Lagos Raises Land Transaction Fees as Property Valuations Surge
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Buying property in Lagos just became significantly more expensive. The state has sharply increased land transaction fees after updating property valuations to match current market prices.
The Lagos State Government has increased land transaction fees following a major revision of its Fair Market Value (FMV) framework used to assess property-related charges across the state.
The updated valuation system, known as the “Blue Book,” took effect on May 1, 2026, and affects fees tied to Governor’s Consent, stamp duties, registration, and other land transaction costs.
Industry experts estimate some charges have risen by as much as 300%, particularly in high-value locations like Lekki, Ikoyi, and Banana Island.
Officials say the adjustment reflects current market realities after years of outdated valuations, but concerns are growing that higher transaction costs could further strain affordability and slow property activity.
The changes are also expected to reshape how investors, developers, and buyers approach real estate transactions in Nigeria’s most expensive property market.
Read the full story at Nigeria Housing Market →