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Buying property in Lagos Nigeria: A 2025 guide for Nigerians In The Diaspora And foreigners.
What to Know Before Buying Land in Lagos
Understanding legal processes, pricing, and land authenticity will save you from costly mistakes. Here’s everything you need to know before investing in land in Lagos.
How to Buy Property in Lagos, Nigeria
First, verify the land title with the Lagos State Land Registry to confirm ownership and authenticity. Engage a real estate lawyer to conduct due diligence. Secure a land survey to determine exact boundaries. Obtain necessary approvals from relevant authorities before finalizing the transaction. Always insist on proper documentation, including the Deed of Assignment and Certificate of Occupancy (C of O).
Where is the Cheapest Place to Buy Land in Lagos?
Areas like Ikorodu, Epe, Badagry, and Ibeju-Lekki offer budget-friendly plots with potential for appreciation. These locations are witnessing infrastructural growth, making them prime for future investments.
How Much is Property Tax in Lagos?
Property tax varies based on location and land use. The Lagos State Government imposes the Land Use Charge (LUC), a consolidation of tenement rate, ground rent, and neighborhood improvement levy. The rate depends on property classification and assessed value.
How Many Plots Make an Acre in Lagos?
An acre in Lagos comprises six standard plots, each measuring approximately 60 by 120 feet. However, variations exist depending on the surveying standard applied.
How Do You Know If a Piece of Land is a Good Investment?
A good land investment hinges on location, title validity, accessibility, and future development potential. Lands in fast-developing areas with proper documentation are appreciated faster. Conduct market research and consult experts before purchasing.
Can 20 Million Naira Build a Duplex?
Yes, with strategic planning. In low-cost areas, 20 million Naira can construct a modest duplex with essential amenities. However, high-end locations require a larger budget due to construction and labor costs.
How Many Years Can You Own a Land in Lagos?
Land ownership in Lagos is leasehold under Nigerian law, typically for 99 years. Renewal terms apply after the leasehold expires. Understanding lease terms before purchase is crucial.
Where is the Cheapest Place to Rent a House in Lagos?
Affordable rental locations include Ikorodu, Mowe, Ayobo, and Badagry. These areas offer lower rental rates compared to highbrow neighborhoods.
Can I Buy Land in Lagos and Pay Installmentally?
Yes, many real estate firms offer flexible payment plans for land acquisition. Installment options spread payments over months or years, making property ownership more accessible.
What is the Most Expensive Area to Live in Lagos?
Ikoyi, Banana Island, and Victoria Island rank as the priciest neighborhoods. These areas offer luxury living, premium infrastructure, and exclusivity, attracting Nigeria’s elite and expatriates.
Who Pays Property Tax in Nigeria?
Property owners are responsible for property tax payments. In rental situations, landlords typically factor taxes into rental costs, indirectly passing them to tenants.
How Much is the Land Use Charge in Lagos?
Land Use Charge depends on the property classification. Rates vary for owner-occupied residential properties, commercial buildings, and vacant plots. The Lagos State Government revises rates periodically.
How to Pay Tenement Rate in Lagos?
The tenement rate is payable through designated bank accounts or online via the Lagos State Government portal. Property owners must obtain their assessment bills and pay promptly to avoid penalties.
What’s the Difference Between a Plot and an Acre?
A plot is a subdivision of land, while an acre is a larger measurement comprising multiple plots. One acre contains about six standard plots in Lagos.
How to Calculate a Plot of Land?
To calculate a plot size, multiply the length by the width. The standard measurement in Lagos is 60 by 120 feet, equating to 7200 square feet per plot.
Which State Has the Cheapest Land in Nigeria?
States like Ebonyi, Niger, and Kogi have some of the lowest land prices due to lower urbanization and development costs.
Moving abroad comes with exciting aspects that can be confusing or intimidating. If you are buying a home in Nigeria, some questions may come to mind that take your focus away from the things you need to do.
The Marock Resources team has put together this guide on how to buy property in Lagos Nigeria as a Nigerian living abroad or as a foreigner.
Read on to find out more.
Why buy property in Lagos Nigeria?
There are many reasons to move to Nigeria: it’s one of the most beautiful countries in the world, with a culture and cuisine that spreads all over the world. Nigeria has a low crime rate, is consistently ranked as one of the safest countries in the world, and has an efficient public transport system that makes commuting easy.
Our diverse landscape includes beaches, forests, countryside, and dense urban areas, which contribute to a diverse workforce and numerous job opportunities.
What is the real estate market like in Nigeria?
Nigeria’s real estate market remains largely stable even as the economy falters and stagnates in demand. Overall, the residential property price index is projected to rise by approximately 2.4% in 2024, with continued growth in 2025.
There is some variation depending on the location. For example, apartment prices in Lagos increased by about 9% on average in the fourth quarter of 2023. In Abuja, they increased by 5.1% over the same period.
Can Nigerians abroad and foreigners buy property in Nigeria?
The short answer is that Nigerians living outside of the country as well as foreigners can buy homes in Nigeria without any legal restrictions. This means that you can buy a home in Nigeria regardless of your citizenship, residency status, or nationality.
Nigeria does not have any restrictions on the type of real estate that foreigners can own. Under the Foreign Exchange and Foreign Trade Act, foreigners are free to purchase land for agricultural or forestry purposes. Foreigners are not prohibited from owning landed properties for business purposes.
What are the legal requirements for buying property in Nigeria?
There are no unique legal requirements for Nigerians in the diaspora and foreigners to buy land in Nigeria. You will need general identification (such as a driver’s license or passport) and an affidavit. The affidavit must be formal – a notarized document that proves your identity and provides proof of your current address.
How much does it cost to buy property in Nigeria?
How much does a house cost in Nigeria in Naira? Exact prices vary depending on multiple factors, from the location of the home to the size and age of the property.
As in most countries, real estate prices in Nigeria are highest in popular metropolitan areas. For example, real estate in Lagos is generally more expensive than most other cities in the country. In Q1 2024, the average price for an existing apartment was approximately 1 million per square meter, while the average price for a detached house was 100 million.
By comparison, a detached house in Ikoyi was priced at an average of 900 million in the first quarter of 2024. During that same period, the price of an existing apartment in 350 was 1.5 per square meter.
[Related Article] Nigeria Real Estate Market Forecast 2024-2030: Amazing Trends and Prospects To Look Out For
Along with the price of the home, you will be expected to pay specified taxes and fees.
Land Use Charge: 0.3% to 4% of the property’s assessed value per year
Another factor to keep in mind is the cost of visiting Nigeria to find a property.
What are the best places to buy property in Nigeria?
The good news: there are so many great places to live in Nigeria. Wherever you go, you’ll find Nigeria’s magnificent culture, delicious food, and kind people. While your choice will ultimately depend on what you’re looking for in your new home, here are some cities to consider:
Lagos
Lagos is an easy choice, especially for foreigners. It’s the economic and business hub of Nigeria, a dense metropolis, and the financial, political, and cultural center of the entire country. It’s a remarkable mix of both modern technological wonders and traditional life, where skyscrapers and stunning skylines mingle with quiet residential areas and gardens.
As a cultural and financial center, Lagos is home to many multinational corporations and companies, attracting a multinational workforce. This means there are high job opportunities and a large population to do business with.
Abuja
Nigeria’s administrative capital city, Abuja is known for its robust nightlife, amazing street food, contemporary architecture, stylish beauty, and friendly, courteous residents.
As dense and bustling as Lagos is, Abuja’s real estate is giving it a run for its money, and obviously has good value, but the city has fewer foreigners and expats, so the culture may take a little longer to transition.
Port Harcourt
The Garden City, is obviously one of Nigeria’s most populous cities, with almost 8 million residents. The city is known for having one of the largest oil-producing communities, and have large presence of foreigners.
Port Harcourt is also a laid-back city and relatively affordable compared to other areas, making it a good choice for expats who want to work in Nigeria but avoid the hustle and bustle of Lagos.
Kano
One of Nigeria’s largest cities, Kano, sits in the northern region of Nigeria. The best way to think of Kano is laid-back: its picturesque ancient buildings, tranquil mosques, and lots of desert space support a very laid-back lifestyle.
But don’t mistake “relaxed” for “boring” – there’s plenty to do, from a vibrant nightlife to great shopping options and delicious food. Though it’s not a popular city for foreigners, Kano generally offers a low cost of living that makes it attractive to expats.
[Also Read] Smart Home Buyers In Nigeria: How To Get Comprehensive Guide
Owerri
Owerri is considered one of the largest cities in Nigeria. Well known for its hospitality.
Like Lagos but in a smaller package, featuring many of the same neon lights, shopping, etc., many consider Owerri to be a smaller version of Lagos. This smaller location may be appealing to newcomers, as it’s easy to get around.
How to Find a Real Estate Agent in Nigeria
When buying property in Nigeria as a Nigerian living abroad or a foreigner, you are legally required to have a real estate agent present to explain the details to all parties involved. A Nigerian real estate agent can provide greater insight into the market, help you determine the best property to fit your specific needs, and act as a translator throughout the process, ensuring you don’t miss out on any important fine print or nuanced details.
Unfortunately, there isn’t much secret to finding a real estate agent: use your resources, search online, and ask for referrals from trusted friends and family.
Once you find a company that you think is a good fit, talk to the company to make them understand you, both in terms of language and ultimately the services you would like to request.
Pitfalls of Buying Property in Nigeria
Buying property in Lagos Nigeria comes with many of the main pitfalls associated with buying property in a foreign country, including the language barrier and general cultural differences.
The main pitfall is bank loans. As already mentioned, you don’t need a Nigeria’s work visa and you don’t have to worry about legal or residency requirements as a foreigner. However, opening a bank account and getting a bank loan as a foreigner can be difficult. Many banks have programs and will offer home loans specifically to foreigners, but it’s essential to have an interpreter present during the process.
Opening a bank account in Nigeria also has strict document requirements. Along with a valid passport, foreigners need the following:
Visa Residency Card
Proof of Address
Income/Employment Certificate
Jitsuin (registered seal that serves as a signature on official documents)
You can pay in cash, of course, but knowing how to transfer money to and from Nigeria can be very helpful.
Steps for buying property in Lagos Nigeria
While the exact sequence of events may differ from your own experience, the general steps for buying a home in Nigeria are fairly straightforward.
Find a real estate agency. Discuss your needs, budget, and preferred location. This usually ends when you sign a commission agreement with the agency.
Look at properties. This will be fun because you will be looking at the prices, sizes, and facilities of many properties for the first time.
Fill out a purchase offer (new build for sale in Nigeria) or a letter of intent (existing, previously owned home). For new build properties, depending on the number of applicants. For existing properties, the letter of intent is basically where you start the negotiation process with the property’s current owner.
Pay the seller a deposit or earnest money, which is usually 5-10% of the purchase price
Get pre-approved for a mortgage. The bank will review your required documents such as ID and annual tax receipts.
Review the Statement of Important Details, a legal document that discloses all the information needed to make a purchase, including any existing mortgages on the property, potential boundary disputes, damaged items on the property, etc. The buyer and the real estate agent may be able to negotiate the price based on this document.
Once you are satisfied, sign the purchase agreement.
The property is cleared and closed. This is handled by a judicial scrivener who acts as a third party to ensure that the money is properly transferred to the seller’s account and that the property is titled to the buyer. The seller hands over the keys to the buyer and officially takes possession of the property.
If you’re looking for homes for sale in Nigeria, we at Marock Resources make the transition smoother with easy, convenient, and secure money transfers. Our fast, reliable service allows for multiple ways to send money. You can send to mobile wallets, bank accounts, and cash pick-up. With various levels of security, your money is protected at every step of the process, so you can spend less time worrying about your money and more time focusing on your move to Nigeria.
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