Exploring the Cost of Buying Land in Lagos: What You Need to Know

The cost of buying land in Lagos can vary widely depending on several factors such as location, size, title of the land, and proximity to key infrastructure. Here’s an overview of the typical costs associated with buying land in different parts of Lagos.

1. High-End Areas

High-end areas in Lagos, such as Victoria Island, Ikoyi, and Lekki Phase 1, are among the most expensive places to buy land.

• Victoria Island: The price per square meter can range from ₦350,000 to ₦700,000. A plot of land (typically around 600 square meters) can cost between ₦210 million to ₦420 million.
• Ikoyi: Prices here can range from ₦400,000 to ₦1,000,000 per square meter. A 600 square meter plot could cost between ₦240 million to ₦600 million.
• Lekki Phase 1: Land prices range from ₦250,000 to ₦600,000 per square meter. A 600 square meter plot could cost between ₦150 million to ₦360 million.

2. Mid-Range Areas

Mid-range areas offer a balance between affordability and accessibility. These include places like Yaba, Surulere, and Gbagada.

• Yaba: Land prices range from ₦80,000 to ₦200,000 per square meter. A 600 square meter plot could cost between ₦48 million to ₦120 million.
• Surulere: Prices range from ₦70,000 to ₦180,000 per square meter. A 600 square meter plot could cost between ₦42 million to ₦108 million.
• Gbagada: Land prices range from ₦100,000 to ₦250,000 per square meter. A 600 square meter plot could cost between ₦60 million to ₦150 million.

3. Affordable Areas

More affordable areas include places like Ikorodu, Badagry, and Alimosho. These areas are suitable for those on a tighter budget.

• Ikorodu: Land prices range from ₦10,000 to ₦40,000 per square meter. A 600 square meter plot could cost between ₦6 million to ₦24 million.
• Badagry: Prices here range from ₦5,000 to ₦30,000 per square meter. A 600 square meter plot could cost between ₦3 million to ₦18 million.
• Alimosho: Land prices range from ₦20,000 to ₦50,000 per square meter. A 600 square meter plot could cost between ₦12 million to ₦30 million.

Factors Affecting Land Prices in Lagos

1. Location: The most significant factor affecting land prices. Central areas and those with better infrastructure are more expensive.
2. Proximity to Infrastructure: Areas close to major roads, business districts, and amenities like schools and hospitals tend to be pricier.
3. Land Title: Secure titles like Certificate of Occupancy (C of O) and Governor’s Consent can increase the price of land.
4. Demand and Supply: High demand areas with limited supply see higher prices.
5. Development Potential: Land in areas with high development potential or ongoing projects will be more expensive.

Tips for Buying Land in Lagos

1. Conduct Due Diligence: Verify the title and ownership of the land. Ensure it is free from disputes and has the correct documentation.
2. Engage Professionals: Use the services of real estate agents, surveyors, and lawyers to avoid fraud and ensure a smooth transaction.
3. Visit the Land: Inspect the land personally to confirm its condition and location.
4. Check Zoning Laws: Ensure the land can be used for your intended purpose by checking local zoning regulations.
5. Negotiate: Don’t hesitate to negotiate the price and terms of payment with the seller.

By understanding these price ranges and considering the outlined factors, you can make an informed decision when buying land in Lagos.