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.

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