The Lagos State Government has approved an across-the-board rise in land transaction and property perfection charges with some statutory fees up to 300 percent, effective May 1, 2026.
The changes in prices will affect Governor’s Consent fees, Stamp Duties, Registration fees, Capital Contribution Levy, Charting charges, and other miscellaneous land related expenses across the state.
The increased revision, the government said, was because property values had soared in the last two decades, although official valuation benchmarks for determining fees had stayed essentially unchanged between 2005 and 2015.
“Property owners and investors in high value areas such as Lekki Phase 1 and Banana Island will pay much higher perfection costs with the new structure.
A typical Governor’s Consent transaction in Lekki Phase 1, which garnered about ₦18 million in fees in 2015, will now cost roughly ₦70 million in 2026, officials said. This adjustment is based on the rise in average land values in the area from around ₦250 million in 2015 to almost ₦1.5 billion presently.
The effect will be particularly felt in highbrow waterfront locations such as Banana Island where buyers of luxury properties valued at about N10 billion could potentially pay between N700 million and N1 billion as perfection and other statutory costs.
The government said the hike was essential as the existing fee structure did not represent the current market realities and the costs for land administration needed to be revised to coincide with the current property valuations.
The measure is expected to elicit comments from real estate developers, investors and potential homeowners, many of whom believe the additional charges could further spike hurdles to property acquisition in Lagos’ already costly housing market.
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