership history check in Lagos typically goes back at least 30 years or to the original C of O grant, whichever is shorter, to ensure there are no breaks in the chain of title or unresolved transfers.
Red flags that should stop or pause your purchase include: missing Governor's Consent on previous transfers, land under government acquisition, active litigation involving the property, family land disputes, or survey discrepancies between the deed and the actual plot boundaries.
You will find here the list of classic mistakes people make when buying a property in Lagos.
How do I confirm there are no liens in Lagos right now?
The standard way to check for liens and encumbrances in Lagos is through a formal search at the Lagos State Land Registry, which your lawyer conducts to reveal any registered mortgages, charges, court orders, or government acquisition notices affecting the property.
The most common type of lien to ask about specifically is an existing mortgage or charge registered by a bank, but you should also inquire about unpaid Land Use Charge arrears, estate service charge debts, and any pending litigation that might not yet appear in registry records.
The best proof of lien status is a certified search report issued by the Lagos State Land Registry, combined with seller declarations and indemnities in the sale contract covering any undisclosed encumbrances discovered after closing.
How do I check zoning and permitted use in Lagos right now?
The authority for zoning and permitted use in Lagos is the Lagos State Physical Planning Permit Authority (LASPPPA) and the Ministry of Physical Planning and Urban Development, where you can verify whether a property is zoned residential, commercial, or mixed-use.
The key document to request is the planning permit or development approval for the building, along with the site's zoning classification on the Lagos State model city plan or local district plan maps.
A common zoning pitfall foreign buyers miss in Lagos is purchasing a unit in a building where short-term rentals are prohibited by estate rules or zoning conditions, or buying land in growth corridors like Ibeju-Lekki where "residential" zoning may come with infrastructure restrictions that affect development feasibility.
Buying real estate in Lagos can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Can I get a mortgage as a foreigner in Lagos, and on what terms?
Do banks lend to foreigners for homes in Lagos in 2026?
As of early 2026, yes, some Nigerian banks and primary mortgage institutions do lend to foreigners for home purchases in Lagos, but approval is selective and most foreign buyers end up paying cash because mortgage access remains structurally limited.
The realistic loan-to-value range for foreign borrowers in Lagos is 40% to 70%, meaning you should expect to put down 30% to 60% of the purchase price as equity, with banks on the conservative end requiring larger deposits from non-residents.
The single most important eligibility factor is documented income that the bank can verify, ideally from Nigerian sources or a Nigerian-registered company, though some banks have diaspora programs that accept foreign income documentation with additional requirements.
You can also read our latest update about mortgage and interest rates in Nigeria.
Which banks are most foreigner-friendly in Lagos in 2026?
As of early 2026, the most foreigner-friendly banks for mortgages in Lagos include Standard Chartered Nigeria, Stanbic IBTC, and Access Bank, all of which have visible mortgage products and experience handling international documentation.
What makes these banks more accessible to foreigners is their international compliance infrastructure, digital application processes, and in some cases specific diaspora mortgage products designed for Nigerians abroad and foreign nationals.
These banks can lend to non-residents, but expect stricter documentation requirements, higher down payments (often 40% to 60%), and potentially higher interest rates compared to what Nigeria-resident borrowers would receive.
We actually have a specific document about how to get a mortgage as a foreigner in our pack covering real estate in Lagos.
What mortgage rates are foreigners offered in Lagos in 2026?
As of early 2026, mortgage interest rates for foreigners in Lagos typically range from 9.75% for government-backed schemes (if you qualify) up to 25% to 28% for standard commercial bank products, with most foreign buyers landing somewhere in the 20% to 28% range.
Most Nigerian mortgages are variable-rate products tied to the Central Bank policy rate, so fixed-rate options are rare and typically only available through specific government programs like the National Housing Fund or the Mortgage Refinancing and Enhancement Investment Fund (MREIF) at around 9.75% fixed.
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 will taxes, fees, and ongoing costs look like in Lagos?
What are the total closing costs as a percent in Lagos in 2026?
Total closing costs for a foreign buyer purchasing residential property in Lagos in 2026 typically run between 10% and 15% of the purchase price when you include all mandatory fees and common expenses.
The realistic range is 10% at the low end (if you negotiate agent fees down and have a clean, fast consent process) up to 15% or more if you face title complications, higher assessed values, or pay full market-rate agent commissions.
The specific fee categories that make up closing costs in Lagos include: agent/agency fees (typically 5%), legal fees (1% to 2%), Governor's Consent fee (1.5% of assessed value), stamp duty (0.5% to 1.5%), capital gains tax (0.5% of assessed value paid by buyer as part of consent), registration fee (0.5%), and miscellaneous costs like searches, surveys, and certified copies.
The single biggest contributor is usually the agent commission at 5%, followed by the combined Governor's Consent and perfection fees which together run around 3% to 5% of the property's assessed value.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Lagos.
What annual property tax should I budget in Lagos in 2026?
As of early 2026, the annual property tax you should budget in Lagos is the Land Use Charge (LUC), which runs approximately 0.04% to 0.4% of your property's market value depending on whether it is owner-occupied residential (lower rate) or commercial/rental (higher rate), translating to roughly 20,000 to 200,000 naira per year for a 50 million naira property, or about 12 to 120 USD, or 11 to 110 EUR at current exchange rates.
The Land Use Charge is assessed based on the property's market value as determined by Lagos State assessors, with the formula applying a relief rate and annual charge rate that varies by property classification, and you can appeal the assessment if you believe it is unreasonably high.
How is rental income taxed for foreigners in Lagos in 2026?
As of early 2026, rental income from Lagos property is taxed as Nigeria-source income, with the effective rate for most foreign owners being 10% withholding tax on gross rent, though the exact structure depends on whether you hold the property personally or through a company.
The basic requirement is that rental income should have withholding tax deducted by your tenant (if they are a company) or by you when filing, and you will need a Nigerian Tax Identification Number to file annual returns and claim any deductions for expenses like maintenance, management fees, and insurance.
What insurance is common and how much in Lagos in 2026?
As of early 2026, typical annual insurance premiums for a standard residential property in Lagos range from 0.15% to 0.4% of the building's replacement value, which translates to roughly 300,000 to 800,000 naira for a 200 million naira property, or approximately 180 to 480 USD, or 165 to 440 EUR at current exchange rates.
The most common coverage type that Lagos property owners carry is Fire and Special Perils insurance, which covers damage from fire, lightning, explosion, and related risks, and is often required by mortgage lenders and building/estate management companies.
The biggest factor that drives premium variation in Lagos is the property's location and construction quality, with waterfront properties, older buildings, and areas with flooding history attracting higher rates, while newer construction in secure estates typically qualifies for lower premiums.
Get the full checklist for your due diligence in Lagos
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
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 |
|---|---|---|
| Land Use Act 1978 | Nigeria's core federal law governing all land ownership and transfer rights. | We used it to explain what "ownership" really means in Nigeria and why Governor's Consent is required for transfers. We also referenced it to clarify why freehold ownership does not exist under Nigerian law. |
| Lagos State Land Use Charge Portal | Official Lagos State government portal for the main recurring property charge. | We used it to explain how the annual Land Use Charge works and what rates apply. We also referenced it for payment procedures and compliance requirements. |
| Lagos State Lands Bureau | Official government authority handling Governor's Consent and land registration in Lagos. | We used it to detail the consent application process and fee structure. We also referenced it for documentation requirements and processing timelines. |
| Aluko & Oyebode | Top-tier Nigerian law firm providing authoritative legal analysis on property matters. | We used it to translate legal requirements into practical buyer guidance. We also cross-checked fee structures and common transaction issues against their professional commentary. |
| Central Bank of Nigeria | Nigeria's financial regulator maintaining the official list of licensed mortgage institutions. | We used it to identify legitimate mortgage lenders foreigners can approach. We also referenced it to verify which institutions are properly licensed. |
| Knight Frank Nigeria | Globally recognized real estate consultancy with formal research methodology. | We used it to describe which Lagos submarkets are most active for foreign buyers. We also referenced it for market pricing trends and investment patterns. |
| World Bank Housing Finance Report | International organization with rigorous, transparent research standards. | We used it to explain why mortgages are structurally difficult in Nigeria. We also referenced it to contextualize typical loan terms and market constraints. |
| Nigeria Immigration Service | Official Nigerian government authority for visas and entry requirements. | We used it to explain what visa status means for property buyers. We also referenced it to confirm that property purchase does not create a residency pathway. |
| Joint Tax Board Portal | Official portal for Nigerian tax identification administration. | We used it to explain how foreigners obtain a Tax Identification Number. We also referenced it for tax filing and compliance procedures. |
| Standard Chartered Nigeria | Major international bank with official mortgage products in Nigeria. | We used it as a reference point for mainstream bank mortgage offerings. We also verified their foreigner-friendly lending policies through their published materials. |
| Stanbic IBTC | Major Nigerian bank group with active mortgage origination platform. | We used it to confirm that digital mortgage applications are available. We also referenced it to understand typical documentation requirements. |
| Access Bank | Major bank with published mortgage scheme rates and terms. | We used it to anchor the best-case subsidized mortgage pricing available in Nigeria. We also referenced it to show the range between scheme rates and commercial rates. |
| DLA Piper | Global law firm providing authoritative legal analysis on Nigerian property law. | We used it to verify foreign ownership restrictions and the company-ownership workaround. We also referenced it for legal structure recommendations. |
| NAICOM | Nigeria's official insurance industry regulator. | We used it to ground the insurance discussion in regulatory context. We also referenced it to ensure our coverage recommendations align with industry standards. |
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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