The Gap Between Listed Price and Total Acquisition Cost

First-time buyers in Nigeria — especially diaspora investors — consistently underestimate total acquisition costs. The listed price of a property is the starting point, not the finish line. Transaction costs in Lagos typically add 15–25% to the total funds required.

The Core Transaction Costs

• Legal fees: A qualified Lagos solicitor will typically charge 5–10% of the property value for handling the full transaction. For a ₦30 million property, budget ₦1.5–₦3 million. Do not economise on legal representation — this is where fraud is caught and title problems are identified.
• Agency/estate agent fees: Standard Lagos practice is 5–10% of the purchase price, typically paid by the buyer. On a ₦30 million property: ₦1.5–₦3 million.
• Stamp duty: Levied by the Lagos State government on property transactions. Currently 1.5% of the property value for residential transactions above ₦1 million. On ₦30 million: ₦450,000.
• Governor's Consent fee: When transferring a property with an existing C of O, you require Governor's Consent for the transfer to be legally registered. This is a state government fee: typically 3% of the property value plus administrative charges. On ₦30 million: approximately ₦900,000–₦1.2 million.
• Survey fees: An updated survey plan is required for title registration. ₦150,000–₦400,000 depending on property size and location.
• Registration fees: Land Registry registration of the deed of assignment. Approximately 2% of property value. On ₦30 million: ₦600,000.

Total Cost Illustration

A ₦30 million property purchase in Lagos with full transaction costs:

• Purchase price: ₦30,000,000
• Legal fees (7%): ₦2,100,000
• Agency fees (7.5%): ₦2,250,000
• Stamp duty (1.5%): ₦450,000
• Governor's Consent (3%): ₦900,000
• Survey + registration: ₦800,000
• Total acquisition cost: ₦36,500,000 (22% above listed price)

Fee structures current as of April 2026. Always confirm current government fees with your solicitor as rates are subject to change.

Investment Disclaimer

The information in this article is for general educational purposes only and does not constitute financial or investment advice. Property values, rental yields, and ROI figures are illustrative. Past performance is not indicative of future results. Always seek independent professional advice before investing. Read our full disclaimer →

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