The asking prices for houses in Lagos are ₦23 million for a three-bedroom bungalow in Ikorodu, ₦300 million for a four-bedroom in Ikeja, and ₦600 million for a four-bedroom semi-detached duplex in Lekki Phase 1. I know that you need a budget to buy a property in Lagos; that budget determines the address and type of building you will get. Even houses with the same number of bedrooms have different prices in different locations.
The asking price is only part of what you need to budget for when buying a house in Lagos. Legal fees, documentation, estate charges, and repairs are things to consider because they will add to the amount you pay before moving in. Knowing these costs early helps you set a budget that covers both the house and the expenses that come with buying it.
This guide breaks down Lagos property prices by location and house type to help you compare your options. It covers land prices, installment costs, and some complaints from buyers. You will also find practical checks to make before paying.
Table of Contents
Key Takeaways
- House prices depend on the location and property type. Examples is a ₦23 million for a three-bedroom bungalow in Igbogbo, ₦300 million for a four-bedroom terrace in Oregun, and ₦600 million for a four-bedroom semi-detached duplex in Lekki Phase 1.
- Compare land prices by square metre. The 300 m² and 500 m² Fairmont plots cost ₦18 million and ₦30 million, respectively, but both work out at ₦60,000 per m².
- Budget beyond the asking price. Establish legal, documentation, agency, and estate charges, along with any repairs, before deciding what you can afford.
- Check the full installment cost. The Adiva III example adds approximately ₦8.69 million to the outright price, which is a 12.46% premium.
- Get allocation, handover, and refund terms in writing. The documented buyer complaints include additional development fees, delayed possession, and refund deductions.
- Verify the property before paying. Arrange independent document checks, confirm the boundaries, and inspect the building and surrounding drainage.
How Much Does Property Cost in Lagos: Bungalows, Terraces, and Duplexes
The table below shows the asking prices for some houses, their location, number of bedrooms, and the type of building. These include bungalows, terraces, and duplexes.
| Location | House/property type | Bedrooms | Asking price |
|---|---|---|---|
| Igbogbo, Ikorodu | Bungalow | 3 | ₦23 million |
| Igbe Oloja, Ikorodu | Duplex on 300 m² | 3 | ₦70 million |
| Oregun, Ikeja | Terrace, middle unit | 4 | ₦300 million |
| Oregun, Ikeja | Terrace, corner unit | 4 | ₦320 million |
| Ajah, Sangotedo | Detached duplex with staff quarters and swimming pool | 5 | ₦300 million |
| Harmony Estate, Ifako, Gbagada | Semi-detached duplex with staff quarters | 4 | ₦330 million |
| Off Admiralty Way, Lekki Phase 1 | Semi-detached duplex | 4 | ₦600 million |
| Osapa | Detached house, without furniture | 5 | ₦1 billion |
| Parkview, Ikoyi | Semi-detached duplex | 5 | ₦1.30 billion |
Read more: How Does Real Estate Work? A Beginner’s Breakdown With Market
Land Prices in Lagos: What Different Plot Sizes Cost
If you plan to buy land and build, compare the total asking price with the plot size. A cheaper plot may simply be smaller. The examples are about a 500 m² plot.
| Location or development | Plot size | Asking price | Calculated price per m² |
|---|---|---|---|
| Moremi Estate, Ketu, Epe | 500 m² | ₦5 million | ₦10,000 |
| Fairmont Green & Smart Estate, Aiyetoro Scheme, Ibeju | 300 m² | ₦18 million outright | ₦60,000 |
| Fairmont Green & Smart Estate, Aiyetoro Scheme, Ibeju | 500 m² | ₦30 million outright | ₦60,000 |
| Adiva III, Silicon Street | 450 m² | ₦69.75 million outright | ₦155,000 |
| Lekki Foreshore Estate | 402 m² | ₦390 million | Approximately ₦970,149 |
| Off Ribadu Road, south-west Ikoyi | 800 m² | ₦1.80 billion | ₦2.25 million |
| Off Awolowo Road, Ikoyi | 1,041 m² | ₦2.50 billion | Approximately ₦2,401,537 |
From the table above, the two Fairmont options are priced at ₦60,000 per m². The 300 m² plot has a lower total price because it contains less land; it does not offer a lower rate.
Use the same calculation when comparing other plots, but keep the location and documents alongside the result. An equal price per square metre does not make two plots equivalent.
Read more: How to Become a Real Estate Agent in Nigeria
Check What the Land Price Includes
The Moremi Estate offer describes its Certificate of Occupancy as “in progress.” Before paying, ask your lawyer to establish the documents currently available and what the seller can legally transfer.
For a serviced plot, request a written description of the infrastructure included in the price. Inspect what is already available and establish who pays for anything outstanding.
Your comparison should cover:
| What to check | Evidence to request |
|---|---|
| Plot identity and dimensions | Survey plan, coordinates, and identified boundaries |
| Seller’s interest | Title documents and an independent legal search |
| Infrastructure | Written specification and site inspection |
| Additional payments | Development and documentation charges |
| Building requirements | Applicable planning information and estate construction conditions |
A plot’s asking price doesn’t answer these questions. Keep the answers with the quotation so that you can compare the full purchase.
What Can Your Budget Buy in Lagos?
The cost of buying a house in Lagos needs to include the agreed purchase price and any separately payable expenses.
For example, a ₦300 million house will exceed a ₦300 million total budget if the transaction also requires fees or immediate repairs. Establish those amounts before committing your entire budget to the house itself.
| Budget item | What to establish before paying |
|---|---|
| House purchase price | The agreed amount for the exact property |
| Agency fee, where applicable | Amount, who pays it, and when it becomes due |
| Legal and documentation costs | Itemised quotation and work covered |
| Survey and property checks | Scope and professional fees |
| Repairs or completion work | Inspection findings and costed estimates |
| Estate charges, where applicable | Current charges, services covered, and any outstanding balance |
| Installment premium | Total payable across the full payment period |
This lets you compare the cost of buying a house in Lagos on a consistent basis. A cheaper house requiring substantial work needs a different budget from a completed house that meets your requirements.
Read more: 20 Wealthiest Real Estate Neighborhoods in Nigeria: The Complete Ranking
How Much More Can an Installment Plan Cost?
For a 450 m² Silicon Street plot at Adiva III, the outright and installment prices are
| Payment option | Amount |
|---|---|
| Outright price | ₦69,750,000.00 |
| Installment total | ₦78,437,619.42 |
| Additional amount under the installment option | ₦8,687,619.42 |
| Premium over the outright price | 12.46% |
The premium is calculated as the additional ₦8,687,619.42 divided by the outright price, multiplied by 100.
This is a difference between two total purchase prices, not an annual interest rate. Request the repayment schedule, exclusions, and consequences of missed payments before deciding whether the plan works for you.
What Buyers Complain About and What to Check
The purchase price is only one part of the agreement. Documented complaints involving additional charges, delayed handovers, and refunds show why the remaining terms deserve close attention.
The following documented cases show the amounts involved and the reported outcomes.
Development Fees and Refund Deductions
There’s a customer who paid ₦4 million and subsequently faced an ₦11.5 million development fee requirement. He received a ₦2.8 million refund. The company described the retained 30% as an administrative charge under the contract.
The question for a buyer is whether the initial quotation includes development fees. Request the amount and payment conditions in writing, along with any clause allowing the charge to change.
Delayed Handover and Additional Payment Demands
A buyer paid ₦17.5 million in January 2022 and later faced a demand for about ₦21 million in additional payments.
The follow-up confirms that the buyer received the house keys and documents in August 2026. The publication states that the company did not respond before its original report.
Before buying an unfinished home, establish the handover date, what constitutes completion, and what the contract allows if construction costs rise. Have an independent lawyer review any price-adjustment clause.
Delayed Land Allocation
Another documented case concerns ₦1.8 million paid for land in Ibeju-Lekki in 2017, with the same amount refunded in 2025.
The company said it offered the customer the options of waiting, reallocation, or a refund, and honoured the refund choice.
Ask when your plot will be allocated and what happens if that deadline passes. If the agreement permits reallocation, establish whether you can reject a replacement location and recover your money.
These are individual cases, not a measure of how frequently the problems occur across the market. Before paying, request the development-fee schedule, allocation or handover date, and refund terms. Where the contract permits a price change or replacement property, have your lawyer explain the effect of that clause.
Flooding is another concern to investigate at the exact location. Residents of Fowora Close in Ajao Estate have complained about persistent flooding and an allegedly abandoned drainage project.
Ask about previous flooding, inspect surrounding drainage, and speak with nearby residents. Have an appropriate professional assess any concerns identified.
Read more: 10 Richest Real Estate Neighborhoods in Lagos
Why Two Houses With the Same Number of Bedrooms Cost Different Amounts
Bedroom count helps narrow a search, but it leaves several questions unanswered.
The Oregun terraces show a ₦20 million difference between middle and corner units. The Osapa house shows a ₦100 million difference between furnished and unfurnished options. Neither difference comes from adding another bedroom.
Use the following comparison when assessing house prices in Lagos:
| Feature | Questions to ask |
|---|---|
| Precise location | Which street and estate is the house in? |
| Building type | Is it a bungalow, terrace, semi-detached or detached house? |
| Dimensions | What are the land area and internal floor area? |
| Condition | Is it complete, unfinished, occupied or intended for demolition? |
| Included items | Which fittings, appliances, and furniture remain? |
| Documents | What has been supplied and independently checked? |
| Payment terms | Is the quotation for outright payment or instalments? |
| Outstanding costs | What must be paid beyond the purchase price? |
Construction costs also need a property-specific assessment. Land, foundations, materials, labour, finishing, infrastructure and finance are separate expenses. A seller’s construction expenditure alone does not establish what you should offer for the finished home.
Is Buying Land and Building Cheaper Than Buying a House?
In a tabular form, i will show you how to compare if you should buy a land and build, or if you should buy a finished house
| Buying land and building | Buying a completed house |
|---|---|
| Land purchase and acquisition expenses | House purchase and acquisition expenses |
| Survey, design, and required approvals | Document checks and building inspection |
| Site preparation and foundations | Repairs identified during inspection |
| Main construction and finishing | Changes needed to suit your requirements |
| Infrastructure and utility connections | Checks on existing services and connections |
| Professional supervision and finance | Any financing and outstanding property charges |
Request a detailed estimate for the actual site and proposed building. Comparing a plot in Epe with a finished house in Ikoyi will not tell you whether building is cheaper; you would be comparing different locations as well as different purchase routes.
What to Check Before Buying a House in Lagos
Confirm the Exact Property
Make sure the house inspected is the one identified in the contract. Record the address, unit number where applicable, boundaries, and agreed inclusions.
For a terrace development, identify whether you are buying a middle or corner unit. For a furnished purchase, attach the inventory rather than relying on photographs.
Verify the Documents
Ask an independent lawyer and surveyor to check the seller’s interest, the property boundaries, and the documents required for the transfer.
For completed buildings, go for inspection and ask for a certificate of Completion and fitness for habitation. Its verification page requests the approved building plan number and certificate number.
Read more: 4 Types of Real Estate Explained: Which One Builds Wealth…
Inspect the Building and Its Surroundings
Arrange a building inspection and get estimates for any work identified.
Ask about drainage and previous flooding at the precise property.
Agree on Possession and the Full Payable Amount
Before paying, obtain written answers to these questions:
- What exactly does the purchase price cover?
- Which additional charges remain?
- When will possession be given?
- Which documents will be delivered?
- Can the price or property be changed?
- What happens if either party cannot complete?
- What are the refund terms and deadlines?
Conclusion
Lagos property prices give you different options depending on your budget and preferred location. The ₦23 million bungalow in Igbogbo, ₦300 million terrace in Oregun and ₦600 million semi-detached duplex in Lekki Phase 1 show why the type of house matters as much as the address. Start with what you need, then compare specific homes within the locations you can afford.
Before paying, establish the full purchase cost, verify the documents and inspect the building. A lower asking price deserves a closer look if repairs or outstanding charges will stretch your budget. Choose a house whose condition, ownership documents and total cost you have checked, not simply the one with the most attractive price.
Frequently Asked Questions About Lagos Property Prices
Can I Buy a House in Lagos for Less Than ₦50 Million?
There are houses offered below ₦50 million. The three-bedroom bungalow in Igbogbo used in this guide has an asking price of ₦23 million.
Confirm its availability, condition and documents, then add any separately payable expenses before deciding whether it fits your total budget.
How Much Is a Three-Bedroom House in Lagos?
The specific Ikorodu examples in this guide are ₦23 million for a bungalow in Igbogbo and ₦70 million for a duplex on 300 m² in Igbe Oloja. These are two different properties, not a citywide price range for every three-bedroom house.
How Much Is a Four-Bedroom Duplex in Lagos?
The examples include a ₦330 million semi-detached duplex in Harmony Estate, Gbagada, and a ₦600 million semi-detached duplex off Admiralty Way in Lekki Phase 1. To compare other four-bedroom duplexes with them, establish the exact location, dimensions, condition and inclusions.
Are Lagos Property Prices Negotiable?
There is no fixed discount you should expect across the market. Base an offer on the specific property, comparable options, inspection findings and payment terms.
Is Buying Land and Building Cheaper Than Buying a Finished House?
You need a complete estimate for the actual site and proposed house to answer that question. Include land, design, approvals, foundations, construction, infrastructure, professional fees and any financing costs.
Compare that total with a finished house meeting similar requirements in a comparable location. The land price alone cannot settle the decision.
Sources
- Nigeria Property Centre— five-bedroom detached duplex.
- Nairametrics — development-cost components and professionals’ explanations.
- Lagos State Building Control Agency — final inspection, completion certification and professional supervision.
- Punch — Fowora Close residents’ complaints.
