Itodo Properties

Lagos property costs are rising again and many residents may eventually feel it through higher rents and more expensive housing.
The state’s updated Fair Market Value framework now affects:

• Governor’s Consent
• Stamp Duties
• Registration fees
• Other land transaction charges

Some reported estimates:
Lekki Phase 1
N12M-N18M → N40M-N90M
Ikoyi

N25M-N40M → N100M-A250M
Banana Island Waterfront Properties
Reported perfection costs:
-N1BN

Building in Lagos was already expensive before this.
Cement prices are high.
Diesel is expensive.
Labour costs have increased.
Land prices keep rising.

Now add significantly higher transaction and perfection costs on top.

The reality is simple:
Developers rarely absorb these costs themselves.
Most times, the market pushes the cost down to buyers, businesses and tenants.

This is why many people believe rent may continue rising unless Lagos dramatically increases housing supply and reduces structural bottlenecks around development.
What do you think happens next?

Credit: .updates